Latin Resources' Salinas Lithium Project: Are High-Grade Assays Redefining the Future of Colina Deposit?

HIGH GRADE ASSAYS CONTINUE TO IMPRESS AT COLINA DEPOSIT: Latin Resources Limited's Salinas Lithium Project Shows Promise in Resource Expansion

Latin Resources Limited (ASX: LRS) has unveiled promising advancements in its Colina Deposit resource definition drilling program, a significant facet of the Company's 100% owned Salinas Lithium Project in Brazil. The company's Vice President of Operations - Americas, Tony Greenaway, shared insights into the recent developments, showcasing positive trends in the exploration efforts aimed at enhancing the project's lithium resource base.

Progress in Resource Expansion Program

The ongoing drilling program, spanning five months, has delivered exceptional high-grade assay results, emphasizing the potential for an upgrade of the current Colina Mineral Resource Estimate (MRE). The anticipated upgrade, slated for a December 2023 release, is expected to reflect the culmination of rigorous drilling efforts and the reception of all assay results from the latest resource expansion initiative.

Since the previous Mineral Resource Estimate release in June 2023, the Colina Deposit witnessed substantial drilling activities, including an additional 53 holes covering 23,617 meters and 13 diamond drill holes for 4,575. 7 meters at Fog's Block. Noteworthy intercepts from the recent Colina Deposit drilling program include several significant findings:

- SADD158: 15.

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70m @ 1. 59% Li2O from 206. 09m
- SADD195: 13. 56m @ 2. 03% Li2O from 98. 44m
- SADD200: 16. 98m @ 1. 85% Li2O from 235. 54m
- SADD202: 26. 85m @ 1. 39% Li2O from 260. 75m

Moreover, findings from the Fog's Block drilling program showcased substantial intercepts, reinforcing the positive trajectory of the project:

- MCDD007: 6. 94m @ 1. 13% Li2O from 278. 06m
- MCDD009: 17. 52m @ 1. 48% Li2O from 250. 58m

Future Endeavors and Project Vision

Greenaway reiterated the Company's commitment to the Salinas Project's continued growth, emphasizing ongoing operations with at least ten diamond drill rigs expected to remain active through 2024. The Company aims to substantially augment the Global JORC Mineral Resource Estimate through additional drilling programs.

Highlighting the upcoming milestones, Greenaway emphasized the comprehensive approach adopted, stating, "The new wireframes and compiled data from our drilling efforts will underpin the updated resource model, pivotal for our forthcoming Definitive Feasibility Study, slated for completion in mid-2024. "

Visionary Outlook Amidst Continuous Drilling

The continuous drilling operations, now primarily focusing on infill drilling within the expanded resource footprint, align with the Company's strategic goals. This targeted approach seeks to elevate the resource classification, facilitating the declaration of mining reserves, a crucial step in the DFS process.

As Latin Resources Limited persists in its concerted efforts at the Salinas Lithium Project, the recent high-grade assay results stand as a testament to the project's potential in bolstering the global lithium resource landscape. With operations in full swing and a vision set on future milestones, the Company remains poised for significant strides in the lithium market.

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