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Latin Eye Colina Growth

23 March 2023 10:21
ASX: LRS

Latin Resources look to grow the Salinas Project’s already significant lithium resource, as an extensive resource definition drilling confirms the presence of an additional lithium pegmatite swarm to the Colina deposits west with intersections up to 33.05m @ 1.83% Li 2O from 319.53m.

The 65-thousand-metre drilling campaign fired up back in January and is focused on providing resource definition for the Colina deposit to update to its 13.3 million tonnes at 1.2 per cent lithium oxide mineral resource estimate, as well as drilling the developing pegmatite system at the Colina West Prospect to allow for its inclusion into this planned MRE update.

The drill campaign is still ongoing as the rig moves east to west, systematically drilling pegmatites in an up-dip progression and is on track to deliver an updated MRE in June. Recently reported intersections correlate considerably well with those reported previously, confirming the continuity of the developing high-grade pegmatite swarm.

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A particularly interesting discovery was the shallow 14.66m @ 1.52% Li2O from 158.05m intersection from hole SADD077, which the Company believes could represent a set of “bridging” pegmatites, indicating that Colina and Colina West could be part of one larger pegmatite system, as opposed to two smaller ones.

Drilling targeting the main Colina deposit has also uncovered possible down dip extensions with intersections up to 28.87m @ 1.29% Li 2O from 283.13m, remaining consistent with the Company’s current interpretation that the known pegmatites systems in the region increase in thickness and grade at depth.

The Company said that with these new results in hand, it has opted to pause the current Preliminary Economic Assessment to incorporate the expanded mineral resource over the entire Colina area.

“We are seeing pegmatite intersections and grades at Colina West far in excess of those we have seen at Colina itself, which we anticipate will result in a material uplift in the overall mineral resource inventory for the Project. In addition, we are seeing a convergence of Colina and Colina West with the development of a bridging pegmatite swarm between the two areas,” Geology Manager Tony Greenaway said.

“Our resource definition drilling is well on track, with six diamond rigs moving in a line west from Colina, and one diamond rig drilling the extension of the existing Colina resource model, with more rigs on the way. Our planned JORC resource upgrade, scheduled for June, will incorporate the down dip extensions of the existing Colina MRE and bring in the new pegmatite swarms to the west.”

The PEA is now expected to be delivered in Q3 and the Company intends to follow it up with a Definitive Feasibility Study immediately.

LRS’s Australian Stock Exchange-listed share price is currently 10.5c (9:50 am UTC+ 8 hours).

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