Latin Resources Increases Colina Mineral Resource Estimate

THE DRILL SERGEANT: Latin Resources (ASX: LRS) reported a hefty upgrade to the Colina deposit Mineral Resource Estimate (MRE), within the company’s 100 per cent-owned Salinas lithium project in Brazil.

Latin Resources completed a resource definition drilling program at Colina in the first half of 2023 on pegmatite swarms, down dip and extending to the southwest of the existing Colina MRE.

The company’s review of new drilling results and the updated geological model for Colina increased the total resource base by 241 per cent, from 13.25 million tonnes to 45.2 million tonnes resulting in 1.5 million tonnes of contained lithium carbonate equivalent (LCE).

The updated MRE has also seen a substantial proportion, 67 per cent classified into the JORC Measured and Indicated categories, which the company declared to reflect its high levels of confidence in both the geological continuity and grade of the Colina Pegmatites.

“We are very excited and proud to announce this significant upgrade to our JORC resource, which is starting to show the true potential of the Colina deposit,” Latin Resources managing director Chris Gale said in the company’s ASX announcement.

“The increase in both size and grade reflects our early confidence in the prospective nature of our tenure in Brazil to potentially produce a tier one lithium deposit.

“This significant upgraded resource, and the potential value add of strengthening lithium prices, will provide solid inputs into our Preliminary Economic Assessment (PEA) which we believe sets us up well for future success.

“What is even more exciting for us is the potential for resource extensions to the southwest and the multiple regional targets that we are set to drill in our ongoing work at Salinas.

“Our eight drill rigs will remain busy with this program through to the end of the year, and we eagerly await more resource upgrade results from these potential expansion areas.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE