VANCOUVER, Jan. 13, 2015 /CNW/ – Plata Latina Minerals Corporation (TSX-V: PLA) ("Plata Latina" or the "Company") announces results from the five additional drill holes completed during the Company's recent drill program on its Naranjillo project located in Guanajuato State, Mexico.
This latest drilling program was designed to test several vein structures on the Naranjillo property to assess the best potential target to focus on developing a high grade mineral resource. The drill results on Naranjillo to date indicate that there are several good hosts for silver mineralization and that the Villa vein system, including the nearby Sibila vein and the Central vein, provide the best targets for large scale, high grade mineral resource development.
The Central vein, which is parallel and approximately 100 metres from the Villa vein, was intercepted for the first time in the mineralized horizon by drilling. Hole number BDD-N-49 returned 0.40 metres of 1,430 g/t silver in the Villa Vein and 0.34 metres of 866 g/t silver in the Central Vein. These drill results reinforce that these veins, combined with the Sibila vein, provide the necessary evidence to justify a focused resource definition exploration plan.
Seventy-three percent (73%) of the 11 drill holes on the Villa vein within the mineralized horizon have intercepted high-grade mineralization. These holes have an average intercept interval of 4.5 metres with a weighted average silver grade of 2,041 g/t, which demonstrates the high grade potential the Company believes exists on this vein and the adjacent Central and Sibila veins. The extent of the Company's drilling to date on the Villa vein is approximately 625 metres along strike and approximately 200 metres on dip. (Please see Figure 1, 2 and 3 for a plan view, cross section and long section).
These veins are located immediately south of a Fresnillo plc. licence where Fresnillo is currently engaged in a multi-rig drilling program on the same system associated with a high level alteration and silification expressed on surface near our shared mineral claim boundary. Further to the north of this Fresnillo licence, on Plata Latina claims, the Company has recently embarked on detailed geological mapping of several new large areas of high-level alteration and silification possibly indicative of similar silver-gold vein systems. (See Figure 4 at the end of this press release for a district map). Plata Latina expects this mapping will develop a number of additional exploration targets between the Naranjillo discovery and the historic Guanajuato district on Plata Latina mineral holdings.
A summary of the drill results can be found below:
(Drill hole BDD-N-46 was abandoned and re-drilled as BDD-N-47)
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. Rejects and pulps from the high grade intersection in hole BDD-N-10 were both re-assayed at Act Labs and the average of these two assays and the original Chemex assay are included in the results as previously reported.
Chemex has no relationship with Plata beyond commercially providing analytical services to the Company. The Chemex North Vancouver, Canada, analytical facility is certified to standards within ISO 9001:2008 and has received accreditation to ISO/IEC 17025:2005 from the Standards Council of Canada (SCC) for the analytical methods used on Plata samples. Both the Chemex Guadalajara and Zacatecas, Mexico, prep labs are certified to standards within ISO 9001:2008.
The drilling results contained in this news release have 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 exploration company with a portfolio of four silver-gold properties situated in the prolific Mexican Silver Belt focused on discovering new silver-gold vein districts. The Company is currently concentrating its drilling efforts on its Naranjillo property. Plata Latina's first discovery hole was drilled at Naranjillo, which is approximately 35 kilometres southeast of the world-class Guanajuato epithermal silver-gold vein district inMexico. 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 Company's latest 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 Corporation
For further information: Letitia Cornacchia, Vice President, Investor Relations and Corporate Communications, Telephone: +1 416 860 6310, Email: [email protected]