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Latin Resources High-Grade Assays Fuel Excitement for Colina Deposit Expansion

30 November 2023 09:57
ASX: LRS
Feature

Latin Resources Limited (ASX:LRS) has announced exceptionally high-grade assays from the Salinas Lithium Project, signaling a forthcoming upgrade to the Colina Mineral Resource Estimate, anticipated in December this year.

The Company reports 53 new holes at Colina Deposit and 13 at Fog’s Block have revealed significant intercepts, including SADD158 and MCDD007, lending itself to the vast potential of the deposit.

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

Significant Assay Results

The recent Colina Deposit resource expansion drilling program has yielded significant intercepts, highlighting the Project’s lithium potential.

Noteworthy results include:

  • SADD158: 15.70m @ 1.59% Li2O from 206.09m
  • SADD158: 20.74m @ 1.42% Li2O from 335.45m
  • SADD170: 17.54m @ 1.42% Li2O from 350.53m
  • SADD184: 17.00m @ 1.55% Li2O from 139.00m
  • SADD195: 13.56m @ 2.03% Li2O from 98.44m
  • SADD195: 25.55m @ 1.57% Li2O from 307.80m
  • SADD200: 16.98m @ 1.85% Li2O from 235.54m
  • SADD201: 15.88m @ 1.27% Li2O from 329.12m
  • SADD202: 26.85m @ 1.39% Li2O from 260.75m

The Fog’s Block drilling program has also produced promising results, including:

  • MCDD007: 6.94m @ 1.13% Li2O from 278.06m
  • MCDD008: 15.33m @ 1.03% Li2O from 211.74m
  • MCDD009: 12.60m @ 1.15% Li2O from 173.40m
  • MCDD009: 17.52m @ 1.48% Li2O from 250.58m

Mineral Resource Upgrade

The findings indicate notable improvements in the mineralised footprint of the Colina Deposit and reveal potential mineral resources at Fog’s Block.

The ongoing drilling initiatives aim to gather data on the scale, significance, and expansion possibilities of the Colina Deposit, with high-grade intercepts observed beyond the current Colina Mineral Resource Estimate (MRE) boundary and along its margins.

Presently, 10 rigs are operational on-site, progressing with the remaining 65,000 metre diamond drill program scheduled for completion by the end of 2023.

A recent oversubscribed placement has provided Latin Resources Limited with $35 million in funding, earmarked for various purposes, including an expanded 2024 drilling program.

The focus of the 2024 program is to increase tonnage, enhance confidence levels in the existing Colina MRE, and identify new priority drill targets at Colina and Fog’s Block.

The Company has released new drilling results from ongoing programs, encompassing Colina Infill Diamond Drilling, Colina Southwest Extension Diamond Drilling, Colina Deep Drilling, Colina Scout Drilling and Colina Metallurgical Drilling at the Colina Deposit and Exploration Diamond Drilling at Fog’s Block.

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Figure 2: Current 45.2Mt Colina MRE1 with mining pit shell and collar locations.

Milestone Colina Mineral Resource Estimate Update

The Colina Deposit Resource Definition Drilling Program has also reached completion, marking a crucial step for Latin Resources.

With all drilling finalised and assay results received, the Company is poised for an upcoming Colina MRE release.

The current Colina MRE, disclosed in June, was founded on 135 holes covering 39,033 metres of drill core. Since then, an additional 53 holes totalling 23,617 metres have been drilled, providing the Company with a better understand of the Colina Deposit.

Focused on infill, extensional, and deep drilling, the initiative aimed at boosting tonnage and enhancing resource confidence.

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Figure 3: Location of Colina SW and Colina Infill drilling collars.

The program included 47 drill holes for infill and extension, six larger HQ diameter drill holes for deep drilling, and seven metallurgical diamond drill holes. These efforts have resulted in improved grade consistency and pegmatite continuity, providing valuable insights into mineralisation connectivity and spodumene quality.

The Colina MRE update will encapsulate these findings, progressing towards recognition as a globally esteemed tier 1 asset.

Fog’s Block Target

Located 12 kilometres southwest of the 45.2Mt Colina MRE, Fog’s Block emerges as a crucial focus in bolstering resource tonnage.

Having completed 13 holes spanning 4,575.7 metres of drilling at Fog’s Block, the Company has received complete assay results from nine holes, showcasing noteworthy intercepts detailed below.

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Table 2: Significant drill intercepts from the Fog’s Block target.

Recognising Fog’s Block’s significance in fortifying the Global Resource and optimising Salinas Project economics, the Company continues to allocate diamond drill resources for ongoing exploration.

Ongoing mapping initiatives and regional programs aim to identify additional drilling targets, with regular updates on assay results expected to be provided to the market.

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Figure 4: Fog’s Block showing the completed, assayed and in progress holes.

Future Outlook

Latin Resources is set to maintain a fleet of at least 10 diamond drill rigs at the Salinas Project throughout 2024.

Latin Resources Vice President of Operations in the Americas, Tony Greenaway, said the ongoing drilling is a strategic move aligned with the Company’s expectation of a significant expansion in the Global JORC MRE.

“We continue to see solid results coming out of our drilling at Colina. This latest update represents a solid five months of drilling which was focused on extending the Colina Deposit to the southwest along the Salinas Lithium Corridor, as well as infilling parts of the existing resource model,” he said.

“The geology team on site have been working closely with our independent resource consultants SGS geological services to construct the new wireframes and compile all the necessary data to update our resource model which will form the basis of the DFS which is scheduled for completion in mid-2024.”

“Drilling has not stopped on site, with all ten rigs still turning. We have moved our focus to predominantly infill drilling within the new resource footprint, with the aim of increasing the resource classification to enable the declaration of mining reserves as a part of the DFS process.”

LRS’s Australian Stock Exchange-listed share price is currently selling at 18c (9:00 am UTC+ 8 hours).

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