Latin Resources

Maiden Mineral Resource Estimate 13.3Mt @ 1.2% Li2o Indicated + Inferred (JORC 2012), Colina Lithium Deposit

Large Jorc Exploration Target Range For Colina Confirmed

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.”


Click here for the full ASX Release

This article includes content from Latin Resources, 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
The Conversation (0)
A battery on a blue background.

Lithium Supply Chain Conference to Bring Industry Leaders to Las Vegas

Fastmarkets' first Lithium Supply and Battery Raw Materials Conference was held in 2009 in Santiago, Chile, emerging amid the financial crisis and providing vital insights into the booming lithium market.

Now in its 16th year, the event has consistently attracted influential figures from the battery raw materials industry, offering excellent networking opportunities while maintaining a global perspective.

Held in cities such as Toronto, Buenos Aires, Shanghai, Montreal and Las Vegas, the conference has evolved to enhance the delegate experience, featuring visits to mines and lithium facilities, along with roundtable discussions, masterclasses, Q&As and other formats, allowing attendees to gain insights in various ways.

Keep reading...Show less
Astute Metals NL

Significant Lithium Discovery in Inaugural Drill Campaign at Red Mountain Project, USA

Assays from first three holes intersect high-grade lithium mineralisation

Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to advise that assays results from the first three holes of the maiden RC drilling campaign at its 100%-owned Red Mountain Lithium Project in Nevada, USA have returned high-grade mineralisation, indicating the potential discovery of a significant lithium deposit.

Keep reading...Show less
Lightning Minerals

Deal Completion on Acquisition of Bengal Mining and Brazilian Lithium Projects

Lightning Minerals(L1M or the Company) is pleased to announce completion of the acquisition of Bengal Mining (Bengal). Bengal holds, via its wholly owned subsidiary Tigre Mineracao Ltda (Tigre) option agreements over two lithium projects, Caraíbas and Sidrônio (the Projects). The Projects are located in Brazil’s prolific Lithium Valley district in the state of Minas Gerais in proximity to Latin Resources’ (ASX: LRS) Colina project1 hosting 70.9Mt @ 1.25% Li20 and Sigma Lithium’s (NASDAQ: SGML) Grota do Cirilo project2 hosting 108.9Mt @ 1.41% Li20.

Keep reading...Show less
QX Resources

Large Basin Confirmed in Drillholes with Multiple Brine Horizon Targets - Liberty Lithium Brine Project USA

QX Resources Limited (ASX: QXR, ‘QXR’) can confirm that the Liberty Lithium brine project in California, USA, is a large brine basin with numerous brine aquifers, shown in downhole sampling and geophysics in the second hole of the Company’s two-hole diamond drill program (Table 1).

Keep reading...Show less
Chariot Corporation

Wyoming Summer Exploration Programs

Chariot Corporation Limited (ASX:CC9) (“Chariot” or the “Company”) through a U.S. subsidiary will recommence exploration activities at its Black Mountain project and also engage in exploration activities at its six other lithium-caesium-tantalite (“LCT”) pegmatite projects in Wyoming during the 2024 North American summer season (“Summer Exploration”).

Keep reading...Show less
Recycling Key to Closing Supply/Demand Gap for EV Battery Materials

Recycling Key to Closing Supply/Demand Gap for EV Battery Materials

The global market share for electric car sales is expected to rise to 35 percent by 2030, up from less than 25 percent in previous forecasts, according to the International Energy Agency's 2023 Global EV Outlook Report.

However, the supply of electric battery materials can’t keep up with this exploding level of demand. Analysts say that EV production is pulling ahead of mine production for critical battery materials such as cobalt, manganese, lithium and nickel.

This is having a serious impact on prices. If the EV industry wants to overtake the internal combustion engine (ICE) sector, it will need to manage material prices by curbing supply imbalances. Advancement in battery recycling technology may be the answer.

Keep reading...Show less

Latest Press Releases

Related News

×