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Latin eyes “significant” resource upgrade in Brazil

Updated: Apr 23

Latin Resources has been peppering its ground at its Colina deposit with 135 holes and counting. Credit: File

Latin Resources is on the cusp of delivering its next mineral resource update after receiving the final batch of assay results from its latest infill drilling program at the company’s Colina lithium deposit in Brazil.

Management says highlights from the results include 14.70m going 1.72 per cent lithium from 133m and 13.24m grading 1.89 per cent lithium from 168m.

The company has now punched through 135 holes for 39,033m as part of its mammoth 65,000m infill drilling campaign at its Salinas project. It means the next resource update will encompass an additional 88 holes and 28,505m over and above the 47 holes and 10,528m used to establish the company’s maiden resource estimate from December last year.

The Colina deposit already has a resource of 13.3 million tonnes at 1.2 per cent lithium oxide and the recent drilling has been targeting an increase in the overall resource, in addition to beefing up the indicated resource category, which stands at 2.08 million tonnes at 1.21 per cent lithium.

We believe that we will see a significant expansion in the JORC resource for Colina, given the exceptional results we have been seeing in our drilling this year. This next phase of drilling will focus on the continued expansion of the Colina deposit to the south-west, where our high-grade mineralisation remains open, infill drilling to increase the JORC classification of the defined resources and testing of new areas along strike, where our regional teams have identified multiple new target areas through mapping and geochemical sampling. Latin Resources vice-president of operations (Americas) Tony Greenaway

The company remains confident the balance of its scheduled 65,000m campaign will be wrapped up by year’s end as its eight diamond drilling rigs continue to work with the aim of unlocking further value from the Colina deposit.

Following the announcement of the update, management has confirmed its preliminary economic assessment will be further defined before it moves to a definitive feasibility study and large-scale test work with its Colina lithium ore.

Brazil’s reputation is growing in the lithium space. The Advanced Metallurgical Group-owned Mibra mine is producing 90,000 tonnes of spodumene annually and has plans to expand that to 130,000 tonnes by the middle of the year.

The market appears to have liked Latin’s news today, with its share price touching 19 cents, with nearly $4 million in intraday trading volume. It marks a stunning rise for the company which was trading at one point in June last year at just 0.058c – a rise of nearly 228 per cent.

Talk about onwards and upwards.

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