The Esperanza project is an advanced, drill-ready, copper-gold exploration project, located in San Juan Province, Argentina. The project is at relatively low elevation of 3,000m, 35km from power lines and only 135km north of the Provincial Capital San Juan. San Juan Province is a mining jurisdiction which is host to large gold mines and world class copper deposits.
Latin Metals has an option to earn a 100% interest in the project, subject to a 2% NSR royalty in favour of the underlying owner. In Q1 2021, Latin Metals entered into an agreement with Liber Copper and Gold (TSX.V: LBC) under the terms of which agreement, Libero have a right to earn a 70% interest in the project.
The Esperanza project consists of an outcropping copper-gold porphyry system, juxtaposed beside a gold epithermal system. Rock sampling at surface provides a sense of the system dimensions and highlights that both high-grade gold and copper occur at surface.
Historical exploration includes 8,500m of diamond drilling. The copper-gold porphyry system is exposed over a large area and is defined by drill holes which intersect mineralization from surface to a depth of approximately 400m. In 2018, Latin Metals’ exploration returned the best drill hole to date; 387m grading 0.57% copper and 0.27 g/t gold, intersected from surface and open at depth.
Latin Metals has an option to earn a 100% interest in the Esperanza project from the underlying owner
Optioned to Libero Copper and Gold
Latin Metals has agreed option terms with Libero Copper and Gold, who can earn a 70% interest through cash payments of US$500,000, payments to the underlying vendor of US$1,900,000, and exploration expenditure of US$2,000,000. Upon exercise of the option, Libero and Latin Metals will form a 70:30 joint venture.