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Latin Resources’ breakthrough lithium discovery sets stage for Salinas MRE update

26 March 2024 12:30
ASX: LRS

Latin Resources Limited (ASX: LRS, OTC: LRSRF) has achieved notable drilling success at the Colina deposit in the Salinas Lithium Project, as recent high-grade infill results affirm the Project’s quality and signify significant developmental progress.

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Figure 1: Plan view of the resource drilling program at the Colina Deposit, indicating new assays and section locations.

High-grade assay results

Latin Resources‘ receipt of multiple high-grade assay results from the ongoing resource drilling program at the central zone of the Colina deposit confirms the thickness, consistency, and quality of mineralisation.

Notably, one of the largest intersections ever encountered at the Salinas Project was recorded, with 32.92 metres at 1.62% lithium oxide from 325.19 metres, including 27.81 metres at 1.80% from the same depth (in SADD246).

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Figure 2: Colina Deposit diamond drill core demonstrating the new assay grades for the pegmatites with coarse grained spodumene mineralisation at the indicated intervals.

Enhanced geological understanding

Additionally, a true thickness analysis of all current pegmatite intersections reveals that 75% or 48.3 million tonnes of the December 2023 mineral resource estimate (MRE) is derived from pegmatites with a true thickness of greater than 5 metres, including 39% or 24.8 million tonnes derived from pegmatites greater than 15 metres true thickness.

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Figure 3: Colina Pegmatite true-thickness – December MRE tonnage distribution.

These findings enhance the geological understanding of the Colina lithium mineralised system, instilling confidence in the upgrade into measured category for the upcoming MRE and subsequent conversion into reserves, slated for release in 3Q 2024 as part of the DFS.

Continued drilling programs

Latin Resources’ commitment to exploration and development is evident with 16 rigs currently on site undertaking the 2024 drilling program, encompassing resource definition, metallurgical, and geotechnical drilling.

These efforts aim to increase tonnage and bolster confidence in the existing Colina MRE model, while also pinpointing and validating new priority drill targets across multiple deposits such as Colina, Planalto, Salinas South, and Fog’s Block.

Presently, the Salinas Lithium Project, with its MRE of 63.5 million tonnes at 1.3% lithium oxide, holds significant promise in meeting the increasing global demand for lithium.

Future outlook

Latin Resources’ Vice President of Operations – Americas, Tony Greenaway, highlighted the progress made in the Colina deposit infill drilling, stating, “With the Colina deposit infill drilling almost complete we are gearing up to run our next Mineral Resource Estimate. This update will be focused on increasing the JORC mineral classification of the existing 63.5Mt resource to enable the declaration of Mineral Reserves as part of the DFS which is currently underway.”

Greenaway emphasised the significance of the results from the infill drilling, noting that they closely match existing data, confirming the robustness of early interpretations for the Colina Pegmatites.

The company now plans to refocus drilling efforts on high-priority exploration targets at Planalto after completing the infill drilling, where initial drilling intersected thick high-grade mineralisation.

LRS’s Australian Stock Exchange-listed share price has risen 1.14% today and is currently trading at $0.18 (12.15 pm UTC+ 8 hours).

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