Salinas Lithium Project Tenure Expanded By Over 367%

Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to provide an update on the expansion of the Salinas Lithium Project (“Salinas”) in Brazil, which hosts the Company’s 100% owned Colina Lithium Deposit (“Colina”) (Appendix 1).

HIGHLIGHTS

• The Company has significantly expanded the Salinas Lithium Project tenure, by securing a large package of new tenements in the highly prospective region which hosts the Company’s 100% owned Colina Lithium Deposit.
• 17 new applications covering over 29,940 hectares have been lodged with the Brazilian National Mining Agency (ANM) over what the Company believes to be areas that contain favourable basement lithologies to host lithium bearing pegmatites, like those found at Colina.
• These new tenements represent an expansion of approximately 367% over the Company’s previous holdings, to a total of over 38,000 hectares now under Latin’s control.
• The Company has also secured the rights to additional mining rights directly adjacent to the South of Colina, where drilling by the Company has confirmed the extension of the Colina host lithologies and pegmatitic intrusive bodies (assay results pending), by signing a new option agreement.
• The current 65,000m diamond drilling program which commenced in early January, will focus on the expansion of the existing Colina Mineral Resource Estimate to the west and south. The Company is will also undertake first pass reconnaissance drilling at the existing Salinas South and Lajinha Prospect areas in the coming months.
• The Company’s regional exploration team will be undertaking initial reconnaissance mapping and geochemical sampling over the new project tenements as a part of its exploration strategy in the now expanded Salinas district.

“The Bananal Valley region is a highly prospective district, as we have proved with the discovery and delineation of the Colina Lithium Deposit. Our proprietary knowledge gained over the past 12 months throughout the resource definition drilling of Colina, coupled with our understanding of the wider regional controls to mineralisation in this area, has enabled us to identify these opportunities to secure what we believe are favourable exploration areas for the Company.”

Latin Resources’ Managing Director, Chris Gale, commented:

“The Salinas Lithium Project is continuing to grow to potentially become one of the world’s leading lithium projects with this expanded tenement package. With the recent publication of our Maiden JORC Lithium Resource, the aggressive 65,000 metres drill program planned for 2023 and feasibility studies well underway, we are extremely excited about this year for Latin Resources.”

New Tenement Applications

The Company significantly expanded its mineral exploration title holdings in the highly prospective Bananal Valley District in Minas Gerais, Brazil, through lodging 17 new applications with the Brazilian National Mining Agency (ANM), over an area of more than 29,940 hectares of what the Company believes to be favourable basement lithologies (Figure 1).

The Company now controls approximately 38,100 hectares (381km²), which represents a significant land position in the region.

The new tenements are located to the north of the Company’s existing land holdings where the Company has defined a maiden Mineral Resource Estimate (“MRE”), for the Colina Deposit ¹ of 13.3 Mt @ 1.2% Li2O, along with a JORC Exploration Target Range¹ (“ETR”) for Colina of 13.5 – 22 Mt with a grade range of 1.2 – 1.5% Li2O, in early December 2022.

Figure 1: Salinas Lithium Project tenure, showing new tenement application to the north of the Company’s 100% owned Colina Lithium Deposit, existing LRS tenure, and tenements currently under LRS option agreements

Utilising the available government and other proprietary data sets, including regional magnetic data, mineral mapping and solid in-house geological interpretations, the Company has undertaken a regional desktop prospectivity review of the wider Bananal Valley District surrounding the Colina Deposit. The resulting new tenement applications cover areas that have been interpreted by the Company to be favourable for the presence of lithium bearing pegmatites.

The majority of these areas are considered by the Company to be ‘green-fields’ exploration areas. The Company will commence preliminary reconnaissance work including the ground truthing and geological mapping and regional scale geochemical sampling.

Other works including airborne geophysical and remote sensing survey may also be undertaken over specific areas highlighted as part of the initial reconnaissance work by the Company’s field exploration teams.

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