Latin Resources (ASX: LRS) has announced the discovery of thick pegmatites hosting visible spodumene at its Salinas Lithium Project in Brazil.
The discovery was made after the completion of the project’s maiden diamond drilling campaign, with all 6 holes identifying multiple spodumene-bearing pegmatites.
The company also notes that the results prove a strong continuity of pegmatites both along strike and down dip, with the emerging cluster remaining open in all directions, and individual pegmatites measuring up to 21.1m in true thickness
Speaking on the results, Latin Resources Managing Director Chris Gale said: “The whole team at Latin Resources is ecstatic about the continual positive drilling results from our Salinas Lithium Project. The growing thickness along with the rich spodumene pegmatites is further indication that Latin may have a very compelling lithium project on its books.
“The growing thickness along with the rich spodumene pegmatites is further indication that Latin may have a very compelling lithium project on its books”
We look forward to receiving the assay results from these spodumene pegmatites in the next few weeks. The companies market cap is approximately $60m, and much lower than our lithium peers, which we expect offers strong potential for re-rating as positive assay results confirm the strength of the Salinas Project.”
The company believes these results provide further potential for a compelling lithium project as they await further assay results from samples collected during the recent drilling campaign.
The Salinas Project is located 10km outside of the town of Salinas within the Brazilian state of Minas Gerais, approximately 600km north-east of the major commercial centre of Belo Horizonte. It includes both the 1,250 hectare Bananal Valley and the 4,088 hectare Salinas South prospects.
Latin expects to finalise priority-1 drilling within the project’s southern target area during the coming week as they prepare to extend drilling 500m to the north. This will include an initial 5 holes on three drill sections, and comes after initial mapping and outcrop sampling found that pegmatites extend into this area.
Images: Latin Resources Ltd