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).

HIGHLIGHTS

• Maiden independent JORC Indicated and Inferred Mineral Resource Estimate (“MRE”) for the Colina Lithium Deposit of 13.3Mt @ 1.2% Li₂O reported above a cut-off of 0.5% Li₂O (2.08Mt Indicated and 11.17Mt Inferred).
  
• Significant upside growth potential identified at Colina, with SGS confirming an independent estimated JORC Exploration Target Range ("ETR”).
• Recent drilling at the Colina West prospect, 500m to the west of Colina has confirmed the continuity of the thick high-grade spodumene pegmatites intersected in drill hole SADD033, with a further three holes intersecting the newly identified pegmatite swarm, assay results pending.
• Aggressive 65,000m drilling campaign planned for 2023 with the addition of four more drilling rigs for a total of eight on site, this is designed to fast track rapid resource growth at the Colina and Colina West Deposit and underpin a rapid move towards potential future development.
• Preliminary Economic Assessment( PEA) is well under way to allow fast tracking of DFS in 2023.

In October, the Company commissioned Toronto based independent resource consultants SGS Geological Services (“SGS”), to undertake the estimation of a JORC Mineral Resource Estimate (“MRE”), and a wider Exploration Target Range (“ETR”) for the Company’s Colina Lithium Deposit.

SGS, working closely with the Company’s geological team have confirmed the presence of a series of moderately east dipping pegmatite bodies, extending from near surface to a depth of over 350m. These pegmatites remain open along strike to the north and south, and at depth.

Based on assay results from a total of 47 diamond drill holes for some 10,528 m of drilling, SGS has independently estimated the maiden Mineral Resource for the Colina Deposit in only 10 months since the commencement of drilling in early 2022. Of the 57 diamond drill holes completed at the cut-off date, 47 drill holes have assays results used for the MRE to produce a JORC Indicated and Inferred resource estimate of 13.3mt @1.2% Li₂O (2.08Mt Indicated and 11.17Mt Inferred).

SGS has also estimated a JORC ETR of 13.5 – 22 Mt with a grade range of 1.2 – 1.5% Li₂O for the Colina Deposit based on data from all the available 57 diamond drill holes. The current interpretation indicates that that the modelled pegmatites potentially increase in both thickness and grade with depth, additional drilling is required to confirm these observations.

*The potential quantity and grade of the lithium mineralisation at the wider Colina project is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources and it is uncertain if further exploration will confirm the target ranges.

The potential quantity and grade of the lithium mineralisation at the wider Colina project is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources and it is uncertain if further exploration will confirm the target ranges.

Latin Resources’ Executive Director, Chris Gale, commented:

“The maiden JORC Resource is a significant milestone for Latin Resources. We are very excited by the immense upside in the potential resource size as we plan to drill 65,000 metres through 2023. The exploration team led by Tony Greenaway and Pedro Fonseca in Brazil have accomplished a fantastic result for the company in a short period of time.

“The company is now very focused to continue to grow our lithium resource significantly over the next six months, as well as complete our feasibility studies to fast track development of a very special lithium project in Brazil.”

Latin Resources’ Geology Manager, Tony Greenaway, commented:

“We are all extremely pleased with the outcome of our maiden MRE process; the declaration of a 13.3 million tonne resources at a grade of 1.2% Li₂O, in just 10 months from the completion of our first drillhole is an outstanding achievement. The MRE proves that the Colina Deposit is a significant discovery and will be the platform on which the Company will grow its resource inventory through further drilling in 2023.

“The potential growth for the Colina Deposit is highlighted by the independent exploration target by SGS, which has an upper range of 22 million tonnes at Colina³. This target range does not consider the additional pegmatites discovered at Colina West, where we believe we will be able to add significantly to the resource inventory with more drilling.

“With eight drill rigs scheduled to be on site from mid-January 2023, we will be aggressively drilling throughout the year, specifically targeting Colina West with resource definition drilling, the Colina Deposit itself with resource infill drilling, Colina South and the Salinas South prospect areas with reconnaissance exploration drilling, where we hope to have our next discovery.”

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