Latin Resources Limited (ASX: LRS) ('Latin' or 'the Company') is pleased to announce the completion of the Company's Mineral Resource update for the 100%?owned Cloud Nine Halloysite?Kaolin Deposit ('Cloud Nine') in Western Australia. The Mineral Resource has been estimated and classified by a Competent Person and is reported here in accordance with the JORC Code (2012).
PROJECT SUMMARY
The Cloud Nine deposit islocated on the Company's 100%?owned exploration licence E77/2622, which is situated ~350 km to the east of Perth and to the southeast of the town of Merredin (Figure 1 and 3). The Company controls a commanding regional tenement package (Noombenberry Project), covering over 560 km2 (Figure 2) of what the Company believes is the most prospective ground in the region to identify repetitions of the high?grade Cloud Nine deposit.
MINERAL RESOURCE ESTIMATE UPDATE SUMMARY
The updated Mineral Resource for the Cloud Nine Deposit includes an in situ Indicated Mineral Resource of 70 Mt kaolinised granite at an average Brightness ('ISO?B') grade of 81 (Table 1). In addition to the Indicated Mineral Resource is an in situ Inferred Mineral Resource of 210 Mt kaolinised granite at an average ISO?B grade of 79, for a total global in situ Indicated and Inferred Mineral Resource of 280 Mt, an increase of ~33% from the May 2021 global estimate of 207 Mt. The Inferred Mineral Resource includes an 85 Mt high?grade (>3%) portion with an average halloysite grade of 4% (Table 1).
NEXT STEPS
The Company will now enter into negotiation with potential offtake customers, which will include options to supply short?term products, as well as supplying value?added processed kaolin and halloysite products in the longer term. Excavation of the recent test pit (Figure 2) has provided the Company with valuable information to further refine preliminary assumptions, including mining and stockpile designs, mining method and equipment selection and preliminary geotechnical assumptions. Material samples will also assist with further testing and analysis to continue improving the understanding of the deposit including the overlying materialA preliminary desktop environmental study has also been undertaken on the Cloud Nine Project site. Outcomes of this study will be used to inform the scope of work required to support the pathway to apply for the relevant environmental approvals in support of the project. This information is being factored into an updated forward work plan to support the development of the Cloud Nine Halloysite? Kaolin Deposit
RARE EARTH ELEMENT (REE)
The company recently reported the results from rare earth element (REE) analyses at the Cloud Nine Halloysite?Kaolin Deposit3F 4 . The results confirmed REE mineralisation with anomalous REE concentrations in 38% of the samples. Analysis was conducted on a small random selection (one out of every 20) of existing 1000 ppm; five have TREO concentrations >3500 ppm, with a maximum TREO value of 3617 ppm. Importantly, a large proportion of the TREO encountered in analysis are the in?demand magnetic rare earth oxides (MREO), which are a critical component of high?performance magnets used for climate economy products such as electric vehicles and wind turbines. The key magnetic rare earth oxides are neodymium (Nd) and praseodymium (Pr) which form the majority of the MREO mix in the samples. The Company believes these results are encouraging and warrant further analyses to identify the extent of the REE mineralisation encountered at Cloud Nine. Latin has engaged RSC, an experienced geological consulting service company, to provide an independent review of the REE data. In compliance with ASX Listing Rule 5.8.1, the Company provides information on geology, sampling, drilling, analysis, estimation, classification, cut?off grades and mining and metallurgical considerations below.
This Announcement has been authorised for release to ASX by the Board of Latin Resources
Contact:
Chris Gale
Executive Director
Latin Resources Limited
T: +61 8 6117 4798
Fiona Marshall
Senior Communications Advisor
White Noise Communications
T: +61 400 512 109
E: info@latinresources.com.au
WEB: www.latinresources.com.au
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 projectsin commoditiesthat progress global efforts towards Net Zero emissions. The Company isfocused on itsflagship Salinas Lithium Project in the pro?mining district of Minas Gerais Brazil, where the Company has its maiden resource drilling definition campaign underway. Latin has appointed leading mining consultant SGS Geological Servicesto establish a JORC Mineral Resource and commence feasibility 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
Forward?Looking Statement
This ASX announcement may include forward?looking statements. These forward?looking statements are not historical facts but rather are based on Latin Resources Ltd.'s current expectations, estimates and assumptions about the industry in which Latin Resources Ltd operates, and beliefs and assumptions regarding Latin Resources Ltd.'s future performance. Words such as 'anticipates', 'expects', 'intends', 'plans', 'believes', 'seeks', 'estimates', 'potential' and similar expressions are intended to identify forward?looking statements. Forward?looking statements are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of Latin Resources Ltd. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward?looking statements or other forecast. Actual values, results or events may be materially different to those expressed or implied in this ASX announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward?looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Latin Resources Ltd does not undertake any obligation to update or revise any information or any of the forward?looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward looking statement is based
Competent Person Statement
The information in this ASX release that relatesto Exploration Resultsis based on information compiled by Mr Ross Cameron, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy. Mr Cameron is a full?time employee of Latin Resources Ltd. The full nature of the relationship between Mr Cameron and Latin Resources Ltd., including any issue that could be perceived as a conflict of interest has been disclosed. Mr Cameron has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Cameron consents to the inclusion in this release of the matters based on hisinformation, and information presented to him, in the form and context in which it appears. The information in this ASX release that relates to Mineral Resources is based on information compiled under the supervision of Mr Louis Fourie. Mr Fourie is a licenced Professional Geoscientist registered with APEGS (Association of Professional Engineers and Geoscientists of Saskatchewan) in the Province of Saskatchewan, a 'Recognised Professional Organisation' (RPO) included in a list that is posted on the ASX website from time to time. Mr Fourie is owner and Principal of Terra Modelling Services. The full nature of the relationship between Mr Fourie and Latin Resources Ltd., including an issue that could be perceived as a conflict of interest has been disclosed. Mr Fourie has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity of resource estimation to qualify as a Competent Person as defined in the 2012 Edition of the JORV Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Fourie consents to the inclusion in the release of the matters based on their information in the form and context in which it appears.
LATIN RESOURCES LIMITED 
