Latin Resources (ASX:LRS) has declared a 13.3 million tonne resource maiden resource at a grade of 1.2% Li2O in just 10 months from the completion of its first drillhole at the company’s Colina Lithium prospect.
The company today (8 December) has released an update on resource definition drilling and other studies currently ongoing at the company’s 100% owned ‘high-grade’ Colina Lithium prospect in in Brazil’s Minas Gerais district.
In October, the company commissioned Toronto-based independent resource consultants SGS Geological Services to undertake the estimation of a JORC Mineral Resource Estimate (MRE), and a wider Exploration Target Range (ETR) for Colina.
SGS, working closely with the company’s geological team have confirmed the presence of a series of moderately east dipping pegmatite bodies, extending from near surface to a depth of over 350m.
These pegmatites remain open along strike to the north and south, and at depth.
Based on assay results from a total of 47 diamond drill holes for some 10,528m of drilling, SGS has independently estimated the maiden Mineral Resource for the Colina deposit in only 10 months since the commencement of drilling in early 2022.
Of the 57 diamond drill holes completed at the cut-off date, 47 drill holes have assays results used for the MRE to produce a JORC Indicated and Inferred resource estimate of 13.3mt @1.2% Li2O (2.08Mt Indicated and 11.17Mt Inferred).
SGS has also estimated a JORC ETR of 13.5-22 Mt with a grade range of 1.2-1.5% Li2O2 for the Colina Deposit based on data from all the available 57 diamond drill holes. The current interpretation indicates that that the modelled pegmatites potentially increase in both thickness and grade with depth, additional drilling is required to confirm these observations.
The company has also recently approved an aggressive exploration budget for the wider Salinas Lithium Project. This includes the addition of four diamond drilling rigs, taking the total rigs on site to 8, operating on a double shift basis, with an estimated 65,000m planned to be drilling in the 2023.
Drilling in the new year will target infilling drilling on the main Colina Deposit pegmatites; the newly discovered “Colina West” pegmatite swarm; the southwestern extension of Colina’s high-grade pegmatite lenses; and the regional Salinas South Project area.
Latin reports the next major update and re-estimation for the Colina and Colina West areas is expected to be undertaken in Q2 2023.
“The maiden JORC Resource is a significant milestone for Latin Resources”
Addressing the results, Latin Resources Executive Director Chris Gale says: “The maiden JORC Resource is a significant milestone for Latin Resources. We are very excited by the immense upside in the potential resource size as we plan to drill 65,000 metres through 2023.
The exploration team led by Tony Greenaway and Pedro Fonseca in Brazil have accomplished a fantastic result for the company in a short period of time.
The company is now very focused to continue to grow our lithium resource as well as complete our feasibility studies to fast track development of a very special lithium project in Brazil.”
Latin Resources’ Geology Manager, Tony Greenaway, commented: “The potential growth for the Colina Deposit is highlighted by the independent exploration target by SGS, which has an upper range of 22 million tonnes at Colina.
This target range does not consider the additional pegmatites discovered at Colina West, where we believe we will be able to add significantly to the resource inventory with more drilling.
With 8 drill rigs scheduled to be on site from mid-January 2023, we will be aggressively drilling throughout the year, specifically targeting Colina West with resource definition drilling, the Colina Deposit itself with resource infill drilling, Colina South and the Salinas South prospect areas with reconnaissance exploration drilling, where we hope to have our next discovery.”
Latin Resources is an Australia-based mineral exploration company, with projects in South America and Australia, that is developing mineral projects in commodities that progress global efforts towards net zero emissions.
Write to Adam Orlando at Mining.com.au
Images: Latin Resources Ltd