Latin Resources Limited (ASX: LRS) ("Latin" or "the Company"), a prominent player in the lithium exploration sector, is excited to announce remarkable progress at its 100% owned Salinas Lithium Project in Brazil. The latest drilling results from the Colina Deposit and Fog’s Block have yielded high-grade lithium, solidifying the project's Tier One status.
Extensive High-Grade Assays at Colina Deposit:
The Company's recent drilling efforts at the Colina Deposit, a key component of the Salinas Project, have been highly successful. Following the previous Mineral Resource Estimate (MRE) in June 2023, an additional 53 holes (23,617 meters) were drilled at Colina Deposit, and 13 diamond drill holes (4,575.7 meters) at Fog’s Block. The significant intercepts from the Colina Deposit include:
- SADD158: 15.70m @ 1.59% Li2O from 206.09m and 20.74m @ 1.42% Li2O from 335.45m
- SADD170: 17.54m @ 1.42% Li2O from 350.53m
- SADD184: 17.00m @ 1.55% Li2O from 139.00m
- SADD195: 13.56m @ 2.03% Li2O from 98.44m and 25.55m @ 1.57% Li2O from 307.80m
- SADD195: 25.55m @ 1.57% Li2O from 307.80m
- SADD200: 16.98m @ 1.85% Li2O from 235.54m
- SADD201: 15.88m @ 1.27% Li2O from 329.12m
- SADD202: 26.85m @ 1.39% Li2O from 260.75m
Promising Results from Fog’s Block Drilling Program:
The Fog’s Block drilling program has also delivered significant lithium intercepts, further underscoring the Salinas Project's potential. Noteworthy results include:
- MCDD007: 6.94m @ 1.13% Li2O from 278.06m
- MCDD008: 15.33m @ 1.03% Li2O from 211.74m
- MCDD009: 12.60m @ 1.15% Li2O from 173.40m and 17.52m @ 1.48% Li2O from 250.58m
- MCDD009: 17.52m @ 1.48% Li2O from 250.58m
Anticipated MRE Upgrade and Ongoing Exploration:
An upgrade to the current Colina MRE (45.2Mt @ 1.32% Li2O) is expected in December 2023, following the completion of the latest resource expansion drilling program. The Company plans to continue its robust exploration strategy, operating at least 10 diamond drill rigs at the Salinas Project through 2024, aiming for a significant increase in the Global JORC MRE.
Latin Resources’ Vice President of Operations - Americas, Tony Greenaway, commented: “We continue to see solid results coming out of our drilling at Colina. This latest update represents a solid 5 months of drilling which was focused on extending the Colina Deposit to the southwest along the Salinas Lithium Corridor, as well as infilling parts of the existing resource model. The geology team on site have been working closely with our independent resource consultants SGS geological services to construct the new wireframes and compile all the necessary data to update our resource model which will form the basis of the DFS which is scheduled for completion in mid-2024.
Drilling has not stopped on site, with all ten rigs still turning. We have moved our focus to predominantly infill drilling within the new resource footprint, with the aim of increasing the resource classification to enable the declaration of mining reserves as a part of the DFS process.”
About us:
Latin Resources Limited (ASX: LRS) is an Australian-based mineral exploration company, with projects in South America and Australia, that is developing mineral projects in commodities that progress global efforts towards Net Zero emissions.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au