Latin Resources (ASX:LRS) has received the first assay results from reverse circulation drilling at its Ancasti Lithium Project located in Catamarca, Argentina.
Results from the first six holes include encouraging intersections such as 7 metres at 2.17% lithium oxide.
The initial six holes drilled had lithium grades of over 1% in three of the six holes.
Chris Gale, managing director, commented: “These first assays are extremely encouraging displaying high grade spodumene at depth.
“This result is once again proving our theory that the historical lithium mines that we have secured are potentially very economic.”
Drill result details
Current drilling is targeting an initial four targets being Ipizca II, Reflejos De Mar, Campo el Abra and Santa Gertrudis.
At Reflejos del Mar there has been 14 holes completed for 900 metres of drilling.
Assays have been received for the first 6 holes which includes:
- 1 metres at 0.60% lithium oxide;
- 6 metres at 1.12% lithium oxide;
- 7 metres at 2.17% lithium oxide;
- 3 metres at 2.77% lithium oxide; and
- 1 metre at 1.24% lithium oxide.
Assays from the remaining 8 holes will be analysed and released in the coming weeks.
The rig will move to Santa Gertrudis this week where it will continue the first pass drilling program.
Analysis
The aim of the first pass drilling program is to provide initial information on four of the eleven quality pegmatites that make up the Ancasti Lithium project and the lithium mineralisation encountered is an encouraging start.
Latin Resources has ample opportunities for discovery given the large scale of untested exploration ground throughout its Argentinian lithium projects.
Furthermore, it will remain leveraged to exploration based news flow in the short term with drilling ongoing and assays pending.
Shares are trading up 40% through 2017, currently priced at $0.017.
Latin’s strategy is to become a minerals supplier to the electric battery and storage market through both lithium and cobalt exploration.