Materials

Latin Resources acquires Peep O’Day gold target in NSW

Fri 08 Jul 22, 12:22pm (AEST)
Rapid Movers - Golden bull on stock market data. Bull market on financial stock exchange market
Source: iStock

Stocks in article

lrs
MktCap:
-

Share article

Key Points

  • Latin has exercised its option to acquire 100% of the Peep O’Day gold prospect in NSW’s Lachlan Ford Belt
  • Target has previously returned drill cores with grades between 7.7g/t and 9.7g/t
  • Further RC drill tests to be concluded in the coming future

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. 

Peep O'Day seen from above and highlighted with rock chip sample locations illustrated
Peep O'Day seen from above and highlighted with rock chip sample locations illustrated

Data part of new ownership 

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. 

Total NSW prospect portfolio at four 

Latin’s acquisition of Peep O’Day gives it four key targets to keep its exploration teams busy. 

Those are: 

  • 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. 

A very good year for Latin Resources 

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.

Latin Resources' six month charts compared to the materials index
Latin Resources' six month charts compared to the materials index

 

Related Tags

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

Get the latest news and media direct to your inbox

Sign up FREE