Latin Resources Limited (ASX: LRS) ("Latin Resources" or "the Company"), an Australian-based mineral exploration company, is pleased to announce the successful completion of the drilling program at the Colina Resource, part of the Company's 100%-owned Cloud Nine Halloysite-Kaolin Project in Western Australia.
Key Highlights:
- Completion of Drilling Program: The drilling program at Colina Resource has been completed on schedule and within budget. The program comprised a total of 5,000 meters of reverse circulation (RC) drilling.
- Positive Initial Results: Initial assay results from the first phase of drilling have confirmed the presence of high-grade halloysite and kaolin mineralization. Detailed analysis and further assays are ongoing, with results expected in the coming weeks.
- Resource Expansion Potential: The drilling program aimed to expand the existing JORC-compliant Mineral Resource Estimate at Colina. The encouraging initial results suggest significant potential for resource expansion, which could enhance the overall value of the Cloud Nine Project.
- Strategic Importance: The Colina Resource is a crucial component of Latin Resources' strategy to develop a world-class halloysite and kaolin project. The successful completion of this drilling program is a major milestone in advancing the Cloud Nine Project towards production.
Latin Resources’ Vice President of Operations - Americas, Tony Greenaway, commented:
“With all the assay results from the extensive infill drilling program now received, the updating of the MRE for our world class Colina Deposit is underway. Results for the infill campaign have confirmed that Colina is a very consistent deposit, with new results showing very similar pegmatite thicknesses and grades to the existing models. In addition, the geometry of the extensive Colina pegmatite swarm has proven to be equally as consistent, with new results matching very closely with the previously modelled resource. Our independent resource consultants, SGS have been provided with the updated drilling database, and pegmatite wireframes, and the mineral estimation process is now underway. We are expecting the MRE update to be completed soon and released to the market this month.
The focus of drilling activities on site has now returned to exploration, with 4 rigs moving to the high-priority Planalto Prospect area. Early indication from the 5 new holes completed so far, are that the previously intersected high-grade pegmatites continue up dip to the west. The mineralisation intersected at Planalto is very similar to the Colina deposit, comprising very coarse grained spodumene crystals within a clean quartz and feldspar pegmatite system. We are extremely encouraged by what we are seeing at Planalto including the close similarities to the Colina mineralisation and are eagerly awaiting more assay results from this emerging target. Planalto is a very high priority target for us given the close proximity to the Colina Deposit and proposed processing infrastructure. Any additional minable pegmatites this close to Colina could have a significant benefit in both scale and operational optionality to the proposed mine.”
Next Steps:
- Ongoing assays and analysis to confirm the extent and grade of the mineralization.
- Preparation of an updated Mineral Resource Estimate based on the new drilling data.
- Continued development of the Cloud Nine Halloysite-Kaolin Project, with a focus on feasibility studies and project optimization.
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