Latin Resources Increases JORC Resource at Salinas Lithium Project

THE DRILL SERGEANT: Latin Resources (ASX: LRS) announced a 50 per cent increase to the Minerals Resource Estimate (MRE) at the company’s 100 per cent-owned Salinas lithium project in Brazil.

Latin Resources increased the Salinas MRE via growth at the project’s Colina and Fog’s Block deposits.

This included a 41 per cent increase to the Colina deposit MRE to 63.5 million tonnes at 1.3 per cent lithium oxide (Li2O), which Latin Resources claimed places it amongst one of the largest scale Tier-One undeveloped lithium resources globally.

This combined with a maiden Inferred Resource Estimate defined at Fog’s Block for approximately 6.8 million tonnes at 0.9 per cent Li2O.

Latin Resources signalled its upcoming intentions for the two deposits, indicating 16 – diamond drill rigs will commence drilling in January 2024 at Colina and Fog’s Block, which is anticipated to expand through 2024 with a focus on upgrading the Colina MRE, leading into a DFS and testing the new Planalto discovery over the Salinas project tenure.

“What a great effort from our exploration team,” Latin Resources managing director Chris Gale said in the company’s ASX announcement.

“Another significant milestone met with our upgraded MRE to over 70 million tonnes.

“This project is fast becoming a Tier One lithium resource as we predicted.

“We are also very encouraged by the consistent uplift in grade as we infill drill.

“This is a great sign of a quality mineral resource.

“The increase in size of the JORC resource will have an extremely positive impact on our DFS economics as the resource increase allows us to evaluate building phase 3 of the project lifting output significantly.

“The lithium market sentiment is low at the moment; however, no one can say Latin hasn’t delivered what it has promised over the last two years.

“I thank the shareholders that have stuck with us through these difficult times!”

 

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