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- Latin Resources (LRS) reports a maiden JORC mineral resource estimate (MRE) for its Colina deposit in Brazil
- Colina’s indicated and inferred MRE stands at 13.25 million tonnes at 1.21 per cent lithium oxide and is based on more than 10,5000 metres of drilling conducted in 2022
- SGS Geological Services estimates an exploration target range for Colina of between 13.5 million and 22 million tonnes and grading between 1.2 and 1.5 per cent lithium oxide
- To fast-track resource growth, Latin Resources will have eight drill rigs on site by early next year targeting multiple prospects within the Salinas lithium project
- LRS shares are down 10.34 per cent to 13 cents at 11:58 am AEDT
Latin Resources (LRS) has reported a maiden JORC mineral resource estimate (MRE) for the Colina deposit, which is part of its Salinas lithium project in Brazil.
Colina has an indicated and inferred MRE of 13.25 million tonnes at 1.21 per cent lithium oxide for 160,300 tonnes of lithium oxide and 396,000 tonnes of contained lithium carbonate equivalent (LCE).
Of this, 2.08 million tonnes are in the higher-confidence ‘indicated’ category, with the remaining falling under the ‘inferred’ category.
LRS Geology Manager Tony Greenaway said the company was “extremely pleased” with the outcome of the maiden MRE.
“The MRE proves that the Colina deposit is a significant discovery and will be the platform on which the company will grow its resource inventory through further drilling in 2023,” Mr Greenaway said.
The company commissioned independent resource consultants SGS Geological Services to estimate the maiden JORC MRE, which used data from over 10,500 metres of drilling over 10 months
SGS also used data from the 57 diamond holes to estimate an exploration target range for the deposit. Colina’s exploration target is between 13.5 million and 22 million tonnes and grading between 1.2 and 1.5 per cent lithium oxide.
In addition, SGS and Latin Resources confirmed the presence of moderately east-dipping pegmatite bodies that extended from near the surface to a depth of over 350 metres. These pegmatites remain open along strike to the north and south, and at depth, which means there’s exploration upside.
“The potential growth for the Colina deposit is highlighted by the independent exploration target by SGS.” Mr Greenaway said.
“This target range does not consider the additional pegmatites discovered at Colina West, where we believe we will be able to add significantly to the resource inventory with more drilling.”
As such, Latin has eight drill rigs scheduled to be onsite from mid-January 2023 to conduct 65,000 metres of drilling to fast-track resource growth across the Colina, Colina West, Colina South and Salinas South prospects.
LRS shares were down 10.34 per cent to 13 cents at 11:58 am AEDT.
