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Latin Metals (TSX-V: LMS)(OTC: LMSQF) CEO Keith Henderson on Expanding the Para Copper Project in Peru, New Partnerships, and Upcoming Drill Programs
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the president & CEO of Latin Metals — Mr. Keith Henderson. How are you today, sir?
Keith Henderson: I’m really great and feeling good about the market. You always know it’s a good market when you see so much content coming out of your office. Good times ahead.
Gerardo Del Real: I appreciate that. It’s been a busy summer, and I’m anticipating an even busier September. We’ve got conferences right around the corner — the Denver Gold Forum and the Beaver Creek Precious Metals Conference — that both you and I will be attending.
And as we know, there’s always a lot of news flow that comes out during those big shows. I’m anticipating plenty of drill results, and hopefully strong ones, from several holdings and companies.
Speaking of good news, Latin Metals continues to execute the way we hoped last year. There were some hiccups with the timeline but 2025 has been everything I had hoped 2024 would be.
You just expanded the Para Copper Project in Peru. Can you provide the details of that expansion and what’s next? You’ve been extremely busy — executing, closing deals, bringing in partnerships — and I know you’re always on the hunt for new partners.
Keith Henderson: Yes, absolutely. This is an interesting one. We acquired the project in 2023 and did some geochemistry, got great results, and put some news out. But while we were in the field, we noticed cut lines through the bush that looked like someone had completed a lot of geophysics. We found drill pads and realized something was going on. Eventually, we figured out it had been Vale.
We started discussions with Vale to access their data — a huge saving in both time and money. In February this year, we announced a deal with Vale and got their data. It was frustrating not being able to talk about it right away because the data showed excellent targets but we first needed to acquire more property. If that information had been public, the cost of the property would’ve gone way up.
Now that the acquisition is complete, we picked it up very cheaply: US$20,000 for 100% ownership, no royalty, and a 300-hectare expansion. The project now totals 2,200 hectares, fully owned.
The data is what makes the difference. Vale’s geochem defined a 2 x 3 km target with a copper-molybdenum core and a distal zinc-lead halo — a textbook porphyry system. They collected nearly 300 rock samples, which added weight to our own work. They also ran induced polarization and radiometrics, outlining excellent anomalies, including a high chargeability anomaly consistent with sulfides in the porphyry core.
On top of that, they defined four drill targets, built the roads, put pads in place, and even secured a permit. But for whatever reason, the drilling never happened. Things change in big companies. Maybe priorities shifted, maybe new management had a different view. It doesn’t matter — they did all the hard work, proved permitting is possible, and left all the upside for us. I couldn’t be happier.
Gerardo Del Real: That’s not the typical conversation I have with junior explorers, Keith. Congrats on the good fortune. Better lucky than good sometimes, right?
Keith Henderson: Yeah, exactly.
Gerardo Del Real: So what comes next? The project clearly has excellent targets. Mineralization is obvious. The question is grade and scale. What’s next for Latin Metals?
Keith Henderson: For us, it’s really about getting more partnerships done. A lot of people know about our success in Argentina. But while we’ve got projects in Peru, we haven’t signed any partnerships there yet. That’s not from lack of effort; the Argentine projects were just a year or two ahead in terms of advancement.
Now the Peruvian projects are ready. At any given time, we’re in conversations with 12 to 15 potential partners — NDAs, site visits, you name it. It just takes time. The most frustrating part of my job is that I can’t talk about any of it until a deal is signed.
But there’s a lot going on. We expect to announce multiple new partnerships before year-end and into early next year. Each will bring non-dilutive cash and investment into the projects.
We already have three projects scheduled for drilling between now and early next year, representing about C$19 million in investment. Add more partnerships, and suddenly we’ve got a big portfolio with multiple shots on goal, which is exactly what we want to create.
Gerardo Del Real: Exactly. In this market, those shots on goal — especially with quality work and quality partners — can move a market cap quickly. I know it’s been a frustrating couple of years getting Latin to this point but you’ve done a brilliant job. I’m excited to see the execution through the rest of the year, with drills turning soon. Anything to add?
Keith Henderson: Not really. We’re aligned and waiting for the same things. Drilling is scheduled to start around late September or early October. We hope to announce details soon, and it’s onwards and upwards from there. Looking forward to the next conversation.
Gerardo Del Real: Excellent. Always a pleasure, Keith. Thanks so much for your time.
Keith Henderson: Super. Thanks a million, Gerardo.
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