Latin Resources increases landholdings in Lachlan Fold Belt
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Latin Resources Limited (ASX:LRS) has provided an update on its various projects and ongoing exploration activities in the highly prospective Lachlan Fold Belt of NSW, including details regarding tenement acquisitions.
Importantly, Latin Resources has secured three new tenements totalling about 570 square kilometres in the heart of the Lachlan Fold Belt, home to major discoveries and large producing low-cost gold-copper mines.
This is real gold-copper territory that includes the world-class Cadia Mine operated by Newcrest Mining (ASX:NCM) and the McPhillamys Gold Project being developed by Regis Resources (ASX:RRL).
The three new tenements within the Lachlan Transverse Zone in the East Lachlan Fold Belt are now part of the group’s promising portfolio following the successful grant of ELs 9148 Manildra and 9172 Burdett, and the application of ELA 6292 Boree Creek.
As shown below, the project area is located 30 kilometres to the north-west of the Newcrest’s Cadia Gold-Copper Mine (22 million ounces gold, 4.3 million tonnes copper) and 60 kilometres west of Regis Resources’ McPhillamys Gold Project (2 million ounces gold).
The recently granted Manildra and Burdett projects straddle the regional scale Manildra Fault within the Lachlan Transverse Zone.
There are known gold and copper occurrences within the tenement, as well as along strike to the north and south, including recent shallow RC (reverse circulation) drilling results of 26 metres at 1.5 g/t gold from 25 metres, and 3 metres at 7.8 g/t gold from 57 metres.
The new tenement application at Boree Creek is less than 20 kilometres to the north-west of Newcrest’s Cadia copper-gold mine, highlighting its nearology appeal.
The area hosts known copper mineralisation with historic rock chip assays returning up to 2.7% copper.
The NSW Geological Survey has defined a series of north-south trending corridors that are highly prospective for orogenic gold mineralisation associated with regional structures like the Manildra Fault zone.
As shown below, the Manildra, Burdett and Boree Creek project areas are crossed by a number of these corridors, highlighting the prospectivity of these three new tenements.
Two new tenement applications expand the Gundagai Project
As indicated on the first map, the Gundagai Nickel-Copper-PGE Project lies almost directly to the south of Boree Creek.
Latin Resources has secured a major new project area with the addition of two new tenement applications ELA6207 Mooney Mooney and ELA6209 Sandy Creek, 15 kilometres north-east of Gundagai in central southern NSW.
Together these tenements total some 165 square kilometres of ground that is highly prospective for ultramafic layered intrusive nickel-copper-platinum group element style mineralisation, orogenic gold mineralisation, and skarn type mineralisation.
Following the grant of the two new tenements, and securing land access and other statutory approvals, Latin proposes to complete regional and project scale first pass targeting exploration that may include geophysical surveys and low-impact geochemical sampling, followed by RC drilling of any defined targets.
Elsewhere, early-stage exploration has started at the group’s Yarara Gold Project south-east of the Gundagai Project.
On-ground reconnaissance mapping and rock chip sampling have been undertaken along the 1200 metre strike extent of the historic gold workings.
Assay results from the 57 rock chip samples collected at the Peep O’Day prospect are pending, but assays up to 5.4 g/t gold have been returned from historic rock chip samples taken along the length of the workings.
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