Latin Resources Limited
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Is Latin Resources Salinas Lithium Project on the Verge of a World-Class Resource Discovery?
Latin Resources Limited Discovers Significant Spodumene at Salinas Project
In what could be a major turn of events for Latin Resources Limited (ASX: LRS), the company has announced yet another significant spodumene discovery in the Salinas Lithium Project in Brazil. The latest discovery has confirmed the world-class lithium resource potential of the project.
The Discovery
According to the company's announcement, the spodumene discovery was made during the regional scout drilling program in SADD223, about 1. 8 km southwest of the Colina MRE1. The program had been included in the broader 65,000m drilling program. The cumulative spodumene encountered was approximately 45m, with abundant coarse-grained spodumene observed. This discovery has confirmed the potential of the Salinas Project to host a world-class global tier one lithium mineral resource.
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Planalto, the Third Spodumene Occurrence
This is the third major spodumene discovery in the Salinas lithium corridor, and it has similar mineralisation characteristics to the high-grade Colina Deposit, as confirmed by visual results. The discovery has highlighted the scale and significance of the Salinas Project, with the proven potential to host further discoveries.
Capital Raise & Drilling Campaign
Following a successful $35 million capital raise in October 2023, the company plans to have at least ten drill rigs working throughout 2024 in an aggressive drilling campaign. The drilling will focus on delineating the new spodumene discovery at "Planalto," enabling a maiden MRE at Fog's Block, expanding the existing Colina Deposit MRE, and testing additional regional targets.
Upgrades and Pending Assays
The discovery at “Planalto” is expected to take center stage during drilling scheduled for early 2024. The company is expecting assay results for the completed SADD223 hole within the next 4-6 weeks. It is also on target for releasing an upgraded Colina MRE (current MRE1: 45. 2Mt @ 1. 32% Li2 O) in 2023, following completion and the database cut-off from the latest resource expansion drilling program.
This significant discovery by Latin Resources Limited confirms the world-class potential of the Salinas Project. The company's drilling campaigns will continue to seek new discoveries and expansions, focusing on spodumene occurrences and making a maiden MRE at Fog's Block. The lithium resource potential continues to build momentum, and Latin Resources Limited is among the players to watch in this mining sector.
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