During the March quarter Latin Resources Ltd (ASX:LRS, OTC:LRSRF) continued to progress activities at its 100%-owned Salinas Lithium Project in Minas Gerais, Brazil, including the discovery of Planalto prospect — Latin’s third major spodumene discovery at the project.
Latin encountered 32.94 metres of significant intercepts (cumulative) at Planalto including 9.25 metres at 1.21% lithium oxide from 395.29 metres and 16.14 metres at 1.29% from 425 metres which included 7.14 metres at 1.63% from 434 metres.
Resource definition drilling at the Colina Deposit also delivered multiple high-grade assay results. Significantly, it returned one of the largest-ever intersections encountered at the Salinas Project with 32.92 metres at 1.62% lithium oxide from 325.19 metres, including 27.81 metres at 1.80% from 325.19 metres.
During the quarter, activities progressed in the lead-up to the definitive feasibility study (DFS), including the submission of the EIA-RIMA and selection and mobilisation of key DFS contractors. Worley Engineering was appointed as the engineering design team and MinSol Engineering as process engineers.
Latin also made changes to its executive and leadership team, which was bolstered through numerous strategic appointments. These included the appointment of Peter Oliver as executive director and chairman of the Development Committee — a move made to position the company well for the next phase of growth.
Further, during the quarter the company opened a Singapore office to support marketing and project financing work streams. Latin has received strong inbound interest in the Salinas project from Singapore and from other countries in the region.
“Another impressive quarter”
Latin Resources managing director Christopher Gale said: “This has been another impressive quarter for Latin Resources, with significant progress made at the Salinas Lithium Project including the unearthing of the Planalto prospect, our third major discovery for the project.
“Our exploration efforts at the Colina Deposit continue to yield excellent results, with high-grade assays demonstrating significant thickness in pegmatite formations, reinforcing the resource potential of the area.
“We are also advancing steadily towards the DFS milestone, with key steps such as the submission of the Environmental Impact Assessment and Environmental Impact Report completed, and a team of experts appointed to oversee and expedite the study.
“Additionally, we have strengthened our leadership team with strategic appointments, including Peter Oliver as executive director and chairman of the Development Committee, whose extensive experience will help continue Latin’s journey through developing Salinas and beyond.
“We also appointed Aaron Maurer as our chief operating officer. Aaron brings a wealth of lithium experience to LRS, having developed some of Mineral Resources lithium projects in the role of executive GM of Operations. I cannot stress enough the value of our development and now operational team leaders to take Latin into production in 2026.
“These developments underscore our commitment to unlocking the full potential of the Salinas Lithium Project and position Latin Resources for building the next sustainable lithium mining operation. We look forward to updating our shareholders as we continue on this exciting journey towards production”.
Latin ended the quarter with a healthy cash balance of $39 million at bank and $2.2 million in investments.
A reflection of the company’s strong performance, Latin was admitted to the S&P/ASX 300 Index in the March quarter.