03/12/2020 - 17:43

Latin lands new Lachlan Fold Belt lease

03/12/2020 - 17:43

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Latin Resources continues to build its portfolio of projects in Australia, having landed a new lease in NSW’s prolific Lachlan Fold Belt. The new Burdett project lies immediately to the south of the company’s recently acquired Manildra tenure, delivering Latin a strategic position over the historic Burdett goldfield.

Historic mining on the Burdett goldfield – gold battery in the background. Credit: File

Latin Resources continues to build its portfolio of projects in Australia, having landed a new lease in NSW’s prolific Lachlan Fold Belt. The new Burdett project lies immediately to the south of the company’s recently acquired Manildra tenure, delivering Latin a strategic position over the historic Burdett goldfield.

The new addition brings Latin’s holding in the region to approximately 530 square kilometres, with the company holding more than 45km of strike across the Lachlan Traverse Zone, or “LTZ”. The LTZ shot to prominence following Regis Resources recent move to develop the 2 million-ounce McPhillamy’s gold deposit. The mineral-rich corridor also hosts the colossal Cadia copper-gold operation, which boasts resources of 22 million ounces of gold and 4.3 million tonnes of copper, adding to the allure of the terrane.

The acquisition of the Burdett and Manildra projects add to Latin’s exposure to this highly sought-after address, with the company already holding the Yarara gold project near the NSW-Victorian border, south of Wagga Wagga.

Latin Resources Managing Director, Chris Gale said:

“The addition of the Burdett Gold Project to the Company’s NSW portfolio adds another strong layer of prospectivity. The Company now controls a land holding of over 530km2, becoming a significant player in one of Australia’s highly sought after and proven word class gold districts.”

“We are now looking to commence our reconnaissance field work to refine targets for our drilling campaign to commence in the first quarter of 2021.”

The Burdett gold project is located 30km to the west of Orange in central New South Wales and lies with the mineral-rich LTZ of the Lachlan Fold Belt. The new tenure contains a wealth of historical prospects and mine workings that date back over a century, with an evaluation revealing a lack of systematic, modern exploration across the ground holding.

Whilst these goldfield remains under-explored, several prospects have felt the drill bit and returned solid intercepts. Targets include the historic Lady Burdett mine where shallow drilling has returned 26 metres at 1.5 grams per tonne gold and 3m of high-grade gold, weighing in at 7.82 g/t gold.

An initial interpretation of the mineralisation at Lady Burdett indicates the prospect is hosted by cross-cutting quartz veining within the regional Canowindra Shear Zone, which looks to be largely untested throughout Latin’s extensive tenure.

The company has now put in place a heads of agreement to acquire 100 per cent of the Burdett tenement from privateers Syndicate Minerals, with $1,000 payable upon signing followed by a 30-day due diligence period. Upon the successful completion of due diligence, Latin will issue 10 million shares to Syndicate, with half the shares escrowed for 3 months and the balance escrowed for 12 months. Syndicate will also hold a 1.5 per cent net smelter royalty over any future production from the project.

Latin now joins the likes of Impact Minerals and Godolphin Resources in building its position in the fertile Lachlan Fold Belt. With exploration continuing apace across Australia, the company looks to be making a late run in to the close of 2020 and set to springboard into the new year.

 

Is your ASX listed company doing something interesting? Contact: matt.birney@businessnews.com.au

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