Latin Resources (ASX: LRS) has flagged a potential new ‘high-grade’ lithium district at its Salinas Project in Brazil following the receipt of assays from a recent drilling program at the project’s Southern Target area.
The results, taken from previously-reported spodumene-bearing pegmatites, include a peak grade of 3.22% Li2O. Key assays from the first two diamond holes include:
- Hole SADD001: 4.31m @ 2.22% Li2O from 83.82m; including
- 1.13m @ 2.85% Li2O from 87.0m
- Hole SADD002: 8.13m @ 2.00% Li2O from 111.3m; including
- 1.0m @ 3.22% Li2O from 112.3m
- 3.0m @ 2.20% Li2O from 115.3m
The company notes that the two main logged pegmatites contain ‘significant’ lithium, with Pegmatite 2 displaying consistent, higher grades in both holes.
Addressing the results, Latin Resources Managing Director Chris Gale said: “These exceptional assay results from the first two holes drilled in the Salinas Lithium Project Southern Target area, are extremely pleasing, confirming that the intersected pegmatites contain significant high-grade lithium. These results continue to give us confidence that we are onto a potentially major new lithium discovery in one of the best mining jurisdictions in the world.
“These results continue to give us confidence that we are onto a potentially major new lithium discovery in one of the best mining jurisdictions in the world”
Lithium grades over two percent are not common, with most operations in Australia running between one to one and a half percent lithium. Our pegmatite Peg_2 is running grades of around two percent lithium, with a peak of over three percent over one meter, which are very high.
These assay results are only for the first two holes, we have another four holes that had thicker intersections with abundant spodumene as well. We are eagerly awaiting further assay results for these holes, which we expect to come through over the next few weeks.”
Lithium grades from both holes indicate consistent development of both Pegmatite 1 and Pegmatite 2 across 500m of strike, with the emerging pegmatite swarm remaining open in all directions.
Importantly, the pegmatites are displaying increased thickness along strike to the south, where assay results are pending for a further four holes.
The 5,338 hectare Salinas Project is located 600km northeast of Belo Horizonte in the State of Minas Gerais in Brazil, and encompasses two primary prospect areas: the 1,250 hectare Bananal Valley, and the 4,088 hectare Salinas South.
The project is in close proximity to Sigma Lithium’s Grota do Cirilio lithium deposit, reported to be the largest lithium hardrock deposit in the Americas, and which includes nine historical lithium mines.
Moving forward, infill and step-out drilling at Salinas will be focused at the project’s Southern Target area, where ‘significantly’ thicker pegmatites remain open to the south.
In addition, structural logging and petrological test work will be carried out in order to develop a detailed 3D model of the emerging pegmatite swarm.
Images: Latin Resources Limited