Latin Resources (ASX:LRS) - Managing Director, Chris Gale
Managing Director, Chris Gale
Source: Latin Resources
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  • Latin Resources (LRS) looks to fast-track its pathway to an initial mineral resource estimate following the recent drilling success at its Salinas project in Brazil
  • Drilling at the Bananal Valley prospect returned the thickest intersection to date, with 21.1 metres at 1.2 per cent lithium oxide
  • The company says the results reaffirmed the belief that Salinas may represent a significant new lithium discovery
  • A broader 25,000-metre definition drilling campaign has now launched with the aim of gathering enough data for a maiden resource estimate
  • Shares in Latin Resources are down 10.53 per cent to $0.17 as of 11:40 am AEST

Latin Resources (LRS) is looking to fast-track its pathway to an initial mineral resource estimate following the recent drilling success at its Salinas project in Brazil.

According to a statement released to the ASX this morning, diamond drill holes completed at the Bananal Valley prospect returned the thickest intersection to date, with 21.1 metres at 1.2 per cent lithium oxide in hole SADD006. This hole also included a smaller intersection of 14 metres at 1.69 per cent lithium oxide.

Likewise, hole SADD005 returned promising results, including 4.25 metres at 1.32 per cent lithium oxide.

Latin Resources said the results reaffirmed the belief that Salinas may represent a significant new lithium discovery, and confirmed the presence of thick, high-grade lithium-bearing pegmatites over a strike length of at least 600 metres.

With that in mind, the company has launched a broader drilling campaign aimed at gathering enough data to undertake a maiden mineral resource estimate. The definition drilling is expected to consist of roughly 25,000 metres of diamond drilling, targeting the full 800-metre strike length of the pegmatites to a depth of 400 metres.

“With the company recently raising $35 million, we have now expedited the drilling program by commencing our 25,000-metre resource definition drilling campaign at Bananal Valley,” Managing Director Chris Gale said.

“With drilling now on multiple fronts, and more rigs on the way to site, we have really stepped up our pace in Brazil to fast track our pathway to an initial JORC mineral resource estimate.”

Meanwhile, drilling has commenced at the Monte Alto prospect four kilometres to the east of Bananal Valley. An initial 3000-metre program will test the strike extent of outcropping spodumene bearing pegmatites, where earlier sampling work returned up to 2.3 per cent lithium oxide.

Shares in Latin Resources are down 10.53 per cent to $0.17 as of 11:40 am AEST.

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