Latin Resources (ASX:LRS) has received economic lithium grade assays from 20 samples taken from the Maria del Huerto mining tenements in San Luis, Argentina.
The samples were taken from three pegmatites within and adjacent to old mine workings at the end of January, 2017.
Grades measured up to 1.93% lithium oxide with 5 of the 20 samples measuring above 1% lithium oxide.
Significantly, the first 400 metres of drilling at Catamarca has completed and there are clear visual signs of spodumene – drilling continues while samples have been sent for assay.
Chris Gale, managing director, commented: “The encouraging assay results from the San Luis project has now proven Latin Resources strategy of exploring known lithium occurrences to enable a fast track process to proving up a JORC Resource.”
Catamarca drilling update
Drilling recently commenced at the wholly-owned Ancasti Lithium Project in Catamarca, Argentina targeting four prospects.
The program aims to test the depth continuity and lithium content of the pegmatites that are exposed at surface both within old open pits and along strike extensions from the pit exposures.
The initial four targets are Ipizca II, Reflecto De Mar, Campo el Abra and Santa Gertrudis.
The first 400 metres of drilling has been completed at the Ipizca II concession at the Catamarca project.
There are clear visual signs of spodumene from the reverse circulation drilling program with the first round samples having now been lodged at the ALS laboratories for analysis.
The drill has now moved to the Reflejo del Mar prospect in the north of the project area.
There are eight holes planned for Reflejo del Mar but more will be added as required depending on initial results and assessment.
Analysis
Latin is now in an envious position that two of its projects have compelling results to continue the push towards its first maiden resource.
The drilling at Catamarca has shown signs of spodumene at depth, which bodes well for the pending official assay results.
At Maria del Huerto, the sample results returned have confirmed expectations that economic grades of lithium are contained within the mine exposure.
Furthermore, the adjacent pegmatite outcrops are showing elevated lithium grades in the outer zones despite being heavily weathered.
Latin aims to commence exploration and resource development drilling at this location in April-May after drill permitting.
The company continues to advance towards posting its maiden lithium resource estimate in the June quarter with mining studies expected to follow.
Latin shares are trading up over 50% year to date, currently priced at $0.02.