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Latin expands its Lithium horizon

8 February 2023 10:07
ASX: LRS

Latin Resources have expanded its lithium holdings in Brazil, securing a massive new tenement package in the highly prospective Bananal Valley that increases the Salinas project’s tenure by over 367 per cent.

The new applications cover just under 30 thousand hectares of land Latin believes hold lithium-bearing pegmatites similar to its wholly owned Colina deposit located just to the south and hosting a defined maiden MRE of 13.3 Mt @ 1.2% Li2O and an exploration target of 13.5 – 22 Mt and a grade range of 1.2 – 1.5% Li2O.

Latin is now putting together its exploration strategy for the expanded project, with its regional exploration team preparing for initial reconnaissance mapping and geochemical sampling over the new tenements with airborne and remote sensing surveys undertaken as needed.

Alongside the new tenement package, Latin has also secured additional mining rights adjacent to the Colina deposit’s south, where drilling has confirmed the extension of its lithologies and pegmatitic bodies.

The company said that with this expanded tenement package, Salinas could become a world-leading lithium project.

“The Bananal Valley region is a highly prospective district, as we have proved with the discovery and delineation of the Colina Lithium Deposit,” geology manager Tony Greenaway said.

“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.”

Currently, a 65,000-metre drilling campaign is underway at Colina focusing on expanding Colina’s massive MRE to the west and the south, with first pass drilling at Salinas South and Lajinha prospects expected in the coming months.

LRS’s Australian Stock Exchange-listed share price has risen 13.63 per cent today, currently selling at 12.5c (9:32 am UTC+ 8 hours).

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