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Latin launches lithium

8 December 2022 06:41
ASX: LRS

Latin Resources have its maiden resource from the Colina prospect, with its indicated and inferred Mineral Resource Estimate coming in with 13.3 million tonnes at 1.2 per cent lithium oxide from its Salinas project in Brazil.

It shows a lithium resource carrying both exceptional metallurgical results and significant upside.

A resource Latin was able to produce at rapid pace, requiring little more than 10,000 metres of drilling over ten months, and its independent consultants have estimated a JORC ETR up to 22Mt with a grade range of 1.2 to 1.5% Li2O for Colina.

And there is plenty more room to grow, 500 metres away at Colina West recent drilling verified continuity of thick, high-grade spodumene pegmatites, with another three holes hitting a newly identified pegmatite swarm.

Managing director Chris Gale said it was a significant milestone for a project with immense upside potential.

“The company is now very focused to continue to grow our lithium resource significantly over the next six months, as well as complete our feasibility studies to fast track development of a very special lithium project in Brazil,” he said.

Geology manager Tony Greenaway noted the MRE does not include pegmatite present at the Colina West prospect, providing further avenues to grow its lithium resource.

“The MRE proves that the Colina Deposit is a significant discovery and will be the platform on which the Company will grow its resource inventory through further drilling in 2023,” he said.

Latin will have eight rigs on site for the new years’ aggressive 65,000 metre campaign to rapidly grow both the Colina and Colina West deposits, with a preliminary economic assessment well underway to fast track the DFS.

LRS’ Australian Stock Exchange-listed share price was trading at 14c today (6.34 am UTC+ 8 hours).

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