Latin Resources strengthens gold position with new project in heart of prolific Lachlan Fold Belt

Latin Resources Ltd (ASX:LRS) (FRA:XL5) has extended its holdings in the prolific yet underexplored Lachlan Fold Belt of NSW, which hosts world-class gold and copper-gold deposits, through obtaining the Manildra Gold Project in the heart of the belt. The exploration licence application that has been secured is just 30 kilometres northwest of Newcrest Mining Limited’s (ASX:NCM) massive Cadia gold-copper operations and only 30 kilometres west of the regional city of Orange. It is also 60 kilometres west of Regis Resources’ large McPhillamys Gold Project, southeast of the operating Northparkes copper-gold project of China Molybdenum Co Ltd (CMOC) and south of Alkane Resources Limited’s (ASX:ALK) Tomingley Gold Operations. Highly prospective geology Latin’s new project covers 280 square kilometres of highly prospective Silurian age volcanic and sedimentary rocks in the eastern Lachlan Fold Belt, straddling the regional scale Manildra Fault and within the regional Lachlan Transverse Zone (LTZ). The 2-million-ounce McPhillamys project is hosted by similar Silurian age stratigraphy. NSW Lachlan Fold Belt and Latin Resources project locations. Latin’s executive director Chris Gale said: “The addition of the Manildra Gold Project to the company’s NSW portfolio is a significant step forward in our NSW gold strategy. “It is very pleasing to be able to add a project of this quality in a highly sought after and proven world-class mining district to the company’s portfolio at very low cost to the company. "This is a testament to the great work of our geological and tenement management team.” This acquisition along with Latin’s other NSW gold project, Yarara, provide the company with a strong position in the Lachlan Fold Belt at a time of very strong gold prices and positive market fundamentals. Shares have been up as much as 13% this morning to 2 cents. Gold and copper occurrences The Manildra project, which straddles the regional north-south trending Manildra Fault structure for some 30 kilometres along strike is highly prospective for orogenic gold mineralisation and copper/gold skarn. This structure hosts a number of gold and copper occurrences, including the historic Lady Burdett mining centre in the south-western corner of the tenement. There are known gold and copper occurrences within Latin’s tenement as well as along strike to the north and south, including recent shallow RC drilling results of 26 metres at 1.5 g/t gold from 25 metres and 3 metres at 7.82 g/t from 57 metres at Lady Burdett. ELA 6145 project location and regional setting, highlighting major gold mines and deposits in the district. Encouraging reports As well as the location and high level of prospectivity, the company is also encouraged by reports from the work at Lady Burdett that concluded the “potential for more mineralisation is present at depth, south plunging ore shoots are present in the Canowindra workings, and their presence at Burdett could be tested in the future”. These reports also stated: “Future exploration should target cross-cutting structures which could provide widened zones of mineralisation.” The NSW Geological Survey has defined a series of north-south trending corridors which are highly prospective for orogenic gold mineralisation associated with regional structures like the Manildra Fault zone. Latin’s Manildra Project, is crossed by a number of these corridors, further highlighting the prospectivity of the new tenement. In addition to Orogenic gold targets, there are several intrusive bodies mapped in the northwest region of the tenement area, with adjacent reactive limestone and other sedimentary units. This geological setting is highly prospective for copper-gold skarn mineralisation, as highlighted by the NSW prospectivity mapping. Historic outcropping rock chip samples in this area at the Mackey Prospect, returned a result of 2.5% copper. Simplified geology showing historic gold and copper occurrences, orogenic gold and skarn copper-gold prospectivity trends. Work plans Following the granting of the new tenement, and securing land access and other statutory approvals, Latin proposes to complete regional and project scale first pass targeting exploration, which may include geophysical surveys and low-impact geochemical sampling, followed by RC drilling of any defined targets. Progress at Yarara Elsewhere on the Lachlan Fold Belt, Latin is about to begin on-ground exploration at the Yarara Gold Project after signing land access agreements with key landholders. This follows a number of on-site meetings conducted by the company’s NSW-based land access team. Access agreements have also been signed with the relevant state authorities covering state forest areas. This allows the company to commence the on-ground reconnaissance mapping and prospecting work that is required to finalise drill target locations for ground-disturbing applications. Yarara Gold Project showing regional geology and structures, with priority targets and historic gold occurrences and mines.