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Latin Resources completes Resource Definition Drilling Program at Colina Deposit

13 May 2024 11:02
ASX: LRS

Latin Resources Limited (ASX:LRS, OTC:LRSRF) has successfully concluded its Resource Definition Drilling Program at the Colina Deposit, with high-grade results confirming lithium mineralisation consistency and anticipation growing for the forthcoming Mineral Resource Estimate (MRE) upgrade in May 2024.

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Figure 1: Plan view of the Salinas Project, showing location of the Colina Deposit, Planalto Prospect and Fog’s Block Deposit.

Resource expansion

The company has completed drilling and received assay results for its latest diamond Resource Definition Program at the Colina Deposit, crucial for the upcoming Colina MRE.

This adds to the existing Salinas MRE of 70.3Mt @1.27% Li2O, with the Colina MRE contributing 63.5Mt @ 1.3% Li2O and 6.8Mt @ 0.9% Li2O at Fog’s Block.

Since the December 2023 release of the Colina MRE, 106 additional holes totalling approximately 28,864m were drilled, enhancing JORC resource categories to support the Mining Reserves declaration expected in Q3 2024.

The Resource Drilling Program, initiated in December 2023, with 16 diamond drill rigs, focused on infill drilling primarily, with some extensional and deep drilling at the Colina Deposit to improve resource categories.

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Figure 2: Plan view of the Resource Drilling Program at the Colina Deposit, indicating new assays and section locations.

Assay results from 45 new holes have been received, intercepting significant lithium mineralisation (>0.5% cutoff), expected to feature in the upcoming Colina MRE update.

Planalto exporation resumes

Meanwhile, exploration drilling has resumed at the high-priority Planalto Prospect with four rigs, focusing on thick, high-grade spodumene pegmatites encountered at depth in previous drilling, such as notable intersections in hole SADD2232.

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Figure 3: Plan view of the Planalto exploration drilling program showing completed, on-going and planned drill collars, as well as drill section locations. Refer to Appendix B and D for further details.

The current objective is to extend these intersections up-dip to the west and along strike to the north and south.

Four additional holes have been completed, all intersecting the emerging Planalto pegmatite swarm, which shares similarities with the Colina Deposit.

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Figure 4: Planalto drill section (‘A- A’) showing completed and planned drill holes, and logged pegmatites. Refer to Appendix B and D for further details.

Although assays are pending, logging reveals a broad system of stacked shallow-dipping pegmatites rich in spodumene.

The ongoing drilling initiative aims to thoroughly assess the full up-dip extent of pegmatites to the west, with an initial 6,000m program approved, with assay results expected in approximately 4-6 weeks.

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Figure 5: SADD308- diamond drill core showing pegmatites with coarse grained spodumene mineralisation from 253.75m – 276.27m. Refer to Appendix B and D for further details.

Management commentary

Latin Resources’ Vice President of Operations – Americas, Tony Greenaway, expressed optimism about the progress made, stating, “With all the assay results from the extensive infill drilling program now received, the updating of the MRE for our world-class Colina Deposit is underway.”

He highlighted the consistency of the deposit, noting, “Results for the infill campaign have confirmed that Colina is a very consistent deposit, with new results showing very similar pegmatite thicknesses and grades to the existing models.”

Regarding the similarities between Planalto and Colina mineralisation, Greenaway added, “We are extremely encouraged by what we are seeing at Planalto including the close similarities to the Colina mineralisation and are eagerly awaiting more assay results from this emerging target.

“Planalto is a very high priority target for us given the close proximity to the Colina Deposit and proposed processing infrastructure. Any additional minable pegmatites this close to Colina could have a significant benefit in both scale and operational optionality to the proposed mine.”

LRS’s Australian Security Exchange-listed share price is currently trading at $0.26 (10:45 am UTC+ 8 hours).

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