Latin Resources Ltd (ASX:LRS, OTC:LRSRF) has completed a diamond resource definition drilling program at the Colina Deposit within its 100%-owned Salinas Lithium Project in Brazil. The program, which began in December 2023 with 16 diamond drill rigs, concentrated on infill drilling and some limited extensional and deep drilling programs across the deposit.
The main goal was to improve JORC resource categories of the Colina mineral resource estimate (MRE). The company is now working on the MRE update and expects it to be completed later this month, following receipt of all assay results from the resource drilling program.
The current (December 2023) Salinas MRE stands at a global 70.3 million tonnes at 1.27% lithium oxide, which comprises 63.5 million tonnes at 1.3% lithium oxide at Colina MRE and 6.8 million tonnes at 0.9% lithium oxide at Fog’s Block deposit.
The upcoming 2024 MRE upgrade will be based on 304 holes for 93,909 metres of drilling, an increase of 106 holes and 28,864 metres since the last resource upgrade.
The upgraded MRE will provide the basis for the Colina definitive feasibility study (DFS), which Latin expects to release in Q3 2024. Latin says the expected improvements in resource categories will directly support the declaration of mining reserves as part of the DFS.
Additionally, Latin confirms that results have been received from six holes as part of the exploration drilling program at the high-priority Planalto prospect. Coarse-grained spodumene was visually identified across all three drill sections, demonstrating strong mineralisation characteristics consistent with the Colina Deposit.
Colina confirmed as “very consistent” deposit
Latin Resources vice president of Operations - Americas Tony Greenaway said: “With all the assay results from the extensive infill drilling program now received, the updating of the MRE for our world-class Colina Deposit is underway.
“Results for the infill campaign have confirmed that Colina is a very consistent deposit, with new results showing very similar pegmatite thicknesses and grades to the existing models. In addition, the geometry of the extensive Colina pegmatite swarm has proven to be equally as consistent, with new results matching very closely with the previously modelled resource.
“Our independent resource consultants SGS have been provided with the updated drilling database and pegmatite wireframes, and the mineral estimation process is now underway. We are expecting the MRE update to be completed soon and released to the market this month.
“The focus of drilling activities on site has now returned to exploration, with four rigs moving to the high-priority Planalto Prospect area. Early indications from the five new holes completed so far, are that the previously intersected high-grade pegmatites continue up dip to the west.
“The mineralisation intersected at Planalto is very similar to the Colina deposit, comprising very coarse-grained spodumene crystals within a clean quartz and feldspar pegmatite system.
“We are extremely encouraged by what we are seeing at Planalto including the close similarities to the Colina mineralisation and are eagerly awaiting more assay results from this emerging target.
"Planalto is a very high-priority target for us given the close proximity to the Colina Deposit and proposed processing infrastructure. Any additional minable pegmatites this close to Colina could have a significant benefit in both scale and operational optionality to the proposed mine.”
Work continues
While the Colina resource drilling program is complete — having successfully delivering increased resource tonnage and confidence at Colina — Latin continues to undertake the following drilling programs at Salinas:
- 4 rigs undertaking drilling at the Planalto prospect;
- 8 rigs undertaking sterilisation drilling as part of the Colina DFS;
- 2 rigs undertaking geotechnical drilling as part of the Colina DFS; and
- 1 rig undertaking regional exploration drilling at the southern tenements.
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