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Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is very pleased to announce the commencement of a resource definition drilling campaign at the newly named “Colina Prospect” at the Company’s Bananal Valley Project in Brazil.
HIGHLIGHTS
- The first hole of the new program (SADD016) has intersected a very wide, 27.78m pegmatite with a central core of over 21m logged with significant >20% spodumene. This intersection is notably wider than previous intersections in adjacent drillholes.
- A 25,000m systematic resource definition diamond drilling has commenced at the newly named “Colina Prospect” at the Company’s Bananal Project in Brazil, where previous drilling has returned thick high-grade lithium with results up to 3.22% Li2O.
- An initial three hole drill programme has also commenced at the Monte Alto Prospect.
Latin Resources’ Managing Director, Chris Gale, commented:
“The commencement of the resource definition drilling campaign our newly named Colina Prospect in the Bananal Valley Brazil, marks a significant milestone for the Company. The speed at which we have moved to resource definition drilling is a measure of the Company’s belief that we have made a significant new lithium discovery. Results have only continued to get better with more drilling, returning some exceptional grades from wider pegmatite zones.
“Our confidence has been further boosted with the completion of the first hole of the resource definition campaign intersecting a pegmatite which is over 27m thick, with a core of over 21m logged with a high abundance of spodumene. While this is early days in the large 25,000m campaign, the Company is committed to fast tracking the project toward the estimation of a maiden JORC Mineral Resource by the end of the year. We have boosted our technical team in Brazil to accommodate the increased drilling pace, with our Australian-based Exploration Manager currently on site in Brazil to help facilitate the ramp up in activity.
“We are also very pleased to be drilling at our second target area, the Monte Alto Prospect, with the scout drilling campaign well on the way.”
Colina Prospect – Resource Definition Drilling
Resource definition drilling campaign comprising an estimated 100 holes for 22,000 - 25,000m, has commenced at the Company’s newly named “Colina Prospect” (Figure 1), where previous first pass drilling has identified high-grade lithium pegmatites over a strike extent of 600-800m.
Figure 1: “Colina Prospect” Location map, Salinas Lithium Project, Brazil
The first hole of the campaign SADD0161 , has intersected a very wide 27.78 meters coarse grained fresh pegmatite, with geological logging identifying a core zone of 21.48 meters with a visual estimation of spodumene of over 20% (Figure 2, Figure 3, Figure 4 and Table 1). This intersection is notable wider than those in the holes SADD003 and SADD004 on section to the north which reported high-grade intersections of 17.05 meters and 17.38 meters respectively2 .
Figure 2: SADD016, 91.60 – 119.38m, 27.28m pegmatite with large fresh light green spodumene crystals throughout
This article includes content from Latin Resources Limited (ASX: LRS), 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.
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LRS:AU
Major Contracts Awarded to Advance Lac Rainy High-Grade Flake Graphite Project
- A Metallurgical & Laboratory Services Agreement with SGS Laboratories in Lakefield, Ontario and the appointment of specialist client advisor Metpro Management to oversee metallurgical test-work programs for the design of a flake-graphite concentrate plant.
- A Pre-Feasibility Study (PFS) for the design of a 100,000 tonnes per annum flake-graphite concentrate plant awarded to integrated engineering, design, and construction group Lycopodium. The PFS includes the flake-graphite concentrate plant and associated site infrastructure. It builds on the 2021 Scoping Study results1 that demonstrated Lac Rainy’s potential to generate high operating margins over a 14-year mine life - based on the current resource alone.
- A downstream battery-grade spherical graphite (SpG) concentrate purification options assessment, plant location and Scoping Study awarded to world-leading, German based, metallurgical test-work and process engineering design group ANZAPLAN. These programs will substantially build on the outstanding results of previous downstream product test-work that produced battery grade (99.96% Cg) spherical graphite (SpG) with excellent battery charging and discharge performance2.
- A drilling and full-service support contract signed with Magnor Exploration to complete the drilling and other exploration programs for Mineral Resource expansion and to test new regional targets at Lac Rainy, where the current resource is contained within only 1km of a demonstrated 36km strike-length of high-grade graphitic trends3 which have been tested to date.
Metals Australia CEO Paul Ferguson commented:
“We are delighted to have locked in a series of critical project development and test-work contracts with leading global service providers as we continue our efforts to grow the Lac Rainy resource and accelerate the development of what we believe is a world-class flake-graphite project, located in one of the world’s best mining jurisdictions.
Significantly, Metals Australia’s strong cash balance, which stood at $17.8 million at the end of the March quarter4, gives us the financial strength to rapidly advance our pipeline of development studies at Lac Rainy, while also continuing exploration programs across our suite of other highly prospective projects in Canada and Australia.
We believe these studies will help unlock the significant value of the Lac Rainy project, which is not reflected in the current share price. This is despite the fact Lac Rainy has already demonstrated compelling and robust economics, as outlined in the 2021 Scoping Study1.
The work we are now advancing will significantly de-risk the project and bring it closer to development - at an ideal time when North America is seeking reliable supplies of critical minerals to establish or reorient its manufacturing base and supply logistics.”
Figure 1: Lac Rainy Graphite Project, key high-grade graphite electro-magnetic (EM) trends and targets with planned drilling locations4
Metallurgical & Laboratory Services Agreement for metallurgical test-work with SGS Laboratories
Metals Australia has awarded the metallurgical test-work and laboratory services requirements for its PFS level flake-graphite metallurgical test-work program5 to SGS Laboratories in Lakefield, Ontario, Canada.
Two approximately 200kg bulk-samples have been prepared from existing drill-core and despatched to SGS for comminution and flotation test-work and characterisation to provide key inputs to the flake-graphite concentrate production PFS. The program is estimated to take approximately four months and will include all sample preparation, chemical characterisation, mineralogy testing, comminution and flotation testing and reporting.
Click here for the full ASX Release
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.
Pursuit Minerals: Tier 1 Lithium Play in the Prolific Lithium Triangle in Argentina
Pursuit Minerals Ltd. (ASX:PUR), a top-tier lithium exploration and development company focuses on its flagship Rio Grande Sur lithium project in the Salta Province of Argentina. Rio Grande Sur lithium project is located in an area known as the Lithium Triangle which hosts 50 percent of the global lithium resources and 40 percent of the current global lithium production.
Rio Grande Sur lithium project spans an area of 9,260 hectares on the Rio Grande Salar and is adjacent to several operating lithium mines and development operations, including Acradium Lithium’s Fenix lithium mine and the Olaroz lithium mine.
Drill cores and packer lithium brine samples from Pursuit’s Stage 1 drilling program at the Rio Grande Sur Project.Pursuit is also focused on the production of lithium carbonate to meet the supply side response to growing lithium demand. Recently, the company announced the first phase of operations of its 250 tons per annum (tpa) pilot plant to produce lithium carbonate. The plant will generate both technical and battery grade lithium carbonate at a purity of 99.95 percent, employing a conventional evaporation process.
Company Highlights
- Pursuit Minerals is an ASX-listed company focused on advancing a pre-production lithium brine operation in Argentina.
- The company’s flagship Rio Grande Sur project covers 9,233 hectares on the Rio Grande Salar, in the Salta Province of Argentina located in the Lithium Triangle. The region is home to 50 percent of global lithium resources and 40 percent of world production.
- The acreage owned by Pursuit is situated within an Ni 43-101 inferred resource of 2.1 million metric tons of lithium carbonate equivalent (LCE), with an average grade of 370 milligrams per litre (mg/L) extending to a depth of 100 metres.
- Pursuit delivered a maiden JORC Inferred Mineral Resource Estimate (MRE) of 251.3 kt LCE at 351 mg/L at the Rio Grande Sur Project. With its current Stage 1 drilling program currently underway, Pursuit is targeting a material resource upgrade in the second quarter of 2024, which will build on the recent inferred maiden resource.
- The company has commenced the first phase of operations to produce lithium carbonate at its recently commissioned pilot plant, which is expected to achieve an operational capacity of 250 tons per annum (tpa). This is a significant milestone in the journey to advance toward the first production at Rio Grande Sur.
- Despite temporary fluctuations in lithium carbonate prices, the market continues to demonstrate resilience, with long-term projections indicating a significant 225 percent surge to reach 2.6 million tons of LCE worldwide by 2030.
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