VANCOUVER , May 2, 2013 /CNW/ – Plata Latina Minerals Corporation (“Plata Latina” or the “Company”) is pleased to announce additional drill results from its most recent drill program on its Naranjillo and Vaquerias projects.
Naranjillo Property (Guanajuato state, Mexico )
The Company has completed 12 exploration drill holes from its most recent drill program on its Naranjillo project in Guanajuato state, Mexico , where results continue to indicate the presence of a significant epithermal silver-gold vein system (summary of drill results can be found below). The highest values were found in BDD-N-37, in which the Villa hanging-wall vein averages 1,144 g/t silver and 3.07 g/t gold over 1.76 metres and the main Villa vein averages 338 g/t silver and 1.45 g/t gold over 8.89 metres for a combined average of 397 g/t Ag and 1.44 g/t Au over 12.67 metres. (See figures 1 and 2 at the end of this press release).
These drill results from the Villa vein have further clarified the structural setting of the mineralized Villa vein system, and now indicate clearly that the Villa vein system is comprised of a hanging-wall component and a foot-wall component with the principal Villa vein located between these two veins. The additional drilling data also demonstrates that the Villa vein system has been offset by several post-mineral faults and provides an indication of the orientation and magnitude of those offsets. This newly-gained understanding of the Villa vein system as well as its fault offsets provides a guide for the continuing exploration of the Villa vein system toward its projected intersection with the buried extension of the Sibila vein. This presents an attractive potential mineralized system for future exploration targeting on the Villa vein system over a potential strike length of almost 500 metres that the Company intends to explore with future drilling (See figures 3 and 4 at the end of this press release).
In addition to exploring toward this area along the Villa vein system, the Company intends to carry out exploration drilling along the Sibila vein, starting near previously drilled hole BDD-N-2 (0.37 metres of 440 g/t silver with 3.01 g/t gold), and continuing toward the projected intersection of the Sibila and Villa vein systems, which has a target strike distance of approximately two kilometres.
Drilling on the San Diego vein system, located over two kilometres to the west of the Villa vein discovery, has found new indications of mineralization in BDD-N-32, which encountered a vein 0.17 metres in width that averaged 594 g/t silver and 6.07 g/t gold. In conjunction with previously drilled hole BDD-N-8, these new results confirm that the San Diego system is an attractive target for future exploration.
Drilling on the Naranjillo property has produced significant silver-gold values over a distance of approximately five kilometres. These latest drill results present continuing evidence for the presence of major buried epithermal silver-gold vein district at Naranjillo.
|BDD-N-29||No significant values||Zone West of Villa Vein|
|BDD-N-32||654.32||654.49||0.17||0.10||594||6.07||San Diego Vein System|
|BDD-N-33||747.72||751.40||3.68||2.58||9||0.08||Villa Vein (Hanging-wall)|
|BDD-N-33||857.65||860.59||2.94||2.06||8||0.08||Naranjillo Vein (Foot-wall)|
|BDD-N-34||No significant values||Zone West of Villa Vein|
|BDD-N-35||No significant values||San Diego Vein System|
|BDD-N-36||No significant values – vein faulted off||Villa Vein|
|BDD-N-37||681.44||694.11||12.67||6.10||397||1.44||Villa Vein (Entire zone)|
|includes||681.44||683.20||1.76||0.88||1,144||3.07||Villa Vein (Hanging-wall)|
|BDD-N-38||730.69||731.75||1.06||0.81||425||1.69||Villa Vein (Foot-wall)|
|BDD-N-39||Assays pending||Villa Vein|
|BDD-N-40||Assays pending||Villa Vein|
Vaquerias Project (Jalisco state, Mexico )
The Company has also completed seven diamond core holes as part of its first drill program at its Vaquerias project, located between the Zacatecas and Guanajuato silver-gold districts in Mexico , which commenced in January 2013 . The holes were drilled at distances of approximately 50 to 300 metres beneath four historical silver mines. Complete analyses from the first six holes have produced values of up to 727 g/t silver and 0.24 g/t gold over a drilled width of 0.55 metres. Assays are pending for the seventh hole, and the Company will plan the next phase of exploration after receipt and analysis of the complete laboratory results and geophysical data. A summary of drill results is as follows:
|BDD-V-1||No significant values||Zone south of Vaquerias Vein|
|BDD-V-2||No significant values||Zone south of Vaquerias Vein|
|BDD-V-3||No significant values||Vaquerias Vein|
|BDD-V-7||Assays pending||Vaquerias 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. 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 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 exploration company with a portfolio of five 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 and Vaquerias properties. 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 in Mexico , and returned 3,181 g/t silver and 13.28 g/t gold over 10.95 metres. 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 bought deal private placement 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