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TORONTO, Sept. 27, 2012 /CNW/ - Plata Latina Minerals Corporation ("Plata Latina" or the "Company") is pleased to announce that further drilling results at its 100% owned Naranjillo silver-gold property ("Naranjillo"), located in Guanajuato, Mexico, demonstrate the potential of a high-grade multiple-vein system similar to the surrounding epithermal silver-gold districts in the region.
Additional drilling has identified a split of the Villa vein where the vein diverges at depth into a hanging-wall and a foot-wall vein, both of which host significant silver-gold values. The highest grades occur at and near the structural intersection of the hanging-wall and foot-wall veins. Results at this intersection include 3,181 g/t silver and 13.28 g/t gold over 10.95 metres and 4,091 g/t silver and 14.24 g/t gold over 5.95 metres, as previously reported. This intersection provides an invaluable structural guide to the Company's exploration for additional high-grade silver-gold intercepts.
In addition to the identification of the hanging-wall and foot-wall veins, recent drilling has discovered a high-grade intercept of 1,860 g/t silver and 2.68 g/t gold over 0.29 metres, as previously reported, to the west of the Villa vein on the Naranjillo vein and at an elevation interpreted to be at the top of the mineralized system (see Image 1 at the end of this press release for an illustrative cross section). Both of these findings demonstrate the potential for the Naranjillo district to host significant silver-gold values on multiple veins, characteristic of such great epithermal silver-gold districts as the Guanajuato district, located 35 kilometres to the north-west of Naranjillo. The Company's drilling has so far encountered significant silver-gold values on a number of distinct structures over a distance of approximately five kilometres along a northwest-southeast trend.
Drill results together with geological mapping indicate that the Villa vein system may intersect a major structure to the south-west of the present drilling and provide a prime exploration target, as structural intersections in vein deposits commonly serve as the focus for silver-gold deposition. The Company's present drilling program at Naranjillo is intended to trace the Villa vein system to this projected intersection.
The Company now has two diamond core drills working on the Naranjillo property. One of the drills is concentrating on expanding the mineralization at the Villa vein discovery. The second drill is dedicated to exploring for additional high-grade silver occurrences in the district and is presently exploring the San Diego vein, located approximately 2.5 kilometres west of the Villa vein. Plata Latina expects to commence drilling on its Vaquerias property, located between the Zacatecas and Guanajuato silver-gold district in Mexico, with a third drill in the fourth quarter of this year.
"Recent drilling has revealed the significant potential of the Naranjillo district with the identification of these multiple high-grade veins," commented Mike Clarke, Plata Latina's President and CEO. "Drilling continues to contribute significantly to our growing understanding of controls on mineralization in the Naranjillo district, providing us valuable guides to future exploration for additional high-grade drill-hole intercepts. We are also excited to start drilling on our next property, Vaquerias, as it hosts old mine workings where historical records have indicated high-grade silver samples. With our progress to date, Plata Latina is making excellent advancement toward the Company's goal of discovering Mexico's next great epithermal silver-gold vein district."
The results from the Company's recent drilling range up to 633 g/t silver and 5.41 g/t gold over 1.88 metres on the principal Villa vein and are summarized below. Additional information from the previously announced drill hole BDD-N-21 is also included as the Company advances its understanding of the structural scheme of the vein system. For an illustration of the distribution of drill holes for the Villa hanging-wall and foot-wall veins see the cross-section and longitudinal sections attached at the end of this press release (Images 1, 2 and 3).
| True Width
|BDD-N-21||763.03||763.28||0.25||0.11||1,915||0.06||Villa HW Vein|
|BDD-N-24||639.66||698.54||4.88||2.8||43||0.19||Villa FW Vein|
|BDD-N-25||No significant values|
|BDD-N-26||615.84||618.34||2.8||1.6||49||0.21||Villa HW Vein|
|BDD-N-27||No significant values|
|BDD-N-28||584.62||586.5||1.88||1.08||633||5.41||Villa HW Vein|
|BDD-N-28||589.09||592.58||4.37||2.51||131||2.18||Villa FW Vein|
* HW = Hanging-wall; FW = Foot-wall
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 (NI) 43-101. Mr. Clarke is the President and CEO of Plata Latina Minerals and has been a geologist for more than 40 years, including extensive work on numerous epithermal gold and silver vein deposits in Mexico.
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's first discovery hole at Naranjillo returned 3,181 g/t silver and 13.28 g/t gold over 10.95 metres. The Company has four additional properties also located 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]