Latin Resources Ltd (ASX:LRS) is now operating at full capacity at the Colina Lithium Deposit in Brazil and is well on track to deliver its updated mineral resource estimate (MRE) in June.
So far, Latin has completed 126 holes for 36,130 metres covering an area of 1,700 metres by 900 metres to a depth of 375 metres and has its full complement of eight rigs on site including those capable of drilling large diameter core for the proposed metallurgical test work.
Following a $37.1-million raise in a well-received placement full of battery metals heavy hitters as well as Brazil’s largest investment bank, Latin has a cash balance of around $57 million (before costs) and is fully funded for the aggressive resource definition program.
Managing director Chris Gale spoke with Proactive about the raise and its road to the MRE.
Assays at Colina continue to impress
The latest results continue to show continuous high-grade pegmatites persist to the southwest, with the Colina pegmatite system open in all directions.
Latest results include:
- SADD072: 10 metres @ 1.38% lithium (Li2O) from 174.87 metres;
- SADD085: 5.10 metres @ 1.58% Li2O from 248.65 metres;
- SADD086: 13.52 metres @ 1.25% Li2O from 306.07 metres and 12.04 metres @ 1.40% Li2O from 337.85 metres;
- SADD087: 9.02 metres @ 2.06% Li2O from 221.39 metres
- SADD088: 15.42 metres @ 1.48% Li2O from 288.64 metres and 12.65 metres @ 1.44% Li2O from 327.04 metres;
- SADD089: 18.21 metres @ 1.90% Li2O from 212.72 metres and 16.12 metres @ 1.55% Li2O from 302.69 metres;
- SADD091: 15.92 metres @ 1.64% Li2O from 290.29 metres;
- SADD092: 16.12 metres @ 1.23% Li2O from 202.92 metres; and
- SADD095: 10.77 metres @ 1.39% Li2O from 210.81 metres.
Colina Deposit drill collar plan highlighting potential MRE growth areas, including Colina West and Colina South.
Delivery of impressive results at Colina continues ahead of MRE
As the eight rigs continue to do their job at Colina at the budgeted rate, the company is well placed to finish all of the planned in-fill and extension drilling on time for the cut-off date for the data needed for the MRE.
Latin is working closely with Canadian-based outfit SGS Geological Services, who will undertake the MRE update and has developed resource wireframes extending the existing 13.3 Mt Colina block model at depth, as well as those enveloping the extensive new pegmatites encountered to the west and southwest.
These updated wireframes will be supplied to SGS and will form the basis of the new MRE.
“We are very impressed with the consistent thick high-grade intercepts at Colina,” Latin Resources’ VP of Operations – Americas, Tony Greenaway said.
“These new results bode very well for our resource upgrade in June. We now have our full contingent of eight drilling rigs operating on site at Colina, including are larger track mounted machine. With our resource definition drilling program well on track for the planned mid-May cut-off for the Colina resource update, we are now looking at our next phase of work.
“This will include drilling a series of large PQ diameter holes for our detailed metallurgical test work program, testing some of our regional tenements including Salinas South, testing several new high-priority target areas directly adjacent along strike to the southwest of Colina, as well as resource infill drilling at Colina itself.
"This work will be on-going throughout 2023, with the rigs spinning at full speed through until mid-December, in parallel with our detailed feasibility study work for Colina.”
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