Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Latin Resources (LRS) intersects wide pegmatites with “significant” spodumene in the first two holes of a resource definition drilling program at its Colina prospect in Brazil
  • The company says this demonstrates the continuity of pegmatites at the prospect, and drilling is ongoing to support a maiden mineral resource estimate
  • Latin Resources also completes five holes at the Monte Alto prospect where re-mapping of the outcrop confirms the presence of large, weathered spodumene at surface
  • The company believes the Monte Alto pegmatites may represent a zoned heterogeneous pegmatite and says further drilling is needed to determine the significance of these findings
  • LRS shares are down 2.02 per cent to trade at 9.7 cents at 11:30 am AEST

Latin Resources (LRS) has intersected wide pegmatites with “significant” spodumene in the first two holes of a resource definition drilling program at its Colina prospect in Brazil

The company expects to drill between 22,000 and 25,000 metres in this program, which is focusing on an 800-metre strike extent where previous drilling identified high-grade lithium-bearing pegmatites.

As announced last month, the first hole intersected 27.78 metres of coarse-grained fresh pegmatite with geological logging identifying a core zone of 21.48 metres with a visual estimation of over 20 per cent spodumene.

Today, Latin said the second hole — drilled immediately down-dip of the first hole — also showed a significant intersection of spodumene-bearing pegmatite, demonstrating the continuity of pegmatites at Colina.

The resource definition program is ongoing and will support a maiden mineral resource estimate for the prospect later in the year.

Additionally, Latin Resources has completed the first five holes at the Monte Alto prospect, also in Brazil.

Initial logging of the holes highlighted a moderate northeasterly plunge that hasn’t previously been recognised in the weathered surface outcrop.

The first three holes didn’t intersect the targeted pegmatite zone at depth, but logging confirmed the other two holes successfully intersected pegmatite despite no material spodumene being logged in the core.

Based on these observations, the company said it believed the Monte Alto pegmatites may represent a zoned heterogeneous pegmatite. Latin will undertake further drilling in the area to fully understand the significance of these findings.

Company shares were down 2.02 per cent to trade at 9.7 cents at 11:30 am AEST.

LRS by the numbers
More From The Market Herald
Cavalier Resources (ASX:CVR) - Executive Technical Director, Daniel Tuffin

" Cavalier Resources (ASX:CVR) begins PFS at Crawford

Cavalier Resources (ASX:CVR) has begun a pre-feasibility study (PFS) at the Crawford Gold Project within the…
Ten Sixty Four (ASX:X64) - Outgoing Managing Director, Paul Ryan Welker

" Ten Sixty Four (ASX:X64) terminates services agreement of former MD, Paul Ryan Welker

Ten Sixty Four (ASX:X64) has terminated the executive services agreement of former Managing Director Paul Ryan…

" M3 Mining (ASX:M3M) identifies drill targets at Edjudina

M3 Mining (ASX:M3M) has identified prospective gold-in-soil anomalies at the Edjudina gold project 150 kilometres northeast…

" Good Drinks Australia (ASX:GDA) commences the sale of Molson Coors and Magners

Good Drinks Australia (ASX:GDA) begins to sell the Miller Chill, Miller Genuine Draught, Coors, Molson Canadian…