Latin Resources Ltd (ASX:LRS, OTC:LRSRF) has received more impressive high-grade assays from the latest diamond resource definition drilling program at the Colina deposit within the Salinas Lithium Project in Brazil.
The latest round of assay results have revealed significant intercepts from resource expansion drilling at the Colina Deposit and Fog’s Block target, where outstanding results continue to improve the mineralised footprint of Colina and firm a new mineral resource potential at Fog’s Block.
Sectional view of Colina Deposit looking northwest with new drilling results showing the growth in the resource with developing stacked pegmatites developing at depth.
Multiple high-grade intercepts have emerged beyond the current Colina mineral resource boundary and along its margins.
A total of 10 rigs are now operating on site, undertaking the balance of the 65,000-metre diamond drill program throughout the remainder of the year.
The ongoing drilling programs continue to yield more information about the possible scale, importance and expansion possibilities of the Colina Deposit.
The company says that at least 10 diamond drill rigs will continue to operate at Salinas through 2024, where it expects the global JORC mineral resource to grow significantly as additional drilling programs are implemented.
Mineral resource upgrade next month
An upgrade of the current Colina mineral resource estimate — 45.2 million tonnes at 1.32% lithium oxide — is expected in December, once all assay results from the latest resource expansion drilling program have been received.
Since the previous resource estimate in June 2023, a further 53 holes for 23,617 metres of drilling have been drilled at Colina, plus 13 diamond drill holes for 4,575.7 metres at the Fog’s Block target.
Continued solid results
Latin Resources vice president of Operations - Americas Tony Greenaway said: “We continue to see solid results coming out of our drilling at Colina. This latest update represents a solid five months of drilling which was focused on extending the Colina Deposit to the southwest along the Salinas Lithium Corridor, as well as infilling parts of the existing resource model.
“The geology team on site have been working closely with our independent resource consultants SGS Geological Services to construct the new wireframes and compile all the necessary data to update our resource model which will form the basis of the DFS which is scheduled for completion in mid-2024.
“Drilling has not stopped on site, with all 10 rigs still turning. We have moved our focus to predominantly infill drilling within the new resource footprint, with the aim of increasing the resource classification to enable the declaration of mining reserves as a part of the DFS process.”
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