Latin Resources (ASX:LRS) has announced its first drill hole at the Ilo Norte project in Peru has intersected copper porphyry mineralization over ‘significant lengths’. The drill hole which was planned to reach a depth of 800 meters should now be completed and we’re looking forward to see some widths and grades of this hole. This drill hole shows some interesting alteration and the company says this confirms the magnetic model and that the indicators for a copper mineralization have been found. A second drill rig has been ordered to increase the drill rate at Ilo Norte.
We will be following this exploration program as the Ilo Norte project is located in a very prolific region with an annual production rate of in excess of 1 billion pounds of copper in less than 130 kilometers around the project. Additionally, the existing infrastructure is fantastic, as the project is just 6 kilometers from the Pan-American Highway and 32 kilometers from an existing port. Logistics are very important for large scale mines, and it’s a big advantage to have a lot of the needed infrastructure already in place.
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Disclosure: The author holds no position in Latin Resources. Please see our disclaimer for current positions.
