Latin Resources Ltd (ASX:LRS, OTC:LRSRF) has discovered a third significant spodumene occurrence at the Colina Deposit within the company’s 100%-owned Salinas Lithium Project in Brazil.
The discovery highlights the significance and scale of the project, with the proven potential to host further discoveries and host a world-class global tier-one lithium mineral resource.
Visual results have confirmed this third major spodumene discovery, Planalto — within the Salinas lithium corridor — which has similar mineralisation characteristics to the high-grade Colina Deposit.
Drill hole SADD223, which is around 1.8 kilometres southwest of Colina, encountered around 45 metres of cumulative spodumene with abundant coarse-grained spodumene observed.
The hole was drilled to a final depth of 450 metres, intersecting pegmatites with about 45 metres of cumulative spodumene mineralisation, including one single spodumene-rich pegmatite of more than 18 metres. Significant intercepts include 9.25 metres from 395.29 metres and 18.07 metres from 424.22 metres.
SADD223 forms part of the regional scout drilling program, included in the broader 65,000-metre drilling program.
Latin says the success of this first scout drilling program — intersecting around 45 metres of cumulative spodumene mineralisation from a completely blind interpreted target location — fully validates the exploration model and provides many more similar targets to test.
Follow-up drilling planned
Assays for SADD223 are pending and the market will be updated of these once received.
In the absence of assay results, Latin remains highly encouraged that the spodumene mineralisation encountered in SADD223 core directly relates to the Colina mineral resource and forms part of the same prospective mineralised system, potentially increasing the Colina resource size and tonnage.
The company intends to undertake follow-up drilling of SADD223 to rapidly assess the up-dip extensions to fully understand, delineate and assess the scale potential of this major new spodumene-bearing pegmatite discovery at Colina.
“A major step forward”
“Our latest spodumene discovery at Planalto is a major step forward in the delineation of a world-class global mineral resource at our Salinas Project,” said Latin Resources vice president of operations - Americas Tony Greenaway.
“With a resource upgrade expected for our flagship Colina Deposit due out in a matter of weeks and our ongoing drilling at Fog’s block continuing to show strong spodumene mineralisation; this latest discovery almost two kilometres to the southwest of Colina proves that we are only just starting to uncover the project’s full potential.
“We will continue to aggressively drill across multiple centres throughout 2024 with the aim of declaring maiden resource estimates for Fog’s Block and now our new Planalto prospect.
“We have always maintained a goal of reaching a global combined resource of around 80-100 million tonnes at Salinas.
"Now with three major spodumene discoveries within easy trucking distance of the proposed centralised process facility, the Salinas Project is well positioned to achieve our ambitions.”
Colina Deposit plan, showing location of the new discovery in relation to the Colina MRE and within the prospective lithium corridor.
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