Latin Resources Ltd (ASX:LRS) will enhance its focus on lithium as the company moves to sell its Ilo Norte and Ilo Este copper projects in Peru.
Latin has entered into an agreement with Ore Capital Partners, a Canadian private company based in Vancouver, to assist in selling the assets.
The agreement gives the right to Ore Capital Partners to negotiate the sale of the Ilo Norte, Ilo Este and other Ilo concessions with companies listed on the Toronto Venture Stock Exchange.
Preliminary discussions on the sale of the assets have taken place.
Potential of the projects
Latin’s Ilo Projects are in the heart of the Prolific Copper District of Southern Peru.
The western flanks of southern Peru’s Andes Mountains host more than 125 billion pounds of contained copper in published reserves and resources.
These are all within 100 kilometres of Latin’s concession areas that host both IOCG and porphyry copper mineralisation.
Placement
Latin has also agreed to place 250 million shares at $0.004 to raise $1 million, which will include a 1 for 2 free attaching option with a two year expiry and an exercise price of $0.01.
These funds will be used to fund exploration work on the lithium targets identified in Argentina, maintain the Peruvian mineral properties and for working capital.