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
