Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to announce it has secured, through its newly created 100% wholly owned subsidiary Belo Lithium Mineracao Ltda. (“Belo”), an additional highly prospective tenement to grow the Company’s Salinas Lithium Project in Brazil (“Salinas” or the “Project”), expanding its footprint at the project to the east (Figure 1) to cover additional strike extensions of the regional prospective host stratigraphy.


HIGHLIGHTS

  • Latin Resources has secured an additional strategic land holding considered highly prospective for lithium, to the east of its existing position, in the Bananal Valley district in eastern Brazil.
  • The Lajinha tenement covers an area of 470 hectares over highly prospective stratigraphy, with known outcropping spodumene occurrences.
  • Recent drilling on Latin’s existing tenements has confirmed the high-tenor lithium grades of the spodumene pegmatites in this region, with a peak grade of 3.22% Li2O in early drilling.
  • Latin will mobilise its regional mapping team to the new tenement area to begin systematic mapping, outcrop and stream sediment sampling, and to identify potential drill sites.
  • Latin’s lithium ground position has now expanded to over 6,230 hectares, with multiple drill targets defined within the prospective ‘lithium corridor’.

Latin has secured an exclusive and binding 24-month option agreement (“Option” or “Agreement”), over the new concession in the Bananal Valley (831.118/2008) from Mineracao Salinas Ltda. (the “Vendor”), whereby Latin may acquire a 100% interest in this tenement to the east of the Company’s existing Bananal Valley Project. The Lajinha tenement is highly prospective, with known outcropping spodumene bearing pegmatites, and this addition expands Latin’s strategic land package to over 6,230 hectares in the Salinas lithium corridor.

Latin Resources’ Managing Director, Chris Gale, commented

“We are very pleased to have secured the Lajinha tenement area, we continue to expand our foothold in this developing regional lithium pegmatite field. Our preliminary reconnaissance mapping and outcrop sampling of this area has confirmed the presence of spodumene pegmatites. Our regional mapping team will now complete a more systematic survey to better understand the extent of the known pegmatite system and select initial drill sites.

“With resource definition drilling underway at our main Bananal Valley area, first pass drilling underway at our Monte Alto area, first pass mapping and sampling completed at our Salinas South area; and now the initial systematic work to commence at the new Lajinha tenement - this provides the Company with a full project lithium development pipeline in the Salinas Region. Now the company has made a significant new lithium discovery, this strategic expansion approach to our exploration is critical for long-term success of developing our first maiden JORC Resource.”

Latin Resources Figure 1

Figure 1: Salinas Lithium Project, new Lajinha tenement location - Minas Gerais District, Brazil

Latin Resources FIgure 2

Figure 2: Preliminary reconnaissance mapping – (left), weathered spodumene in outcrop (right) at the new

Lajinha tenement - Minas Gerais District, Brazil

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