More High-Grade Colina Intersections: Salinas Company Update

Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to provide a company update on the latest drilling results from resource definition drilling currently underway at the Company’s 100% owned and fully funded Salinas Lithium Project (“Salinas”) in Brazil.

HIGHLIGHTS

• Latest drilling results continue to confirm the expansion of the Colina pegmatite swarm, providing additional confidence in a significant resource upgrade in June.
• Latest results include:
  • SADD078: 14.00m @ 1.55% Li2O from 323.00m
    including: 5.00m @ 1.99% Li2O from 323.00m
  • SADD080: 12.59m @ 1.46% Li2O from 274.46m
    
  • SADD081: 16.92m @ 1.36% Li2O from 242.48m
  • SADD082: 27.15m @ 1.45% Li2O from 237.00m
    
• Systematic resource definition drilling progressing well; high-grade pegmatite swarm extends over an area of approximately one kilometre by one kilometre to a depth of 400m below surface, open in all directions.
• Colina JORC Mineral Resource Estimate (MRE) upgrade remains on schedule to be published in June.
• Detailed full pilot plant DMS + float metallurgical test work program scheduled to commence in Q3 2023, to be immediately followed by hydrometallurgy test work to produce final sulphate and other lithium products.
• Salinas South drilling to commence next quarter.

Latin Resources’ Geology Manager, Tony Greenaway commented:

“We continue to see great results coming out of the resource definition drilling at our Colina Deposit. The consistency in both the pegmatite thickness and lithium grades is extremely encouraging, bolstering our confidence to be able to deliver what we believe will be a significant upgrade to the Colina mineral resource in June.

“We are very focused on finding the extents of the rapidly growing system at Colina, where the pegmatite swarm remains open in all directions. Drilling is progressing very well, and we are on track to close off our drilling database in mid-May to enable the JORC Resource estimation process to commence in June.”

Resource definition drilling

The Company’s 2023, 65,000 metre resource definition diamond drilling campaign is progressing well, with a total of 32,000 meters now completed in 109 diamond drill holes at the flagship Colina Lithium Deposit in Brazil.

Recently received assay results from drill core samples continue to highlight the consistency of the high-grade pegmatite swarm at Colina, with mineralisation now defined over an area of one kilometre by one kilometre to a depth of 400m below surface (Figure 1 and Figure 2). The pegmatite swarm remains open in all directions and at depth. Drilling is ongoing.

The ongoing expansion of the Colina lithium pegmatites, as well as the strong correlation seen between drillholes and drill sections, provides the Company with increased confidence of the potential to significantly grow the existing 13.2Mt @ 1.2% Li2O Mineral Resource Estimate (“MRE”)¹. SGS geological consultants have completed site inspections of the new drill core including the 33.07m @ 1.83% Li2O pegmatite (Figure 3) intersected in SADD077², in preparation for the MRE update which is scheduled for June 2023.

Latest drilling intersections include³:

• SADD078: 14.00m @ 1.55% Li2O from 323.00m
  Including: 5.00m @ 1.99% Li2O from 323.00m
• SADD080: 12.59m @ 1.46% Li2O from 274.46m
• SADD081: 16.92m @ 1.36% Li2O from 242.48m
• SADD082: 27.15m @ 1.45% Li2O from 237.00m

Figure 1: Drill section A-A’ showing the existing Colina MRE block model, and selected pegmatite intersections (refer to Figure 2 for section location)

Figure 2: Colina Deposit drill collar plan highlighting potential MRE growth areas, including Colina West and Colina South

COMPANY UPDATE - BRAZIL

Ongoing works at Colina

The Company’s board recently approved an aggressive exploration budget for the wider Salinas Lithium Project. This includes the addition of four diamond drilling rigs, taking the total rigs onsite to eight, operating on a double shift basis, with an estimated 65,000m planned to be drilled in 2023.

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