Latin American Minerals Inc. Acquires 100% Interest in Cerro Amarillo Copper-Gold Porphyry Project

Strategic Insights -

Latin American Minerals Inc. has entered into an agreement to acquire a 100% interest in the Cerro Amarillo copper-gold porphyry project in Mendoza Province, Argentina. The project covers 14,222 hectares and is located in the foothills of the central Andes, adjacent to the mineral belt hosting Codelco's world-class Los Bronces and El Teniente copper porphyry mines. Cerro Amarillo contains significant surface mineralization and related geophysical anomalies that have never been tested by drilling. The property displays classical porphyry copper alteration zoning and surface samples have shown up to 1.47% Cu, 0.055% Mo and 0.98 g/t Au within the potassic core.

Key Takeaways:

  • The Cerro Amarillo copper-gold porphyry project covers 14,222 hectares in Mendoza Province, Argentina.
  • The project is located in the foothills of the central Andes, adjacent to the Los Bronces and El Teniente copper porphyry mines.
  • Surface samples have shown up to 1.47% Cu, 0.055% Mo and 0.98 g/t Au within the potassic core.
  • The property displays classical porphyry copper alteration zoning, including a mineralized potassic core with hydrothermal veining and disseminated pyrite, chalcopyrite and magnetite.
  • The Company has the option to acquire the mineral concessions outright for US $1.5 million, with escalating payments totalling US $660,000 over five years and a minimum work commitment of US $100,000 in the first year and US $200,000 in the second year.
  • A royalty amounting to 1% Net Smelter Royalty capped at US $1.0 million will be payable on production.

Statistics:

  • 14,222 hectares: the area covered by the Cerro Amarillo copper-gold porphyry project.
  • US $1.5 million: the option price to acquire the mineral concessions outright.
  • US $660,000: the escalating payments totalling over five years.
  • US $100,000: the minimum work commitment in the first year.
  • US $200,000: the minimum work commitment in the second year.
  • 1.47% Cu: the highest copper concentration recorded in surface samples.
  • 0.055% Mo: the highest molybdenum concentration recorded in surface samples.
  • 0.98 g/t Au: the highest gold concentration recorded in surface samples.

Sources:

  • Latin American Minerals Inc. (TSX VENTURE:LAT)
  • CCNMatthews (2006)