Lithium explorer Latin Resources (ASX:LRS) has more than tripled the Mineral Resource Estimate (MRE) for its Colina deposit within its Salinas Lithium Project in Brazil.
On the back of a ‘successful’ resource definition drilling program taken on by the company in the first half of 2023, the Colina deposit resource database now comprises 135 diamond holes for more than 39,000m of drill core.
The upgraded MRE now sits at 45.19 million tonnes (Mt) @ 1.32% lithium oxide (Li2O), and of this, 30.2Mt @ 1.4% Li2O falls within the ‘measured’ and ‘indicated’ resource categories. This new MRE represents a lithium carbonate equivalent (LCE) of 1.478 million tonnes for the Colina deposit.
What’s more, Latin Resources says the deposit remains open at depth and along strike to the southwest, where the company is busy completing systematic step-out drilling.
For reference, the previous 2022 maiden Colina MRE was 13.25Mt @ 1.21% Li2O.
Latin Resources Managing Director Chris Gale says the upgraded MRE is starting to show the ‘true potential’ of the Colina deposit.
“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”
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.”
Latin Resources says its exploration work has expanded the Colina deposit into a ‘much larger’ project than expected, with a footprint now spanning a strike length of more than 2km.
As such, looking ahead, the company plans to complete the remainder of its 65,000m diamond drilling campaign to continue expanding the Colina footprint to the west and southwest.
Alongside its planned step-out drilling, the company will drill deeper into selected areas beneath the current resource where work so far has returned some of the thickest and highest-grade intersections.
The company will also collect material for metallurgical pilot plant-scale dense media separation (DMS) testwork to help inform a definitive feasibility study for the project.
Latin Resources is an Australia-based explorer focused on a string of assets in South America and Australia. Alongside its flagship Salinas Lithium Project in Brazil’s Minas Gerais district, the company owns the Catamarca Lithium Project in Argentina, the MT03 Copper Project in Peru, and the Cloud Nine Halloysite-Kaolin Deposit in Western Australia.
Write to Joshua Smith at Mining.com.au
Images: Latin Resources Ltd