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    LRS   AU000000LRS6

LATIN RESOURCES LIMITED

(LRS)
Delayed Australian Stock Exchange  -  02:11 2022-06-29 am EDT
0.0650 AUD   -1.52%
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Latin Resources Limited Announces Diamond Drill Testing of High-Grade Outcropping Lithium Pegmatites At the Company's Second Prospect Area, the Monte Alto Prospect in Brazil

04/25/2022 | 06:20pm EDT

Latin Resources Limited announced that diamond drill testing of high-grade outcropping lithium pegmatites at the Company's second prospect area, the Monte Alto Prospect in Brazil, has commenced. The latest assays from drilling at the Company's first prospect, the Bananal Valley Prospect to the west, continue to return exceptional results. The latest results from the ongoing drilling at the Bananal Valley Prospect have returned the thickest intersection to date with 21.1m @ 1.20% Li2O from 208.8m in hole SADD006. These results have reaffirmed the Company's belief that the Salinas Lithium Project may represent a significant new lithium discovery, with lithium intersections from holes SADD005 and SADD006. These results, have now confirmed the presence of thick high-grade lithium bearing pegmatites over a strike extent of more than 600m, prompting the Company to commence a large systematic drilling campaign over the area aimed at providing sufficient data to undertake a maiden Mineral Resource Estimate ("MRE") for the Salinas Lithium Project. This resource definition drill out is expected to comprise approximately 25,000m of diamond drilling, testing a full 800m strike length of the known high-grade pegmatites, from surface to a down dip depth of around 400m. This extended strike length is based on recent positive drill holes executed on the central target, located some 300m to the north of hole SADD001. This activity, with multiple drilling rigs committed to the drill out of the project, will enable the Company to fast track its next major milestone of a maiden JORC resource. Drilling rig access to the Monte Alto site has now been established, with the drilling rig on site ready to commence coring. The Company is planning to undertake an initial 2,000m drilling campaign to test the strike extent of the outcropping spodumene bearing pegmatites, where initial sampling has returned high-grade lithium with multiple high-grade results up to 2.30% Li2O 3.


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Financials
Sales 2021 0,09 M 0,06 M 0,06 M
Net income 2021 -4,36 M -3,01 M -3,01 M
Net cash 2021 0,64 M 0,44 M 0,44 M
P/E ratio 2021 -9,27x
Yield 2021 -
Capitalization 125 M 86,2 M 86,8 M
EV / Sales 2020 202x
EV / Sales 2021 442x
Nbr of Employees -
Free-Float 91,4%
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Managers and Directors
Christopher Gale Managing Director & Executive Director
David Vilensky Independent Non-Executive Chairman
Sharnah Joanne Meier Administrator
Brent Jones Non-Executive Director
Pablo Tarantini Non-Executive Director
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