Investing News NetworkAUSTRALIA
Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is very pleased to announce the commencement of a resource definition drilling campaign at the newly named “Colina Prospect” at the Company’s Bananal Valley Project in Brazil.
HIGHLIGHTS
- The first hole of the new program (SADD016) has intersected a very wide, 27.78m pegmatite with a central core of over 21m logged with significant >20% spodumene. This intersection is notably wider than previous intersections in adjacent drillholes.
- A 25,000m systematic resource definition diamond drilling has commenced at the newly named “Colina Prospect” at the Company’s Bananal Project in Brazil, where previous drilling has returned thick high-grade lithium with results up to 3.22% Li2O.
- An initial three hole drill programme has also commenced at the Monte Alto Prospect.
Latin Resources’ Managing Director, Chris Gale, commented:
“The commencement of the resource definition drilling campaign our newly named Colina Prospect in the Bananal Valley Brazil, marks a significant milestone for the Company. The speed at which we have moved to resource definition drilling is a measure of the Company’s belief that we have made a significant new lithium discovery. Results have only continued to get better with more drilling, returning some exceptional grades from wider pegmatite zones.
“Our confidence has been further boosted with the completion of the first hole of the resource definition campaign intersecting a pegmatite which is over 27m thick, with a core of over 21m logged with a high abundance of spodumene. While this is early days in the large 25,000m campaign, the Company is committed to fast tracking the project toward the estimation of a maiden JORC Mineral Resource by the end of the year. We have boosted our technical team in Brazil to accommodate the increased drilling pace, with our Australian-based Exploration Manager currently on site in Brazil to help facilitate the ramp up in activity.
“We are also very pleased to be drilling at our second target area, the Monte Alto Prospect, with the scout drilling campaign well on the way.”
Colina Prospect – Resource Definition Drilling
Resource definition drilling campaign comprising an estimated 100 holes for 22,000 - 25,000m, has commenced at the Company’s newly named “Colina Prospect” (Figure 1), where previous first pass drilling has identified high-grade lithium pegmatites over a strike extent of 600-800m.
Figure 1: “Colina Prospect” Location map, Salinas Lithium Project, Brazil
The first hole of the campaign SADD0161 , has intersected a very wide 27.78 meters coarse grained fresh pegmatite, with geological logging identifying a core zone of 21.48 meters with a visual estimation of spodumene of over 20% (Figure 2, Figure 3, Figure 4 and Table 1). This intersection is notable wider than those in the holes SADD003 and SADD004 on section to the north which reported high-grade intersections of 17.05 meters and 17.38 meters respectively2 .
Figure 2: SADD016, 91.60 – 119.38m, 27.28m pegmatite with large fresh light green spodumene crystals throughout
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