Latin Resources continues to demonstrate its commitment to Brazilian Battery-Metal exploration, having upped its cornerstone investment in Solis Minerals to 17.79 per cent.
Raising the Stakes
The Company has made a $3 million dollar investment into the Latin America-focused explorer as part of its oversubscribed $8m capital raise announced today, growing Latin’s holdings in the emerging company by 4.66% to 17.79%, holding an estimated 13,392,703 shares in Solis.
Funds raised in the placement will be put towards funding the exploration of Solis’ recently acquired Jaguar Lithium Project in Brazil, with Solis expecting to put the drill to the Project later this month.
Alongside providing funding, Latin will also step up to provide exploration guidance and country experience as Solis begins an exploration of this exciting project, using its experience developing its flagship Salina’s Lithium Project in Brazil to help Solis hit the ground running.
The Jaguars Roar
Located in Brazil’s Bahia state, Jaguar is made up of two tenements comprising a total of 1,143 hectares of lithium prospective ground, proximal to a large granitic source and hosts a consistent geological setting with other hard rock lithium provinces in Brazil.
The Project hosts an extensive pegmatite body mapped over a 1km of strike that shows coarsely visible spodumene over 50 metres in width, with previous sampling programs at the Project confirming spodumene grades up to 4.95% Li2O from rock chip samples.
Figure 1: Tenement map with satellite image and mapped pegmatite body with proposed drill hole locations
The Company acquired the Project just over a week ago, and it is a move that has resonated with investors as the Company has seen its share price balloon 171.42 per cent since the announcement to now trade at 76c per share (12:13 pm UTC+8).
Building Brazilian Battery Metals
The Company said Solis and Jaguar present an exciting opportunity to continue to support the growth of the lithium industry in Brazil.
“Latin has a very focused approach in developing its 100% owned Salinas Lithium Project. However, we are delighted to provide support to Solis by way of this cornerstone investment to fund exploration at its recently acquired Jaguar Lithium Project in Brazil. Furthermore, we are pleased to be in a position to provide exploration guidance and country experience to support the team at Solis,” Latin Resources Managing Director Chris Gale said.
“The opportunity for hard rock lithium in Brazil is significant, and the early mapping of the extensive pegmatite body at Jaguar shows that Bahia State has the potential to become a new lithium province. We have great confidence that the Solis team will progress this project to potentially become a Latin 2.0.”
LRS’s Australian Stock Exchange-listed share price is currently trading at 18c (12:13 pm UTC+ 8 hours).