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Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to provide the following update on resource definition drilling and other studies currently ongoing at the Company’s 100% owned high‐grade Colina Lithium Prospect (“Colina”) (Appendix 1 and Figure 1).
HIGHLIGHTS
- Resource definition diamond drilling at Colina progressing well, approximately one quarter of planned 100 drill holes completed, total of approximately 5,890m.
- The program continues to ramp up to accelerate the maiden resource estimate, with a fourth diamond drill rig on site and drilling.
- Latest assay results continue to show strong down dip continuity of both grade and thickness of the logged pegmatites, peak grade of 4.22% lithium. Results include:
SADD017: 8.87m @ 1.09% Li2O from 137.00m
Inc: 1.00m @ 2.02% Li2O from 137.00m
13.86m @ 1.33% Li2O from 173.29m
Inc: 7.00m @ 1.93% Li2O from 178.00m
SADD018: 9.16m @ 1.68% Li2O from 133.84m
Inc: 6.00m @ 2.16% Li2O from 135.0m
Inc: 1.00m @ 3.52% Li2O from 137.00m
16.00m @ 1.29% Li2O from 189.00m
Inc: 1.00m @ 3.06% Li2O from 190.00m
and: 1.00m @ 4.22% Li2O from 196.00m
SADD019: 11.96m @ 1.64% Li2O from 206.24m
Inc: 8.20m @ 1.82% Li2O from 210.00m
SADD020: 2.35m @ 3.57% Li2O from 120.33m
7.58m @ 1.45% Li2O from 143.77m
Inc: 1.60m @ 2.45% Li2O from 144.40m
- Regional mapping teams recommenced field work in the area immediately to the west of Colina targeting a parallel pegmatite system; and further to the south‐east at the Salinas South tenement area, where previous work identified a ‘lithium corridor’ over a distance of 4.0km.
Latin Resources’ Exploration Manager, Tony Greenaway, commented:
“We are very pleased with the progress being made on site in Brazil, with activity on multiple fronts including the systematic resource definition diamond drilling, and our latest results continuing to show excellent high‐grade lithium intersections and continuity of the pegmatites along strike and down dip.
“We now have our fourth drill rig operational on site, so we are up and running at full speed. We have a first‐class drilling crew on site, who are maintaining high drilling production rates, and more importantly, excellent core quality coming out of the ground. With around one quarter of the holes now completed, we are well on track to deliver our maiden JORC Resource Estimate by the end of CY22.
“I am also pleased to have our regional teams out mapping to the west of Colina and at Salinas South where we know we have more outcropping pegmatites. Our plan is to work‐up these areas to drill‐ ready status, and then in the near term commence drilling to begin testing these new areas.”
Figure 1: Colina Prospect area showing completed drill collars1 and significant intersections received to date
Colina Prospect – Resource Definition Drilling
Latest assay results from diamond drilling at the Company’s 100% owned Colina Prospect, part of the broader Salinas Lithium Project in Brazil, continue to confirm the continuity of grade and thickness of the high‐grade Colina pegmatites at depth.
Click here for the full ASX Release
This article includes content from Latin Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
LRS:AU
Pursuit Minerals: Tier 1 Lithium Play in the Prolific Lithium Triangle in Argentina
Pursuit Minerals Ltd. (ASX:PUR), a top-tier lithium exploration and development company focuses on its flagship Rio Grande Sur lithium project in the Salta Province of Argentina. Rio Grande Sur lithium project is located in an area known as the Lithium Triangle which hosts 50 percent of the global lithium resources and 40 percent of the current global lithium production.
Rio Grande Sur lithium project spans an area of 9,260 hectares on the Rio Grande Salar and is adjacent to several operating lithium mines and development operations, including Acradium Lithium’s Fenix lithium mine and the Olaroz lithium mine.
Drill cores and packer lithium brine samples from Pursuit’s Stage 1 drilling program at the Rio Grande Sur Project.Pursuit is also focused on the production of lithium carbonate to meet the supply side response to growing lithium demand. Recently, the company announced the first phase of operations of its 250 tons per annum (tpa) pilot plant to produce lithium carbonate. The plant will generate both technical and battery grade lithium carbonate at a purity of 99.95 percent, employing a conventional evaporation process.
Company Highlights
- Pursuit Minerals is an ASX-listed company focused on advancing a pre-production lithium brine operation in Argentina.
- The company’s flagship Rio Grande Sur project covers 9,233 hectares on the Rio Grande Salar, in the Salta Province of Argentina located in the Lithium Triangle. The region is home to 50 percent of global lithium resources and 40 percent of world production.
- The acreage owned by Pursuit is situated within an Ni 43-101 inferred resource of 2.1 million metric tons of lithium carbonate equivalent (LCE), with an average grade of 370 milligrams per litre (mg/L) extending to a depth of 100 metres.
- Pursuit delivered a maiden JORC Inferred Mineral Resource Estimate (MRE) of 251.3 kt LCE at 351 mg/L at the Rio Grande Sur Project. With its current Stage 1 drilling program currently underway, Pursuit is targeting a material resource upgrade in the second quarter of 2024, which will build on the recent inferred maiden resource.
- The company has commenced the first phase of operations to produce lithium carbonate at its recently commissioned pilot plant, which is expected to achieve an operational capacity of 250 tons per annum (tpa). This is a significant milestone in the journey to advance toward the first production at Rio Grande Sur.
- Despite temporary fluctuations in lithium carbonate prices, the market continues to demonstrate resilience, with long-term projections indicating a significant 225 percent surge to reach 2.6 million tons of LCE worldwide by 2030.
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