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Latin Resources’ Colina Deposit Delivers Continued High-Grade Results

28 August 2023 11:32
ASX: LRS
Screenshot 2023 08 28 At 10.05.07 Am

Latin Resources (ASX:LRS) latest update highlights continued positive outcomes from its ongoing drilling efforts at the Salinas Lithium Project in Brazil, further confirming the substantial potential for significant lithium mineralisation across the Colina Deposit, Fog’s Block, and a newly uncovered pegmatite discovery.

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Figure 1: Colina Deposit plan, showing general location of the Colina Deposit and Fog’s Block drilling programs.

Continued High-Grade Lithium Assays

In its ongoing quest to unlock the full potential of the Colina Deposit, Latin Resources’ comprehensive Colina infill drilling program continues to yield impressive results.

With a total of 118 holes for 39,360 metres already completed, the Company is actively advancing its 65,000-metre drilling campaign, aiming to bolster the mineralisation understanding of the Colina Mineral Resource Estimate (MRE), which currently stands at an impressive 45.2 million tonnes of Li2O @ 1.32%.

Notable results include intersections including:

  • SADD139: 9.94m @ 1.50% Li2O from 328.91m
  • SADD148: 10.46m @ 1.29% Li2O from 160.04m
  • SADD149: 18.12m @ 1.67% Li2O from 244.88m
  • SADD155: 11.74m @ 1.40% Li2O from 76.26m
  • SADD156: 10.13m @ 1.63% Li2O from 49.62m

The consistency of these results solidifies the Company’s belief that the Colina MRE footprint can expand along strike to the southwest, potentially upgrading the resource category in future updates.

New Pegmatite Discovery

The Company’s exploration efforts via reconnaissance drill testing of pegmatite outcrops, have led to the discovery of a new pegmatite 6km southwest of the Colina Deposit, with initial drilling, highlighted by diamond hole SADD165, visually identifying 17.78m of spodumene pegmatite mineralisation, indicating a potential extension of the same mineralised system that constitutes the Colina MRE.

Although the specific lithium content is pending assay results, the Company is confident in the correlation between this new discovery and the established mineralised system, marking a promising addition to the Project’s future.

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Figure 2: SADD165- diamond drill core showing spodumene minerals at intervals 207.94 to 210.63m(A); 369.72 to 374.31m(B); and 478.87 to 484.77m(C). Refer to Appendix 4 for further details.

Fog’s Block Affirms Geological Interpretation

Results from drilling at Fog’s Block, situated approximately 12km southwest of the Colina Deposit, have also supported the Company’s geological interpretation of the broader mineralised system.

Assay results from holes such as MCDD002: 13.06m @ 1.34% Li2O from 210.94m have corroborated visual observations of spodumene-rich pegmatites, with this confirmation further extending the interpreted 26km pegmatite corridor and bolstering the Company’s confidence in the district-scale nature of the lithium system.

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Figure 3: Location of the Colina Southwest Outcrop (new discovery) in relation to the Colina Deposit; identified through drill holes SADD165 and SADD172.

Significant Progress

With ongoing operations involving multiple drilling rigs across various targets, Latin Resources is making great strides in comprehending the mineral potential of its Salinas Lithium Project. The Company’s focus on infill drilling, extension of known deposits, and testing newly identified high-priority targets underscores its commitment to maximising the value of this venture.

Notably, the recent inclusion of three additional diamond drilling rigs, augmenting the total count to 11, underscores the accelerated pace of exploration being undertaken.

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Figure 4: Location of Colina Infill, Colina MRE, Colina Metallurgical and Colina Deep drilling collars.

Latin Resources’ Vice President of Operations – Americas, Tony Greenaway, commented, “the visual drill core intersections of spodumene rich pegmatite over three kilometres to the southwest of the Colina Deposit, within our interpreted mineralisation corridor; together with similar intersections at the Fog’s Block Prospect a further six kilometres along strike to southwest, is extremely encouraging.”

“We now have multiple confirmed spodumene pegmatite drill core intersections within the corridor, providing us with a high degree of confidence that this district scale system has the potential to host multiple deposits. We will continue to aggressively explore our highly prospective tenement package with the aim of growing our existing 45 million Tonne resource base; while in parallel, upgrading the Colina Deposit trough infill and extension drilling.”

LRS’s Australian Stock Exchange-listed share price is currently selling at 34c (11:00 am UTC+ 8 hours).

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