Latin Resources Limited (ASX:LRS)(“Latin” or “the Company”) is pleased to report on its activities for the three months ending 31 December 2021.


Highlights

Cloud Nine Halloysite-Kaolin Deposit, WA

  • High-grade halloysite results were received from 28 holes in the geostatistical cross drilling programi,ii. Significant intersections in consecutive holes included:
    • NBA356: 12m @ 25% Halloysite from 34m
    • NBA357: 12m @ 24% Halloysite from 32m
    • NBA358: 25m @ 28% Halloysite from 14m
    • NBAC373: 3m @ 18% Halloysite from 3m and 15m @ 21% Halloysite from 10m
    • NBAC374: 16m @ 25% Halloysite from 9m to EOH
  • The Company announced a three-year, Research & Development project investigating emission reduction technologies, utilising halloysite from the Cloud Nine depositiii.
  • The Company has fast tracked mining and other related studies, focused on an initial simple Direct Shipping Ore (DSO) operation for the Ultrabright white kaolinite materiali.

Salinas Lithium Project, Brazil

  • Assays from outcrop sampling on the Bananal Valley tenement returned high-grade lithium of 2.71% Li2O and 1.45% Li2O from adjacent samplesiv.
  • The Company re-signed and extended the exclusive 2-year Option on the Bananal Valley 830.691 tenementiv. The Company also secured an exclusive and binding 12-month option over two new concessions (830.219/2017 and 831.799/2005) adjacent to the existing Bananal Valley tenementv.
  • Drilling to commence in February, assessing 14 drill sites to test outcropping high-grade Li bearing pegmatites in the Bananal Valleyv.

Solis Minerals Initial Public Offering (IPO)

  • Solis Minerals Ltd. (ASX: SLM) successfully listed onto Australian Securities Exchange (ASX) in December following A$5.5 million equity raisingvi. Latin holds a 13.14% interest in Solis post- listing (with a market value of approximately A$1.6 million at the IPO price of $0.20).
  • The Solis IPO was well supported by Latin shareholders via a priority offer.

Environment, Social and Governance (ESG)

  • Latin advanced progress on several ESG reporting measures, the first ESG report was published on 28 January 2022.

Corporate

  • Latin held $2,243,000 in cash and investments as at 31 December 2021.
  • The Company received $167,232 in cash from option holders exercising in-the-money LRSOC Options ($0.012 LRSOC, Expiry 31 Dec 2022) during the quarter.

The Company made significant progress on the Cloud Nine Halloysite-Kaolin Deposit (“Cloud Nine”) during the quarter, with drilling confirming high-grades and continuity and a major research project initiated investigating potential commercial uses of halloysite to reduce greenhouse gas emissions, particularly methane emissions from cattle.

At the Salinas Lithium Projects in Brazil, high-grade lithium assays were returned from outcrop sampling, additional tenure was secured and Latin’s first drilling of the project is planned to commence in February 2022.

Click here for the full ASX Release

This article includes content from Latin Resources], 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.

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