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Assays indicate major lithium resource upgrade for Latin

Updated: Apr 23

Large diameter core drilling at Latin’s Colina lithium deposit in Brazil. Credit: File

Latin Resources is closing in on a major updated resource estimate at its Colina lithium deposit in Brazil, with eight drilling rigs now smashing out 65,000m in its current campaign.

The Colina deposit already has a resource of 13.3 million tonnes at 1.2 per cent lithium oxide. Now, drilling at the south-west extension of the project is showing that the lithium-bearing pegmatites persist and cover an area at least as big as the company’s resource footprint, with mineralisation open in all directions.

Latin’s latest drill results continue to impress with 9m at 2.06 per cent lithium oxide from 221m, 18.2m grading 1.90 per cent from 213m and 15.9m going 1.64 per cent lithium oxide from 290m. Management has contracted SGS Geological Services Canada to undertake its mineral resource estimate upgrade and expects to reveal its updated resource estimate next month.

The company has completed 126 holes for 36,130m of its planned 65,000m at its wholly-owned Colina project, covering an area of 1700m-by-900m to a depth of 375m. Eight diamond drilling rigs are now in operation, including large diameter core rigs collecting bulk samples for metallurgical testing.

Latin Resources has been peppering its Colina project with an extensive drilling program. Credit: File/Supplied

Colina has an exploration target of 22 million tonnes and the current drilling is expected to convert a material amount of it to the resource category, adding to its existing resource.

Latin says cumulative pegmatite thicknesses show a significant increase to the south-west where pegmatite is more abundant.

Multiple lithium intersections occur in some holes because of stacked pegmatite intrusions. Results include 13.52m at 1.25 per cent lithium oxide from 306.07m and 12.04m at 1.40 per cent from 337.85m in one hole and 15.42m going 1.48 per cent lithium oxide from 288.64m and 12.65m going 1.44 per cent from 327.04m in another.

We are very impressed with the consistent thick high-grade intercepts at Colina. These new results bode very well for our resource upgrade in June. Work will be on-going throughout 2023 with the rigs spinning at full speed through until mid-December, in parallel with our detailed feasibility study work for Colina.

The company has already planned its next phase, which includes detailed metallurgical testwork, drill testing of regional tenements including Salinas South and drilling several new high-priority target areas directly adjacent along strike to the south-west of Colina. It will also conduct resource infill drilling at Colina. It recently acquired 29,940 hectares of prospective tenements north of the Colina deposit, substantially expanding the total project area. Latin Resources vice-president of operations Americas Tony Greenaway

Latin is understandably fast-tracking its resource drilling and project development at Colina. In March, it signed a non-binding memorandum of understanding with Invest Minas to help accelerate the approvals process for its Salinas hard-rock spodumene lithium project in Brazil, which includes Colina.

Brazilian, American and other institutional investors showed a vote of confidence last month in dumping $37.1 million into Latin, leaving it with a healthy $57 million bank balance. With a significant resource upgrade expected in June, the company will continue drilling and metallurgical testing and move on to feasibility studies this year.

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