Colina West Continues To Grow With High‐grade Zone Extended To Over 500M Along Strike

Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to provide the latest assay results and an update on the progress of the 2023 drilling campaign at the Company’s 100% owned Colina Lithium Deposit (“Colina”) located in the state of Minas Gerais, Brazil (Appendix 1).

HIGHLIGHTS

• Recent drilling is showing very positive signs that Colina West will become a major contributor to the Salinas lithium JORC Resource upgrade.
• Thick spodumene rich pegmatites intersected at Colina West (assay results pending), defining emerging priority growth zone extending for over 500m along strike and 300m up dip which remains open in all directions.
• High‐grade mineralisation envelope confirmed at Colina West from latest drilling results within this zone.
• Latest results include:
  • SADD061: 20.70m @ 1.51% Li2O from 159.00m
  • SADD062: 10.00m @ 1.13% Li2O from 149.51m
  • SADD063: 4.03m @ 1.60% Li2O from 125.12m
    and: 6.79m @ 1.52% Li2O from 267.37m
  • SADD070: 5.03m @ 1.64% Li2O from 192.97m
    and: 5.52m @ 1.50% Li2O from 292.03m
    and: 16.43m @ 1.69% Li2O from 323.57m
    and: 18.89m @ 1.56% Li2O from 356.91m
• Seven diamond drilling rigs currently on site and one additional diamond drilling rig due in late February ‐ early March with 2023 drilling campaign well on track.
• Latin aims to add Reverse Circulation capability to grow the drilling fleet on site to ten, enabling the rapid ‘step‐out’ testing of the prospective lithium corridor.

Latin Resources’ Geology Manager, Tony Greenaway, commented:

“These results continue to confirm the exceptional prospectivity of the Latin landholding, and the potential to expand our mineral resource inventory. We are continuing to see outstanding pegmatite intersections in our new drill core from the 2023 campaign. These intersections support our current interpretation of mineralisation, with the emergence of a clear, thick, plunging high‐grade envelope at Colina West which remains open in all directions.

“We are seeing a significant increase in the abundance and thickness of spodumene pegmatites developed at Colina West, with this emerging priority area now extending over 500m along strike and 300m up‐dip. We will continue to target this area with more drilling to ascertain its limits and to provide sufficient drill coverage to include this area in our planned Mineral Resource update scheduled for the second quarter of this year.”

2022 Drilling Assay Results

Results from drilling completed in late 2022 have been returned from the laboratory and continue to show good correlation with the JORC 2012 Indicated and Inferred Mineral Resource Estimate (“MRE”). Results include holes from both within the existing Colina Deposit MRE model, and the Colina West area which is currently outside of the MRE block model (Figure 1 – Figure 4).

Recent intersections include:

• SADD061: 20.70m @ 1.51% Li2O from 159.00m
  
• SADD062: 10.00m @ 1.13% Li2O from 149.51m
• SADD063: 4.03m @ 1.60% Li2O from 125.12m
  and: 6.79m @ 1.52% Li2O from 267.37m
• SADD070: 5.03m @ 1.64% Li2O from 192.97m
  and: 5.52m @ 1.50% Li2O from 292.03m
  and: 16.43m @ 1.69% Li2O from 323.57m
  and: 18.89m @ 1.56% Li2O from 356.91m

Figure 1: Colina drill collar location showing projected Colina MRE block model, dill collar locations and drill traces, an interpreted Leapfrog mineralisation envelope for Colina West

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