Latin Resources Limited (ASX: LRS) ('Latin' or 'the Company') is pleased to provide an update on the Colina resource definition drilling program, now complete at the Company's 100% owned Salinas Lithium Project ('Salinas') in Brazil.
Latin Resources' VP of Operations - Americas, Tony Greenaway commented: 'With all the planned drilling for our MRE upgrade now complete and assay results received, SGS has commenced the resource estimation process and this is on track to be released in June. We are all eagerly awaiting the outcome of this process, as we believe that we will see a significant expansion in the JORC resource for Colina, given the exceptional results we have been seeing in our drilling this year. 'Our drilling rigs are still turning on site, with all eight rigs operational. This next phase of drilling will focus on the continued expansion of the Colina deposit to the south-west, where our high-grade mineralisation remains open, infill drilling to increase the JORC classification of the defined resources, and testing of new areas along strike, where our regional teams have identified multiple new target areas through mapping and geochemical sampling.'
Resource definition drilling
The Company's diamond resource definition drilling campaign ('Program'), aimed at providing sufficient drill coverage for the Colina Mineral Resource Estimate ('MRE'), is now complete, with all assay results received from the laboratory. The successful Program comprised a total of 135 drill holes for 39,033m of drill core, which represents an additional 88 holes and 28,505m over and above the 47 holes and 10,528m used in the Company's maiden MRE released on 8 December 2022. SGS Geological Services ('SGS') in Canada has been appointed to undertake the independent update of the Colina MRE, which is expected to be completed in late June. The Program at Colina had the main objective of increasing the overall resource base at Colina along with increasing the confidence level of the lithium orebody by converting a significant amount of Inferred Resource into the Indicated Resource category. In doing so, the Company has developed and supplied SGS with updated wireframes of the Colina pegmatite mineralisation, which are expected to significantly expand the existing 13.3Mt @1.2% Li2O resource1 (2.08Mt @ 1.21% Li2O Indicated and 11.17Mt @ 1.21% Li2O Inferred) by incorporating new high-grade pegmatite swarms encountered to the west and southwest of the Colina Deposit. Final assay results from the Program have been successful in confirming both the grade consistency and pegmatite continuity, with the Colina Deposit growing significantly in size with each step-out drillhole. The Company remains confident that the balance of the 65,000m drilling campaign, which is expected to be completed in late 2023, will unlock further value from the Colina Deposit. All drillhole collars and significant intercepts that will comprise the Colina MRE update are tabulated in Appendix 1
Next steps
Strong indications are present for continuation of the pegmatite mineralisation beyond the Colina MRE area and toward the south-west, with the Company focusing drilling efforts on these areas throughout the remainder of 2023.
Drilling at Colina will continue to operate at full capacity following the MRE update, with all eight diamond drilling rigs remaining on site through the balance of 2023, fulfilling the Company's commitment to drill 65,000m. The focus of the drilling will now be split as follows: Ongoing systematic step-out drilling to the southwest of Colina, where the high-grade lithium mineralisation remains open.
Targeted large diameter PQ drilling to provide material for metallurgical pilot plant scale Dense Media Separation ('DMS').
Drill testing of several new target areas identified within the 'Colina Corridor' through ongoing regional exploration mapping and geochemical sampling.
Following the announcement on 23 March 2023, the Company confirms the Preliminary Economic Assessment ('PEA') will be defined further after the release of the Colina MRE update in June 2023, allowing the updated MRE to be incorporated in the PEA study metrics.
The Company still intends to move directly to a Definitive Feasibility Study ('DFS'), immediately following the release of the PEA, and with progressing other works including large scale DMS test work of the Colina lithium ore.
The Company is debt free and currently has cash in the bank of $50.2 million at 30 April 2023.
Contact:
Tel: +61 8 6117 4798
Email: fiona@whitenoisecomms.com
About Latin Resources
Latin Resources Limited (ASX: LRS) is an Australian-based mineral exploration company, with projects in South America and Australia, that is developing mineral projects in commodities that progress global efforts towards Net Zero emissions. The Company is focused on its flagship Salinas Lithium Project in the pro-mining district of Minas Gerais Brazil, where the Company has defined a Maiden Mineral Resource Estimate of 13.3Mt @ 1.2% Li2O with an exploration target of 22Mt at its Colina Deposit. Latin has appointed leading mining consultant SGS Geological Services to undertake feasibility and metallurgical studies at the Salinas Lithium Project. Latin also holds the Catamarca Lithium Project in Argentina and through developing these assets, aims to become one of the key lithium players to feed the world's insatiable appetite for battery metals. The Australian projects include the Cloud Nine Halloysite-Kaolin Deposit. Cloud Nine Halloysite is being tested by CRC CARE aimed at identifying and refining halloysite usage in emissions reduction, specifically for the reduction in methane emissions from cattle.
LATIN RESOURCES LIMITED 
