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Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to report on its activities for the three months ending 31 March 2022.
Highlights
Salinas Lithium Project, Brazil
- Diamond drilling permits for the Company’s maiden drilling campaign were approved in January 2022, and drilling commenced February 2022.
- High-grade lithium assays were returned from the first drill hole, with logging confirming the continuity of high-grade lithium pegmatites and the thickening of the logged pegmatites to the south, with the logged mineralisation open along strike and down dip.
- Assay results included:
- Additional tenure was secured with the 50-hectare Monte Alto lithium tenement, to the east of its existing position, in the highly prospective Bananal Valley district in eastern Brazil.
Cloud Nine Halloysite-Kaolin Deposit, WA
- High-grade halloysite results were received from close spaced drilling in January 2022 and large diameter drilling commenced in March 2022.
- The Company has commenced the permitting and approvals process in parallel with the ongoing resource estimation work, including application for a trial mining test-pit; applications to convert the current Exploration Licence to a full Mining Licence; and scheduling for the commencement of baseline environmental studies.
Environmental, Social and Governance (ESG)
- Latin advanced progress on its ESG reporting measures, refer to Appendix 2 for the latest ESG Report for period ending 31 March 2022.
Corporate
- Latin held $3.4 million in cash and $1.9 million in investments as at 31 March 2022.
- The Company received $1.8 million in cash from option holders exercising in-the-money LRSOC Options ($0.012 LRSOC, Expiry 31 Dec 2022) during the quarter.
- Subsequent to the end of the quarter, Latin raised $35 million in a placement anchored by Canadian cornerstone investor, Electrification and Decarbonization AIE LP Fund.
At the Salinas Lithium Project in Brazil, drilling permits were approved1 and drilling commenced on the Company’s maiden diamond drilling program with 14 holes planned for a total of 2,000m2 . The diamond drilling program confirmed multiple zones of spodumene pegmatites345 and high-grade lithium assays were returned.
Subsequent to this reporting period, additional tenure was secured with a further 50-hectare lithium tenement, to the east of its existing position in the highly prospective Bananal Valley district in eastern Brazil.
The Company made progress on the Cloud Nine Halloysite-Kaolin Deposit (“Cloud Nine”) during the quarter, with ongoing infill drilling confirming high-grades and continuity within the area9 . Large diameter diamond drilling commenced to provide an upgrade of the JORC Mineral Resource and to provide samples for detailed metallurgical test work.
Permits were submitted to conduct trial mining via a small test-pit10, allowing Latin to:
- Collect a large sample for bulk metallurgical testing; and
- Provide product samples to a number of potential offtake partners for their qualification test work.
As has been the case for the past two years, the Company is working with Governments to observe best practices and procedures are in place to manage staff, contractors and activities during the Covid19 pandemic.
1. SALINAS LITHIUM PROJECT, BRAZIL
During the quarter, the Company had drilling permits approved to commence a program of diamond drilling on 14 drill sites to test the outcropping high-grade Li bearing pegmatites identified in previous mapping and geochemical sampling programs.
The drilling was designed to test two priority target areas (Figure 1) where sampling had previously returned multiple high-grade results including 2.71% Li2O and 1.45% Li2O from highly weathered spodumene bearing pegmatites, mapped over a strike length of over 1.2 kilometres within the Company’s tenure.
The drilling campaign is the first drilling to test this highly anomalous and outcropping mineralised trend in an underexplored region that currently contains 100% of Brazil’s official lithium reserves.
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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
Latest Drilling At Salinas Lithium Project Confirms Continuity And Thickening Of Pegmatites Along Strike And Down Dip
HIGHLIGHTS
- Three diamond holes completed, with all three intersecting multiple spodumene bearing pegmatites, confirming strike and dip continuity.
- All pegmatites are open along strike and downdip.
- Drilling 180m along strike to the south has intersected 16.17m (true thickness) spodumene bearing pegmatites.
- Drillinghasconfirmedthe“pinch and swell”natureofthepegmatitesatSalinas, highlighting the significant nature of this greenfields discovery.
- Drilling of the 14-hole program is ongoing, with SADD004 currently underway testing the down dip extensions of pegmatites intersected in SADD003.
As previously reported, the Company’s initial drillhole SADD001, intersected three separate spodumene bearing pegmatites down dip from high-grade lithium outcrop samples1. Drilling of the next two holes is now complete, with SADD002 targeting approximately 100m down dip from SADD001, and SADD003 some 180m to the south along strike (Appendix 1) (Figure 2). All three holes have intersected the same three layers of pegmatites
Figure 1: SADD003 – spodumene bearing pegmatite 65.6-81.77m, (16.17m true thickness) intersected in diamond drilling approximately 180m along strike to the south of previously reported intersections1
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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.
New Drilling and Exploration Programs Launched for Critical Minerals and Gold Targets in World-Class Australian Mineral Provinces
- A series of new drilling and exploration programs have been launched, testing Critical Minerals and gold targets across three key project areas. These projects all lie along strike from major deposits in world-class mineral provinces in Western Australia and the Northern Territory (see locations, Figure 1).
- The exploration programs at these highly prospective projects, acquired through the purchase of an 80% interest in Payne Gully Gold Pty Ltd1, include:
- Initial drilling of un-tested key copper-gold target corridor at the Warrego East Copper-Gold Project within the Tennant Creek Mineral Field (TCMF) in the NT (see Figure 1), which has historically produced 25Mt @ 6.9 g/t Au and 2.8% Cu2. The granted Warrego East EL32725 lies directly east of Warrego, the largest historical mine at Tennant Creek, which produced 6.75Mt @ 1.9% Cu, 6.6 g/t Au2, and covers a fault corridor interpreted from detailed magnetics and the Company’s gravity survey that connects Warrego with the Gecko and Orlando copper-gold deposits (past production and resources 11Mt @ 2.3% Cu, 1.8 g/t Au2,3 – see Figure 2). A Mine Management Plan (MMP) has been submitted to the NT Government for approval for an extensive aircore drilling program and follow-up RC/diamond drilling across ironstone hosted copper-gold targets which have not been previously tested. The Company also has four EL applications in the TCMF, all of which sit on key mineralised corridors (see Figures 2 & 3).
- Initial drilling of lithium-pegmatite targets on the Warrambie Critical Minerals (Li, Ni-Cu-Co) Project in WA’s northwest Pilbara (see Figure 1). Warrambie is located just 10km east of the major Andover lithium discovery which has produced drilling intersections of up to 209m @ 1.42% Li2O4. Targets have been defined by detailed gravity and reprocessed magnetics imagery5 which are analogous to the Andover geophysical signature but have not previously been tested due to the presence of shallow soil cover. A Program of Work (PoW) has been submitted to the WA Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) for approval to drill a series of aircore drilling traverses and follow-up with RC or diamond drilling across identified lithium pegmatite targets (see Figures 4 & 5). This program is expected to commence during H2 2024.
- An aeromagnetic (fixed wing) survey is underway across the granted gold tenements located along strike to the northeast of the 5Moz Big Bell gold deposit in WA’s Murchison Gold Province. (see Figures 1 & 6). The tenements cover a 50km strike length of the regional scale Chunderloo Shear Zone and regional magnetics show potential for greenstone and potentially gold-mineralised splay structures which have not been tested in areas of cover1. The detailed aeromagnetics will define these targets prior to planned aircore drilling to test bedrock targets.
Metals Australia CEO Paul Ferguson commented:
“These new exploration programs are important steps in advancing our extensive and highly prospective Critical Minerals and gold projects in WA and the NT, which are all located along strike from major deposits in world-class mineralised terranes.
High-quality drilling targets have been identified by our geological team at the Tennant Creek project, east of the high-grade Warrego copper-gold mine, and at our Warrambie project in the northwest Pilbara, which is only 10km east of the major Andover lithium discovery. We have also commenced a detailed aeromagnetic survey across a large project area located directly along strike from the 5-million-ounce Big Bell mine in WA’s Murchison district.
With exploration programs across five key projects in Australia and Canada, the second half of 2024 will be an extremely exciting period for the Company as we look to unlock the value of our portfolio.”
The target areas being tested are all located along strike from major mineral deposits (see Figure 1, below).
Figure 1: Metals Australia key Critical Minerals and gold exploration projects in world-class mineral terranes (adapted from Geoscience Australia, Australian Mineral Deposits)
Warrego East Copper-Gold Targets, Tennant Creek, NT
The Company’s Tennant Creek Project includes granted EL32725 at Warrego East and four EL applications, EL32397, EL32837, EL32410 and the more recent EL33853, located in the Tennant Creek Mineral Field (TCMF) (see Figure 2 below).
The TCMF has produced 25Mt @ 6.9 g/t gold (Au) & 2.8% copper (Cu) historically2, the equivalent of more than 8.5Moz or $20 billion worth of gold at current prices, with all production coming from deposits in outcropping areas.
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This article includes content from Metals Australia Ltd, 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.
