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Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to announce it has exercised its option, through its 100% wholly owned subsidiary Belo Lithium Mineracao Ltda. (“Belo”), to acquire the highly prospective tenement 830.691/2017 at the Company’s Salinas Lithium Project in Bananal Valley, Brazil (“Salinas” or the “Project”).
- Latin Resources exercises its option to acquire tenement 830.691/2017, in the highly prospective Bananal Valley district of the Salinas Lithium Project in eastern Brazil.
- The option exercise is part of the Company expansion plan, with Latin’s lithium ground position now expanded to over 5,350 hectares, with multiple drill targets defined within the prospective ‘lithium corridor’.
- The immediate consideration for the acquisition is USD $15,000 in cash and USD $15,000 in LRS ordinary shares, with an additional cash payment of USD $75,000 to take place 12 months after the option exercise.
- Recent drilling on the acquired project area has confirmed the high-tenor lithium grades of the spodumene pegmatites in this region, with a peak grade of 3.22% Li2O.
- Having recently completed a transformative placement of $35 million, Latin will continue with its aggressive resource definition drilling program comprising of 25,000m on the Salinas Lithium Project to fast track its next major milestone of a maiden JORC Resource.
This acquisition is part of the Company’s plan to expand its holding of highly prospective tenements in the region, with Latin’s strategic land package now expanded to over 5,350 hectares in the newly defined Salinas lithium corridor.
Latin Resources’ Managing Director, Chris Gale, commented
“We are very pleased to have exercised our option to acquire the Bananal 830.691/2017 tenement, securing 100% ownership of the area where we will be undertaking an extensive diamond drilling program. Based on what we have seen so far from the results of the current maiden diamond drilling, we are very confident that this tenement contains significant potential for high-grade lithium pegmatites. The next phase of drilling is aimed at providing sufficient data to enable the Company to undertake a JORC Mineral Resource Estimate should results continue to be favourable.”
Results from the Company’s maiden diamond drilling campaign on the acquired project area1 , has confirmed that the spodumene bearing pegmatites in the region contain high-tenor lithium, with the Company recently reporting a number of very high-grade results, including:
This article includes content from Latin Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.