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Latin Resources Limited (ASX: LRS) ) (“Latin” or “the Company”) is pleased to report on its activities for the three months ending 30 June 2022.
Salinas Lithium Project, Brazil
- Assay results from drilling confirmed the continuity of high-grade lithium pegmatites1 2, and provided Latin with the confidence to facilitate the fast tracking of mineral resource definition drilling.
- Large systematic drilling campaign commenced at the Colina Prospect3 4 5 in Brazil aimed at providing sufficient data to support a maiden Mineral Resource Estimate (“MRE”).Additional tenure was secured in the highly prospective Bananal Valley district in eastern Brazil to expand the Company’s strategic landholding to over 6,341 hectares6 7 8 9 10.
- Additional tenure was secured in the highly prospective Bananal Valley district in eastern Brazil to expand the Company’s strategic landholding to over 6,341 hectares6 7 8 9 10.
- Preliminary metallurgical test work commenced on the Colina Prospect 10.
Cloud Nine Halloysite-Kaolin Deposit, WA
- Significant thicknesses of exceptionally bright kaolinised granite intersected in the Resource in-fill drilling, further highlighting the quality of the world-class Cloud Nine Halloysite-Kaolin deposit11.
- Geotechnical drilling for bulk density determination has been successfully completed at the Cloud Nine Halloysite-Kaolin Deposit, a vital step in the path to an updated Cloud Nine JORC Resource which is currently being undertaken.
- Permitting and approvals process has commenced to enable the excavation of a trial mining test-pit.
- Latin held $34.25 million in cash and investments as at 30 June 2022.
- The Company received $2.6 million in cash from options exercised during the quarter.
- During the quarter, Latin raised $35 million in new equity through a placement anchored by Canadian cornerstone investor, Electrification and Decarbonization AIE LP Fund12.
During the quarter, positive assay results from drilling at the Salinas Lithium Project continued to demonstrate continuity of the mineralisation along strike and down dip, with the emerging pegmatite swarm remaining open in all directions1 2. These ongoing positive results provided Latin with the confidence to expand the drilling team to facilitate the fast-tracking of mineral resource definition drilling.
The Company commenced a large 25,000m systematic drilling campaign3 4 5 at the Salinas Lithium Project in Brazil, aimed at providing sufficient data to support a maiden Mineral Resource Estimate (“MRE”).
Additional tenure was secured in the highly prospective Bananal Valley district in eastern Brazil to expand the Company’s strategic landholding to over 6,341 hectares, via its 100% owned subsidiary Belo Lithium Mineracao ltda (‘Belo”). This increases the Company’s land holding to cover a strike length of over 2 kilometres along the trend of the Colina pegmatite structure.
Preliminary metallurgical test work on the Colina Prospect has commenced10. The preliminary or “sighter” test work will be used to design a larger more definitive test work program, with this information feeding into the planned Preliminary Economic Assessment (“PEA”) scheduled for the first quarter of 2023.
The Company made progress on the Cloud Nine Halloysite-Kaolin Deposit (“Cloud Nine”) during the quarter11, with ongoing Mineral Resource Estimation work, including:
- In-fill drilling confirming high-grades and continuity within the area.
- A sonic geotechnical drilling program was designed to provide representative core samples from within the footprint of the existing JORC Mineral Resource Estimate.
- Engaging Southern Geoscience Consultants (SGC) to manage a high detail magnetic and radiometric survey to define further exploration targets.
In parallel with the ongoing resource estimation work at Cloud Nine, the Company commenced the permitting and approvals process for development of the mine. Including the submission of a Program of Work (“POW”) application under the Company’s current Exploration Licence to the Department of Mines, Industry Regulation and Safety (“DMIRS”), to enable the excavation of a trial mining test-pit at Cloud Nine; applications to convert the current Exploration Licence to a full Mining Licence; and scheduling for the commencement of baseline environmental studies.
Latin Resources Executive Director, Christopher Gale commented:
“It has been another excellent quarter for Latin. The capital raising of $35,000,000 to North American institutional funds has now set up the immediate future of the Latin through to DFS.
“We have been very pleased with the extremely positive ongoing results from our drilling program and continue to fast track towards our maiden Mineral Resource Estimate.
“Latin continues to build its strategic land position in the highly prospective Minas Gerais region of Brazil. I am excited by the potential to define and develop this resource into a rising battery metals market where lithium continues to be highly sought-after as a critical mineral for electric vehicles and battery storage.
“At the Cloud Nine Halloysite-Kaolin Deposit in Western Australia, we continue to see high quality results from our in-fill drilling program and progressing the updated JORC Mineral Resource Estimate, and we look forward to the next step of trial mining at this project.”
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.