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LATIN RESOURCES LIMITED

(LRS)
Delayed Australian Stock Exchange  -  05/24 02:10:52 am EDT
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Latin Resources : High-grade Halloysite Intersected at the Cloud Nine Deposit

12/19/2021 | 05:59pm EDT

For personal use only

LATIN RESOURCES LIMITED

ACN: 131 405 144

Unit 3, 32 Harrogate Street,

West Leederville, WA

6007

P +61 8 6117 4798

E info@latinresources.com.au

W www.latinresources.com.au

20 December 2021

HIGH-GRADE HALLOYSITE INTERSECTED

AT THE CLOUD NINE DEPOSIT

HIGHLIGHTS:

  • Consecutive holes demonstrate excellent continuity of high-grade halloysite bearing kaolinised granite from within the Cloud Nine Mineral Resource area.
  • High-gradehalloysite results have been received from the next 14 holes in the geostatistical cross drilling program. Significant intersections include:
  • NBAC366: 9m @ 18% Halloysite from 28m to EOH Incl: 2m @ 47% Halloysite from 28m
  • NBAC367: 18m @ 17% Halloysite from 24m to EOH
  • NBAC368: 19m @ 23.4% Halloysite from 13m

Incl: 2m @ 50% Halloysite from 19m

  • NBAC369: 6m @ 18% Halloysite from 7m and 13m @ 19% Halloysite from 19m Incl: 2m @ 30% Halloysite from 19m
  • NBAC373: 3m @ 18% from 3m

and 15m @ 21% Halloysite from 10m

    • NBAC374: 16m @ 25% Halloysite from 9m to EOH
    • NBAC375: 9m @ 36% Halloysite from 14m to EOH
  • Moving forward, significant cost savings and improvements in sample throughput will be achieved by LRS through the approved use of the FTIR and Machine Learning (ML) approach.
  • Recent drilling results and ongoing drilling in Q1 2022 will drive an update to the JORC Resource Estimate for the Cloud Nine deposit, designed to increase confidence levels to Indicated and potentially Measured status.
  • Significant laboratory delays continue to impact the Company's ability to announce results from the Cloud Nine drilling program in a timely manner.

Latin Resources Limited (ASX: LRS) ("Latin" or "the Company") is pleased to announce that further outstanding halloysite results have been returned from ongoing XRD analysis of the close spaced drilling conducted at the Company's 100% owned Noombenberry Kaolin-Halloysite Project near Merredin, Western Australia (Appendix 1).

Page 1 of 36

For personal use only

Within the Noombenberry Project, the Company has identified and reported a JORC-2012 Inferred Mineral Resource of 207Mt of kaolinised granite at the Cloud Nine deposit, which includes separate domains containing 123Mt of bright-white kaolinite and 84Mt of kaolin/halloysite-bearing materiali.

The most recent halloysite results further demonstrate the consistent nature of the high-grade halloysite bearing material within the area tested at Cloud Nine and further strengthens Noombenberry's position as a globally significant halloysite project.

The Company will report the XRD results from the remaining 12 drill holes from the close-spaced geostatistical cross drilling program, as they become available.

Results received to date have confirmed that both the thickness and brightnessof the kaolinised granite is extremely consistent within the area tested. A near surface blanket, up to 28 metres thick, of ultra-bright (>80 ISO-B) kaolinitic material and significant halloysite bearing material was defined over an area approaching one square kilometre (Figure 2, Figure 3, and Figure 4).

Page 2 of 36

For personal use only

Halloysite results from ongoing XRD analysis

The next 14 drillholes to be analysed from the recent drilling program have returned more outstanding results, containing consistent widths of high-grade halloysite material in consecutive holes, further confirming the high quality of the area tested.

The drilling also highlighted a second near surface blanket of halloysite bearing material (Figure 3) in addition to the "headline" halloysite intersections reported.

Exceptionally high-grade halloysite intersections, including 47% and 50% halloysite, were encountered within the broader high-grade halloysite zones.

Page 3 of 36

For personal use only

Significant results received from the east-west cross section include:

  • NBAC365: 18m @ 17% Halloysite from 13m to EOH Incl: 6m @ 29% Halloysite from 15m
  • NBAC366: 9m @ 18% Halloysite from 28m to EOH Incl: 2m @ 47% Halloysite from 28m
  • NBAC367: 18m @ 17% Halloysite from 24m to EOH
  • NBAC368: 19m @ 23.4% Halloysite from 13m

Incl: 2m @ 50% Halloysite from 19m

  • NBAC369: 6m @ 18% Halloysite from 7m and 13m @ 19% Halloysite from 19m Incl: 2m @ 30% Halloysite from 19m

Significant results received from the north-south drilling include:

  • NBAC371: 6m @ 20% Halloysite from 12m and 1m @ 30% Halloysite at EOH
  • NBAC373: 3m @ 18% Halloysite from 3m and 15m @ 21% Halloysite from 10m
  • NBAC374: 16m @ 25% Halloysite from 9m to EOH
  • NBAC375: 9m @ 36% Halloysite from 14m to EOH
  • NBAC376: 3m @ 25% Halloysite from 21m to EOH

Twelve holes from the southern end of the 40-hole geostatistical cross drilling program have halloysite results pending.

Page 4 of 36

For personal use only

Alternate Halloysite and Kaolinite Analysis Pathway Development

As part of the mineral resource estimate for the Cloud Nine kaolin-halloysite deposit, the Company's Resource Consultants, RSC and its partners, developed a novel machine learning (ML) algorithm, which provides a cost- and time-efficient quantification of kaolinite and halloysite, delivering fit-for-purpose results.

Cloud Nine - Next Steps

The Company is progressing initial desktop scoping studies, including detailed metallurgical test work, updating of the geological model and other preliminary studies.

It is anticipated that this work will lead to an upgrade of the Maiden JORC Inferred Mineral Resources, once all results from the infill drilling have been received. It is expected that this will result in an increase in the JORC classification to Indicated status, with the potential to bring some areas into the Measured Status.

Other site works proposed for the new year include additional geotechnical drilling, bulk sampling for additional metallurgical test work and the production potential offtake product samples, baseline environmental studies and preliminary mine design and costings.

More details of the planned works will be provided in due course.

This Announcement has been authorised for release to ASX by the Board of Latin Resources.

For further information please contact:

Chris Gale

Andrew Rowell

Executive Director

Senior Communications Advisor

Latin Resources Limited

White Noise Communications

+61 8 6117 4798

08 6374 2907

info@latinresources.com.au www.latinresources.com.au

Page 5 of 36

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Latin Resources Limited published this content on 19 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 December 2021 22:59:06 UTC.


© Publicnow 2021
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