Latin Metals Inc. (TSX.V: LMS) announced applications for additional exploration properties in the Organullo Project, Salta Province, Argentina. AngloGold completed Phase 1 soil sampling and geological mapping in Quarter 3, 2022, but results still needed to be returned due to slow lab turn-around. Phase II soil sampling and mapping are in progress, and WorldView3 satellite imagery and 2.5m digital elevation models have been purchased to guide exploration. A helicopter airborne survey to collect magnetic and radiometric data is planned for Q1, 2023, pending stakeholder engagement and approvals.
AngloGold is taking the necessary steps to acquire the necessary authorizations before drilling can commence, which is anticipated to start in the second quarter of 2023, depending on the availability of drilling devices and the granting of permissions.
80% Acquisition of Latin Metal’s Projects
Latin Metals has applied for 11,265 hectares of land that, if approved, will be added to the properties already included in an option arrangement with AngloGold Argentina Exploraciones S.A., a subsidiary of AngloGold Ashanti Ltd. This agreement allows AngloGold to acquire up to 80% of the Latin Metals’ Organullo, Ana Maria, and Trigal Gold projects. These new properties will be incorporated into the option package if the applications are successful. This could increase the total project area by 55% to 31,648 hectares.
The Company has issued 1.7 million common share stock options to its employees, directors, consultants, and affiliates. These Options provide the holders the right to buy shares at $0.13 each over 36 months from the date of issue.