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Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to provide an 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
- Mineral Resource growth potential confirmed, with latest assay results confirming the presence of multiple thick high-grade pegmatites at Colina West.
- Latest results include:
- SADD072: 26.87m @ 1.62% Li2O from 333.82m
including: 23.00m @ 1.78% Li2O from 335.00m - SADD074: 28.87m @ 1.29% Li2O from 283.13m
- SADD077: 14.66m @ 1.52% Li2O from 158.05m
and: 33.07m @ 1.83% Li2O from 319.53m
- SADD072: 26.87m @ 1.62% Li2O from 333.82m
- Resource definition drilling focused on the Colina and Colina West areas is on track for the planned JORC Mineral Resource Estimate (MRE) upgrade scheduled for June 2023.
- PEA study paused to enable the incorporation of the expanded MRE.
Latin Resources’ Geology Manager, Tony Greenaway Commented:
“Our latest drilling and assay results have confirmed the presence of a major new pegmatite swarm at Colina West. We are seeing pegmatite intersections and grades at Colina West far in excess of those we have seen at Colina itself, which we anticipate will result in a material uplift in the overall mineral resource inventory for the Project. In addition, we are seeing a convergence of Colina and Colina West with the development of a bridging pegmatite swarm between the two areas. We believe that we may in fact be dealing with one large system.
“Our resource definition drilling is well on track, with six diamond rigs moving in a line west from Colina, and one diamond rig drilling the extension of the existing Colina resource model, with more rigs on the way. Our planned JORC resource upgrade, which is scheduled for June, will incorporate the down dip extensions of the existing Colina MRE, as well as bringing in the new pegmatite swarms to the west.
“We have paused the current PEA study which was focused only on our maiden MRE for Colina, so that we can incorporate the June model update, as we believe this will result in a material change in the overall study metrics.”
Resource Definition Drilling
The Company is undertaking a previously announced 65,000 metre diamond drilling campaign, which will incorporate a total of eight diamond drill rigs for the 2023 field season.
The diamond drilling campaign is focusing on resource definition at the Company’s Colina Deposit where a maiden Mineral Resource Estimate (“MRE”)1 was released in early December 2022, as well the systematic drill out of the area to the west of the Colina Deposit, to enable the inclusion of this developing pegmatite system into the planned MRE update.
Colina West Pegmatite Swarm
Recent drilling and assay results from holes completed to the west of Colina, have confirmed what appears to be a second, significantly larger pegmatite swarm, with the development of multiple thick high-grade pegmatites. The Company’s current drilling campaign is progressing from east to west, systematically drilling these pegmatites in an “up-dip” progression (Figure 1 and Figure 2).
Latest drilling intersections from this emerging Colina West swarm include2:
- SADD072: 26.87m @ 1.62% Li2O from 333.82m
- SADD076: 16.53m @ 1.40% Li2O from 334.00m
- SADD077: 14.66m @ 1.52% Li2O from 158.05m
and: 33.05m @ 1.83% Li2O from 319.53m - SADD079: 11.77m @ 1.31% Li2O from 222.68m
Figure 1: Drill section A-A’ showing the existing Colina MRE block model, previously released drill hole SADD055, and holes SADD077 and SADD084 drilled up-dip (refer to Figure 2 for section location)
Click here for the full ASX Release
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