Latin Resources’ (ASX:LRS) shares climbed 5.8% to 7.3c in morning trades as the company picks up 100% of the NSW Peep O’Day gold target.
Located on NSW’s Lachlan Ford Belt, the prospect has returned high grade samples in exploration tests with one sample over nine grams per tonne of gold.
With a 1.3km strike length and running in a north-south direction.
High grade rock chips have been collected at both ends of the strike, indicating possible piecemeal high-grade mineralisation sitting within areas of lower grade.
Latin has triggered its acquisition clause after fulfilling substantial groundwork at the Yarra Tenement.
While the company will have to hold its breath to wait for new RC drill permit approvals, Latin as the new owners acquire important extras.
Namely, all mining information and data in possession of the former owners will be given to Latin Resources.
Further, MEG (former owners) retain zero royalty or milestone payments on the tenement and no longer have any right to Peep O’Day.
Latin’s acquisition of Peep O’Day gives it four key targets to keep its exploration teams busy.
The Peep O’Day gold prospect
The Mackey’s copper prospect
The Gosper Mine copper prospect
The Dairy Hill copper prospect
All prospects are located in the Lachlan Ford Belt of NSW.
Since January 1 2022, Latin Resources’ share price has climbed 151% higher.
One year performance sits at 43%.
Latin has a market cap of $140.8m and is ranked 838 out of 2,428 companies.
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