Company
ASX:LRS
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 Colina Lithium Project in the pro-mining district of Minas Gerais Brazil, where the company has defined a maiden mineral resource of 45.2 million tonnes at 1.32% lithium oxide, reported above a cut-off of 0.5% lithium oxide.
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Latin Resources' is expediting exploration by identifying and securing quality lithium bearing ores in Argentina. The company also has exclusive access to the L-Max technology. The next key catalyst will be securing ground.
The fund raising is amidst a tripling in the Latin Resources share price as investors look to the exploration upside at the company's South American projects.
Latin Resources and local partner Compania Minera Zahena are quickly improving the investment case for the Ilo Este porphyry copper project in Peru, with the latest drilling returning visible copper-bearing mineralisation.
Latin Resources has given itself an opportunity to transition into a small scale copper producer in a leading mining jurisdiction which houses global heavyweights Anglo America, Freeport and Antofagasta. Any copper rich ores produced could
Latin Resources is set to begin drilling imminently at its Ilo Este copper porphyry project in Peru, where a joint venture with a local explorer is targeting a region known to host 125 billion pounds of contained copper.
Proceeds from the placement of $500,000 worth of shortfall shares will be used to pay the Junefield convertible note and progress the company’s projects in South America. It is seeking investors to repay the balance of the shortfall.
The new porphyry copper target under the desert sands in southern Peru will be the subject of further activity over the coming months. Latin and First Quantum are on the way to unlock the potential of their strategic concession holding.
Latin Resource's PLR Services is forecast to generate sales of at least US$223,600 in 2015. The company expects proposals in the second half to provide additional 2015 income and so doing achieve what most juniors will never do.
The Filipina Project has the potential to be a cash flow producing and value creating opportunity for Latin Resources. The company now has an exclusive 45 day period to complete a due diligence to ascertain a project valuation.
