Latin Resources Ltd (ASX:LRS) is raising circa A$1.5 million via a placement of shares at $0.0035 each to progress the exploration work on its lithium targets in Argentina.
The shares, along with one-for-two free attaching options, will be issued to sophisticated and professional investors.
The funds raised from the placement will be used to further exploration work on the lithium targets identified in Argentina and maintain Latin’s Peruvian mineral properties in good standing.
Latin recently signed an agreement that gives the company a direct path to 100% ownership of the prized Geminis Mine and surrounding Don Gregorio concessions, located in Argentina.
The company’s technical team has rated the spodumene mineralisation at the mine as the best they had explored in the country.
The main pegmatite is up to 18 metres thick, and more than 200 metres long, while gently dipping at 20-30 degrees.
The area contains multiple similar unexplored pegmatites.
Interestingly, the individual pegmatites vary from 4 metres up to 20 metres in thickness and dip at between 15 to 30 degrees, which is an ideal orientation for any future possible open pit mining.
Mining at Geminis began in the 1930’s and continued until 1959.
Since then very sporadic mining has taken place but there has been no recent activity.