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Lateegra Updates Work at El Picacho, Mexico
Friday, February 23, 2007
February 23, 2007, Vancouver, B.C.: Lateegra Gold Corp. (the “Company”) (TSX.V – LRG, Frankfurt - LTGA) and Tara Gold Resources Corp (OTC: TRGD.PK) (Frankfurt T8N) are pleased to provide an update to the activities and fieldwork being carried out on the El Picacho Project in Sonora, Mexico:
The Phase 1 drill exploration program has been increased to 3000m. A total of 1000m is confirmation drilling aimed at verifying historical resource estimates, confirming mine head grades and mining widths, while allowing the correlation of data provided from 22 historic drill holes within the El Picacho structure. A further 2000m is designated for exploration of additional targets defined on the El Picacho 3,236 ha mineral claim block. The El Picacho structure was drilled by previous operators along a strike length of 1250m.
The Company has contracted Layne De Mexico S.A. de C.V. to drill a minimum 2000 meters with an option for additional meterage. Layne is using a CS-1500 truck mounted long stroke rig that arrived on the project last week. A second locally supplied rig and crew is augmenting this activity with a Longyear 38 drill rig. The first three holes have been drilled and logged with holes number 4 and 5 presently underway. (Please refer to the Company’s website for a map of hole locations in the phase 1 drill program.)
In addition to drilling, approximately 1700m of existing development drifts are being rehabilitated for an aggressive confirmation sampling program aimed at verifying extensive historic channel sampling that blocked out five meter average mining widths grading 7 grams/tonne gold equivalent (gold and silica by-product combined value) modeling a 230,000 tonne compiled non NI 43101 compliant historic resource, as reported within the mine development plans of previous owners.
Recent mapping and rock sampling has extended the mineralized structure of El Picacho another 500m to the northwest. The structure remains open along strike both to the northwest, southeast, and to depth. Dos Amigos, the 3 kilometer long gold bearing structure lying parallel to El Picacho continues to be extensively mapped and sampled with trenching underway to delineate drill targets.
Work also continues on a third parallel mineralized structure where recent 4 and 8gms gold/tonne grab samples, previously reported, were taken 0.5km apart and on strike with an existing 76meter 4x4 meter cribbed shaft, also planned for rehabilitation. The Company has no recorded data associated with the massive effort required in the sinking of this shaft.
The existing crushing plant is in operation providing silica from existing stockpiles to local smelters serving to both supplement operational overheads and maintain this key market for future process tailings.
Robert Findlay, COO states “We are particularly excited about drill hole MPDH-07-04, for which assays are pending, which intercepted approximately 7 meters of strongly silicified rock down dip from existing underground workings. With completion of this program the Company will be very close to defining one of several underground targets suitable for immediate mining. Previously mined out areas demonstrate a very competent hanging wall dipping from 65 to 70 degrees with minimum mining widths of 4 to 5 meters. Considering this, mining at El Picacho looks to be very well suited to a low cost mine plan via more productive longhole stoping methods. In addition, the 3 kilometer long gold-bearing Dos Amigos structure, identified in the fall of 2006, will be the focus of additional work with the aim of developing a potential near-surface resource that would offer reduced mining cost with which to compliment the mill feed from underground. As such, the Company is working to optimize mine plan scenarios to supply mill feed for a proposed 600 to 1,000 metric tonnes per day operation.”
Lateegra Gold Corp.: Exploration Commences on "M10" Massive Sulphide Prospect in Ecuador
Wednesday February 14, 3:05 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 14, 2007 -- Lateegra Gold Corp. (the "Company") (CDNX:LRG.V - News)(Frankfurt:LTGA.F - News) announces that it has received notice from MPH Ventures Corp., holders of an 50% earn in option, that they have commenced a field program on the M10 massive sulphide prospect in Ecuador. The M10 property is located in the Pichincha province, 50 kilometres west-southwest of Capital Quito in Ecuador, immediately north and adjoining Cornerstone Capital's and Coastport Capital's "La Plata" gold-rich VMS (volcanic massive sulphide) deposit, which covers an area of 4,915 hectares.
Information on the M10 Ecuador Property is available on the Company's website: http://www.lateegra.com/projects/ecuador/m10/.
The initial focus of the field program is mapping and sampling, with a particular focus on the southern area of the M10 concession. MPH Ventures was able to locate maps of field work carried out in the early 1990's, which have assay data and geological mapping information. The Company's field crew is going back to these areas of earlier work and will attempt to verify the information contained therein.
Stream sediment sampling commenced on Feb. 11, 2007 and, subject to success and accessibility, the Company proposes to collect approximately 150 stream sediment samples for analysis.
The earlier maps show a grid on the south central portion of the M10 concession, and MPH Ventures will attempt to recapture the old grid to commence the soil sampling. The grid and soil sampling will commence once an environmental study is completed. The Company expects the soil sampling to commence in about one month's time.
Once the grid and soil sampling are completed, MPH Ventures has budgeted for a geophysical survey (IP Mag.). Decisions about where to place the geophysical survey will be determined after the geological and analytical data is available.
The M10 property was identified by Ing Fredy Salazar, who spent several years as a senior geologist for Newmont Mining, and provided consulting services for Aurelian Resources. Mr. Salazar was instrumental in the identification of the land package known as the "El Condor", 100% owned by Lateegra, and the "Condor" project held by Aurelian Resources located in the emerging gold belt in southern Ecuador.
The exploration target on the M10 concession is the continuation of the La Plata polymetallic volcanogenic massive sulphide (VMS) trend. Mineralization at La Plata and in the area occurs at or near the north-south trending contact between intermediate and felsic volcanics. Recent results from drilling on La Plata by Cornerstone Capital and Coastport Capital returned significant massive sulphides including 6.7 metres averaging 11 grams per tonne gold, 78 grams per tonne silver, 23 per cent zinc, 1 per cent copper and 8.9 metres averaging 32 grams per tonne gold, 289 grams per tonne silver, 18 per cent zinc, and 6 per cent copper (see their news release dated June 22, 2006). The M10 concession covers 7.5 kilometres of potential strike length of favorable geology. Documented mineral showings are reported to exist on the property including the El Diablo showing located on the south limits of the property.
The company also wishes to announce that it has retained Value Relations GmbH to help with communication activities in Europe. Value Relations is a Frankfurt, Germany based full-service Investor Relations firm with 8 full time employees and an extensive list of consultants able to deliver complete coverage of the Lateegra story to shareholders in Germany, Austria and Switzerland.
In consideration for the services the Value Relations will receive a monthly fee of $1,500 Euro for an annual contract of $18,000 Euro. Value Relations will also receive $100,000 incentive stock options of the Company at a price of $1.10. Granting of these options is subject to approval of shareholders at the Company's Annual General Meeting to be held in March, 2007. The vesting period of the options under the Companies Stock Option Plan will not commence until such time as shareholder approval is received.
About the Company: Lateegra Gold Corp. is a development and exploration Company with a focus on precious metals in Mexico and South America. The Company currently has interests in properties in Mexico and Ecuador. The Picacho Mine in Mexico has extensive underground workings and a fully permitted mill and a diamond drill program in process. In Ecuador, the Company owns both the El Condor property, located within Aurelian Resources property containing their Fruta del Norte discovery and the recently acquired Auripamba and M10 concessions. The Company is well funded, having recently completed two multi-million dollar financings.
For further information on Lateegra Gold Corp. (CDNX:LRG.V - News)(Frankfurt:LTGA.F - News), visit the Company's web site at www.lateegra.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Townsend, President and Director
Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has not filed a National Instrument 43-101 report on any property, but will do so as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
Contact:
Contacts:
Lateegra Gold Corp.
Michael Townsend
President and Director
(604) 669-9330 or Toll Free: 1-866-669-9377
(604) 669-9335 (FAX)
Email: info@lateegra.com
Website: http://www.lateegra.com
--------------------------------------------------------------------------------
Source: Lateegra Gold Corp.
http://ca.us.biz.yahoo.com/iw/070214/0215397.html
LRG is a six month play
heard that the next drills for ARU are going to be at or near the property line
Look for a good move here on new news.
Could be as big as ARU
Lateegra completes first phase exploration at El Condor
2007-01-17 17:34 ET - News Release
Mr. Chris Verrico reports
LATEEGRA DEFINES SEVERAL GOLD TARGETS ON THE EL CONDOR PROJECT, SOUTHEASTERN ECUADOR
Lateegra Gold Corp. has completed the first phase of exploration at the El Condor concession, southeastern Ecuador. Results have yielded eight anomalous zones consistent with the geochemical signatures of other recent discoveries nearby, including that of Aurelian Resources at Fruta del Norte. Initial work consisted of geological mapping, regional stream sediment sampling, and both rock and soil sampling blanketing its wholly owned 243-hectare concession, located immediately south of and on trend with Aurelian Resources' world-class discovery.
The highlights of the work show a large 19-hectare arsenic and antimony anomaly on the southern portion of the property. Dr. Richard Sillitoe states in his report, "Comments on Geology and Potential of the Fruta del Norte Epithermal Gold Prospect, Ecuador, July, 2006," prepared for Aurelian Resources (see Aurelian Resources' news in Stockwatch dated Aug. 23, 2006) that, "If the coherent arsenic and antimony anomalies in conglomerate that help to define the corridor south of Fruta del Norte are interpreted as upward leakage from blind gold mineralization, as they have been shown to be at Fruta del Norte, then additional epithermal gold mineralization may already have been located." Dr. Sillitoe further notes that, "The arsenic and antimony anomalies located south of Fruta de Norte are thought to merit immediate scout drill testing in search of blind gold mineralization in the underlying andesitic volcanic sequence."
Furthermore, at El Condor, a large gold-copper anomaly covering an area of 15 hectares is located in the north-central region of the property immediately south of Aurelian's El Tigre anomaly.
First phase work by Lateegra consisted of stream sediment sampling while establishing a grid for sample and mapping control comprising over 26 kilometres of cut lines spaced 100 metres apart. Nine hundred seventy-one soil samples were then collected at 25-metre intervals and analyzed using metal mobile ion technology at ALS Chemex laboratories.
MMI process was used for its demonstrated superior performance throughout the diverse suite of mineralization hosted in these tropical environments. In comparison with conventional techniques, MMI produces a better focus for follow-up exploration by detecting mobile ions weakly attached to soil particles emanating vertically above the oxidizing mineralization. Mobile metal ion analyses are expressed as concentrations, just like results from a conventional soil survey. However, Wamtech Pty. Ltd., the developer of MMI technology, reports that: "To facilitate multielement interpretation of MMI analytical data, it is recommended that for each element, a background for the data is calculated, using (say) the lowest quartile of the data. Then a peak-to-background ratio (response ratio) is calculated for each element for each sample(1)." The resulting unitless value, called response ratio, quantifies sample enrichment with respect to the background. For example, the concentration of a sample with a response ratio of 35 is 35 times higher than the background concentration.
The table entitled, "El Condor background concentrations used to calculate response ratios," lists the El Condor background concentrations for the elements reported herein(2).
EL CONDOR BACKGROUND CONCENTRATIONS
USED TO CALCULATE RESPONSE RATIOS
Element Background
concentration (PPB)
Gold 0.2
Copper 111
Silver 1.8
Arsenic 3.4
Antimony 0.8
Molybdenum 2.5
Resulting analysis defined eight anomalous areas(3) within the property as describe below (for brevity only the strongest response ratios are reported).
Anomalous zone 1 (AZ1), located in the northwest corner of the property, covers five hectares and shows a strong gold (RR equals 35), copper (RR equals 136 and 70) and molybdenum (RR equals 66 and 54) anomaly.
Anomalous zone 2 (AZ2), located on the southwest portion of the property, shows strongly anomalous gold (RR equals 35 and 24), silver (RR equals 38) and arsenic (RR equals 245 and 73).
Anomalous zone 3 (AZ3), located 600 metres east of AZ1, covers approximately 2.5 hectares showing an anomaly consisting mainly of copper (RR equals 131 and 108).
Anomalous zone 4 (AZ4), located 300 metres south of AZ3, covers an area of five hectares consisting mainly of gold (RR equals 31 and 30), silver (RR equals 47) and molybdenum (RR equals 107, 100 and 96).
Anomalous zone 5 (AZ5), located in the south-central region of the property, covers seven hectares characterized by anomalous gold (RR equals 26), copper (RR equals 103, 63 and 60) and silver (RR equals 35).
Anomalous zone 6 (AZ6) flanking AZ4 and AZ5 this large, approximately 19-hectare arsenic (RR equals 452, 278, 177 and 128) and antimony (RR equals 92, 92, 87 and 77) anomaly potentially indicates a large buried epithermal system.
Anomalous zone 7 (AZ7), located approximately 800 metres to the east of AZ6, consists of a north-south-trending arsenic (RR equals 89) anomaly 250 metres in length. Anomalous zone 8 (AZ8) is the largest and strongest gold (RR equals 45) and copper (RR equals 98, 76 and 75) anomaly on the property. Located in the north-central region, due south from Aurelian's El Tigre anomaly, is 1,400 metres northwest of AZ6. This anomaly covers over 15 hectares yielding the strongest gold value on the property.
Stream sediment sampling has also detected several gold anomalies confirming the existence of nearby gold mineralization.
Chris Verrico, chief executive officer and director of Lateegra, states: "The initial exploration results are extremely encouraging, generating multiple exploration targets in a world-class district. The discovery of the nearby Fruta del Norte deposit was no accident, but rather the consequence of aggressive exploration resulting in the discovery of a large buried epithermal system. Dr. Sillitoe's recent work for Aurelain Resources at Fruta del Norte will assist the understanding of the exploration on the El Condor concession immensely. Lateegra plans to explore these anomalies aggressively."
The technical information in this news release has been reviewed by, Jeffrey Reeder, PGeo, and Luc Pigeon, PGeo, both qualified persons as defined in National Policy 43-101.
(1) MMI Manual for Mobile Metal Ion Geochemical Soil Surveys, Version 5.04, copyright Wamtech Pty. Ltd., 2004.
(2) Background concentrations and response ratios were determined using the statistical procedures discussed in the MMI Manual for Mobile Metal Ion Geochemical Soil Surveys, Version 5.04, copyright Wamtech Pty. Ltd., 2004.
(3) Anomalous zones (AZ) are defined as areas containing samples with a marked enrichment of one or more element compared with the background concentrations of the property.
We seek Safe Harbor.
This shouldpop into the $3s with some more news
All I know is the stock went up after a massive private placement and that never happens.
I'm bullish on the stock and have no plans to sell. It is all about risk and reward.
LRG has a project in Central America. If u are familiar with AUR.v then you know the potential here.
The market cap of AUR is over 1B. It is up over 4000% if memory serves. LRG owns a property literally down the street and beat out AUR in the auction to buy it. They have a great team and mgmt knows what they have which is why they just awarded themselves all stock options.
The market cap of this stock is a joke. If memory serves it is around 25 to 30M CAD$. I've owned it since it was 30 cents. I expect it to either go to zero or North of $10 on the drill results due soon.
This looks like it has some promise to it to diversify my funds with. What is this stock have potential in?
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