- Latin Resources (LRS) exercises its option to secure complete ownership of the high-grade gold Peep O’Day prospect in the southern Lachlan Fold Belt in New South Wales
- In return for ownership of the prospect, Latin will pay vendor Mining and Energy Group six million LRS shares.
- Latin made the call to exercise its right to purchase the prospect following the completion of extensive regional exploration
- The company says it is currently in discussions with several third-party groups in relation to the potential divestment of its non-core NSW Lachlan projects
- Shares in Latin Resources are up 5.8 per cent to 7.3 cents per share at 10:22 am AEST.
Latin Resources (LRS) has exercised its option to secure complete ownership of the high-grade gold Peep O’Day prospect in the southern Lachlan Fold Belt in New South Wales.
In return for ownership of the prospect, Latin will pay vendor Mining and Energy Group (MEG) six million LRS shares. Under the terms of the deal, Latin will be refunded its $15,000 contribution towards the security deposit required by the Department for Regional NSW.
Latin made the call to exercise its right to purchase the prospect following the completion of extensive regional exploration.
The company said results from the exploration highlighted the Peep O’Day prospect in the southern portion of the original Yarara tenement as the most prospective area, returning high-grade gold in outcrop over a strike length of 1.3 kilometres.
High-grade gold results from extensive rock-chip sampling included 9.79 grams per tonne (g/t), 8.58 g/t, 8.41 g/t and 7.79 g/t.
The company is currently in discussion with several third-party groups in relation to the potential divestment of its non-core NSW Lachlan projects.
Work completed by Latin and previous explorers has highlighted multiple priority target areas, several of which are at a drill-ready status, including the Peep O’Day, Mackey’s, Gosper Mine and Dairy Hill prospects.
Shares in Latin Resources were up 5.8 per cent to 7.3 cents per share at 10:22 am AEST.