Latin Resources (ASX:LRS) continues to stride ahead in its lithium exploration in Brazil, announcing its third spodumene discovery at the Colina Deposit, located within its Salinas Project.
Figure 1: Sectional view (‘A- A’) through the Colina Deposit, indicating the connection between the Colina MRE block model, interpreted stacked pegmatite layers and the New Discovery at hole SADD223.
Significant Spodumene Discovery
The Company reports exploration has been progressing well at its flagship Colina Lithium Deposit, which holds a 45.2Mt Mineral Resource Estimate (MRE) made up from 0.43Mt @ 1.34% Li2O Measured, 29.7Mt @ 1.37% Li2O Indicated, and 15.0Mt @ 1.22% Li2O Inferred.
Resource infill drilling, resource extension drilling to the southwest of Colina, and regional Scout drilling has already been completed at the Project, with the Company reporting the identification of the third spodumene occurrence within the Salinas lithium corridor.
The newest occurrence, within SADD223, was identified during part of the regional scout drilling program, included in the broader 65,000 metre drilling program conducted at the Project.
Drilling at SADD223 was designed to identify new spodumene discoveries at the Salinas Project with the focus on increasing the Company’s Global Resource Inventory.
During the drilling of SADD223, it is reported an estimated 45 metres of cumulative spodumene was encountered with abundant coarse grained spodumene observed. This discovery lies 1.8 kilometres to the Southwest of the Colina MRE.
SADD223 was drilled to a final depth of 450 metres. Latin reports the discovery of one single spodumene rich pegmatite of over 18 metres, and significant intercepts including 9.25 metres from 395.29 metres and 18.07 metres from 424.22 metres.
Latin believes this discovery is further proof of the Salinas Project prospectivity, demonstrating its potential to host a world class global tier one lithium mineral resource.
While the Company awaits assay results, it remains highly encouraged that the spodumene mineralisation encountered in SADD223 core directly relates to the Colina MRE and forms part of the same prospective mineralised system, potentially increasing the Colina MRE size and tonnage.
Figure 2: SADD223 drilling intercepts
Latin Resources completed a successful capital raise in October, bolstering its exploration efforts with a generous cash amount of $35 million, enabling the execution of an aggressive drilling campaign with at least 10 drill rigs planned throughout 2024.
The Company has drilling scheduled for early 2024, which will focus on delineating the new spodumene discovery at “Planalto”, enabling a maiden MRE at Fog’s Block, expanding the existing Colina Deposit MRE, and testing additional regional targets.
The assays from this drilling campaign are anticipated to be received within the next four to six weeks.
Latin anticipates the current 45.2Mt @ 1.32% Li2O MRE will be updated in a release to market this year, following completion and the database cut- off from the latest resource expansion drilling program.
Latin Resources’ Vice President of Operations in the Americas, Tony Greenaway, commented on the discovery.
“Our latest spodumene discovery at Planalto is a major step forward in the delineation of a world class global mineral resource at our Salinas Project,” he said.
“With a resource upgrade expected for our flagship Colina Deposit due out in a matter of weeks and our ongoing drilling at Fog’s block continuing to show strong spodumene mineralisation; this latest discovery almost two kilometres to the southwest of Colina proves that we are only just starting to uncover the Project’s full potential. We will continue to aggressively drill across multiple centres throughout 2024 with the aim of declaring maiden resource estimates for Fog’s Block and now our new Planalto prospect.”
“We have always maintained a goal of reaching a global combined resource of around 80-100Mt at Salinas. Now with three major spodumene discoveries within easy trucking distance of the proposed centralised process facility, the Salinas Project is well positioned to achieve our ambitions.”
LRS’s Australian Stock Exchange-listed share price is currently trading at $0.200 (10.30am UTC+ 8 hours).