Skip to content
Finance Investment, Oil Mining Resources

Latin Resources (ASX: LRS) – NEW ASSAYS CONFIRM PLANALTO DISCOVERY

Latin Resources Limited (ASX: LRS) 3 mins read

Latin Resources Limited (ASX: LRS) ("Latin" or "the Company"), a leader in lithium exploration and development, is excited to announce a series of significant operational achievements and a strategic plan for 2024 at its 100% owned Salinas Lithium Project in Brazil.

Key Highlights:

  • Major Spodumene Discovery: The Company has received high-grade assay results from SADD223, confirming the third major spodumene discovery, named “Planalto”, within the Salinas lithium corridor. This discovery, located approximately 1.8km southwest of the Colina Mineral Resource Estimate (Colina MRE), marks a significant expansion in the scale of the Salinas Project.
  • Impressive Assay Results: The assays from SADD223 have revealed significant intercepts, including 9.25m at 1.21% Li2O from 395.29m and 16.14m at 1.29% Li2O from 425.00m, which includes a higher-grade section of 7.14m at 1.63% Li2O from 434.00m.
  • Environmental and Regulatory Progress: Latin Resources has submitted its Environmental Impact Assessment (EIA) and Environmental Impact Report (EIR), collectively known as EIA-RIMA, on 29 December 2023. The Company is on track for achieving environmental permitting and mining licensing, aiming for a Final Investment Decision (FID) by Q4 2024.
  • Strategic Appointments and Partnerships: The Company has appointed Michael Drake as Vice President of Development, bringing over 25 years of experience from his tenure at BHP, Newcrest, Paladin Energy, and others. Additionally, key contractors for the Definitive Feasibility Study (DFS) have been selected, with Worley Engineering leading the engineering design and MinSol Engineering overseeing process engineering.
  • Offtake Interest and Resource Update: The expression of interest for offtake has closed, receiving firm bids from leading mining companies, converters, battery manufacturers, and metals trading houses. An update to the JORC Mineral Resource Estimate (MRE) is planned for the second quarter of 2024, alongside the DFS.
  • Continued High-Grade Results: Further assays from 25 diamond drill holes at the Colina Deposit continue to show high-grade lithium oxide (Li2O) results, reinforcing the project's potential.

Looking Ahead:

As we move into 2024, Latin Resources is committed to advancing the Salinas Project, leveraging these latest discoveries and strategic partnerships. The Company is focused on progressing towards the Final Investment Decision, updating the Mineral Resource Estimate, and completing the Definitive Feasibility Study. These steps are crucial in our journey to becoming a significant player in the global lithium market, catering to the growing demand from the electric vehicle and renewable energy sectors.

Latin Resources Managing Director, Chris Gale, commented:

"I am extremely excited by the progress we have made to date. This past year has been a transformative period for our company. We have achieved significant milestones that not only reflect our commitment to excellence but also underscore our potential for future growth. 

2023 was a busy year for our Brazilian exploration team, resulting in a series of major upgrades and increases to our Mineral Resource of now over 70 million tonnes. We also published a very compelling PEA which detailed a strong $3.6 billion NPV with exceptionally low capex and operating costs . 

The lodging of our Environmental permits for the Salinas Project is a significant development milestone. The submission highlights the excellent sustainability principles that will be employed and benefits for local, provincial and national stakeholders. We thank our team and supporting consultants for their efforts over the past 18 months to deliver an incredibly high-quality EIA-RIMA.

In addition to the EIA-RIMA, development activities are progressing at pace, aligned with Latin Resources’ objective of delivering first production by mid-2026. We are very pleased to have secured and appointed Mike Drake as our VP of Development. Mike adds an incredible wealth of development experience to enable Salinas to be taken into production.

Looking forward, we’re set for another transformative year with DFS, offtake, and FID outcomes progressing to schedule. We are poised for continued growth and success and would like to thank shareholders for their continued support.”


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

Media

More from this category

  • Government QLD, Oil Mining Resources
  • 12/07/2024
  • 14:28
Mining and Energy Union

Roads front of mind for coal miners approaching QLD election: MEU

The Mining and Energy Union has welcomed a $157 million royalties-funded election commitment for Peak Downs Highway and Dysart-Middlemount Road announced by Labor candidate for Burdekin, Anne Baker. Queensland District President Mitch Hughes said the proposal to strengthen and widen both roads, as well as build overtaking lanes on Peak Downs was a positive first step to fixing the state’s most dangerous highways. The union has been campaigning on this issuedue to the dangers and other difficultieson Peak Downs Highway and other regional roads in and out of mining towns. “Roads will be front of mind for mining communities in…

  • Oil Mining Resources
  • 12/07/2024
  • 10:10
Q2 Metals Corp.

Q2 Metals Updates Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, BC / ACCESSWIRE / July 11, 2024 / Q2 Metals Corp. (TSXV:QTWO)(OTCQB:QUEXF)(FSE:458) (" Q2 " or the " Company ") is pleased to announce an update to the terms of the non-brokered private placement of units of the Company as announced on July 10, 2024 (the "Offering").The charity flow-through unit portion of the Offering has been updated to reflect an increase in the price of the units being offered from $0.4625 to $0.475 per unit. As such, the charity flow-through unit portion is now…

  • Finance Investment
  • 12/07/2024
  • 07:01
NALSPA

Tax time: Salary packaging can ease cost-of-living pressures for Aussie workers

As Australians begin to submit their tax returns and plan for this financial year amid the heightened cost of living, NALSPA is encouraging workers and their employers to consider their salary packaging options. The National Automotive Leasing and Salary Packaging Association (NALSPA) chief executive Rohan Martin said it is timely to think about taking advantage of pre-tax pay strategies that can help boost tax savings and put more money in your pocket. “The new financial year is a time where many of us think about the amount of tax we are paying as well as our household budgets. We all…

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.