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VANCOUVER, Aug. 9, 2012 /CNW/ - Plata Latina Minerals Corporation ("Plata Latina" or the "Company") is pleased to announce further results from ongoing drilling at the Company's 100% owned Naranjillo silver-gold property ("Naranjillo") that continue to indicate the presence of a significant epithermal silver-gold vein system.
The Company has received assays for eight additional drill holes at Naranjillo (BDD-N-15, BDD-N-16, BDD-N-18, BDD-N-19, BDD-N-20, BDD-N-21, BDD-N-22 and BDD-N-23), with results ranging up to 4,091 g/t Ag and 14.24 g/t Au over 5.95 metres on the principal Villa vein. In addition to the Villa vein results, this drilling has also discovered significant silver-gold values on a neighboring vein, the Naranjillo vein, located approximately 100 metres west of the Villa vein.
The additional drilling results have revised the strike of the Villa vein to a north-easterly strike from the previously interpreted northwesterly direction, and drill-rig orientations have adjusted to the revised strike. Estimated vein true widths are reported accordingly in the long section view of the Villa vein at the end of this press release. The north-easterly strike of the Villa vein suggests that it, and probably the newly discovered Naranjillo vein as well, represent blind cross-over veins formed between the northwesterly structures mapped on the surface.
The results have also begun to define the upper and lower limits of a mineralized horizon on the Villa vein. Holes BDD-N-12 and BDD-N-23, located approximately 110 and 70 metres, respectively, from the discovery hole, BDD-N-10, have encountered strongly elevated Ag-Au values over a vertical interval of at least 100 metres. Located approximately 150-200 metres above these strong Ag-Au values, holes BDD-N-5, BDD-N-16 and BDD-N-19 all found strong clay pyrite alteration typical of the alteration found above epithermal deposits. Holes BDD-N-14, BDD-N-18 and BDD-N-22 encountered relatively low Ag-Au grades, suggesting they are located near the bottom of a mineralized horizon. Following these indications, further drilling will test above holes BDD-N-10, 12 and 23 for the upper limits of the mineralized horizon and test as well to the northeast and southwest for lateral extension of these elevated Ag-Au values.
The Company now has one diamond core drill working on the Naranjillo property with a second drill scheduled to start in mid-August and a third planned for October of this year. All three drills will be focused on advancing the Company's exploration at Naranjillo for hidden silver bearing vein structures similar in characteristic to other major deposits in the Mexican Silver Belt. Plata Latina has identified a system of northwesterly-striking veins and related north-easterly striking veins at Naranjillo that has so far produced significant drill-hole values over a distance of approximately five kilometres along the vein system.
Plata Latina's President and CEO, Mike Clarke, said, "Not only have these drilling results added tremendously to our understanding of the Naranjillo district, but the additional high silver-gold values found on the Villa vein and the discovery of the nearby Naranjillo vein have all contributed to Plata Latina's progress in its search for Mexico's next great epithermal silver-gold vein district."
A summary of these results is provided in the table below. A long section view of the Villa vein is available at the end of this press release.
| True Width
|BDD-N-16||No significant values||Villa Vein|
|BDD-N-19||No significant values||Villa Vein|
|BDD-N-20||No significant values||Naranjillo Vein|
Assays and Quality Assurance/Quality Control
Commercially obtained standards were inserted between every tenth core sample as were blanks obtained from barren rock in nearby road material quarries. Chemex laboratory also inserted a blank and a standard every 20 samples.
The drilling results contained in this news release has been reviewed, approved and verified by Michael Clarke, a Qualified Person as defined under National Instrument 43-101 (NI 43-101). Mr. Clarke is the President and CEO of Plata Latina Minerals and has been a geologist for more than 40 years, which includes work on numerous epithermal gold and silver vein deposits.
About Plata Latina Minerals
Plata Latina Minerals is a Canadian silver exploration company currently concentrating its drilling efforts on its 100% owned Naranjillo property which consists of 31,701 hectares and is approximately 35 kilometres southeast of the world-class Guanajuato epithermal silver-gold vein district in Mexico. The Company has four additional properties also locate3d in the Mexican Silver Belt which have yet to be drilled. Plata Latina's expertise in the ore horizon concept and extensive experience in Mexico provides a competitive edge for discovery of new districts between old historic deposits. Its highly experienced management team and board are focused on developing its portfolio of high-potential targets and exploring additional value-creation opportunities. The Company trades on the TSX Venture Exchange under "PLA".
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements and other statements that are not historical facts including statements about the intended use of proceeds from the initial public offering and planned exploration program. Such forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from target results and the results or events predicted in these forward-looking statements. As a result, investors are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, Plata Latina disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking information reflects the current expectations or belief of the Company based on information currently available and such information is subject to a number of assumptions, risks and uncertainties, including risks related to exploration, uncertainties related to financings; the uncertainties of interpreting exploration results and the other risks associated being a mineral exploration company.
SOURCE: Plata Latina Minerals
For further information:
Letitia Cornacchia, Vice President, Investor Relations and Corporate Communications
Telephone: +1 416 860 6310
Email: [email protected]