Latin Resources Ltd (ASX:LRS) (FRA:XL5) directors David Vilensky and Chris Gale have demonstrated their support for the company’s multi-commodity strategy across its halloysite, lithium, gold and copper projects in Australia and South America, including Argentina.
The directors exercised a combined total of 16,826,848 LRSOC options to acquire 16,826,848 fully paid ordinary shares for a total consideration of $201,922.
Euroz Hartleys Limited has also exercised 8,500,000 LRSOC options for a consideration of $102,000.
The LRSOC options exercised from December 1, 2020, to March 2, 2021, total 99,965,400 - bringing in funds of $1,199,585 to the company.
“Vote of confidence”
Latin Resources executive director Chris Gale said: "The exercise of options by directors of the company, including the chairman, is extremely pleasing and a solid vote of confidence in the company, its projects, its people and its strategy going forward.
“With close to $1.2 million being banked by the company in the last 3 months from the exercise of options, it also affirms that well-priced options are an underrated source of new capital into the company."
Salinas Lithium Project plans
The company plans to start extensive exploration on the Salinas Lithium Project (held by 100%-owned Brazilian subsidiary, Mineracao Ferro Nordeste) in the near term.
This project sits in the Jequitinhonha Valley region of Minas Gerais a lithium-rich but underexplored region which hosts the Eastern Brazilian pegmatite province, home to Sigma Lithium and lithium producer Companhia Brasileira de Lítio (CBL).
Latin has appointed local geologists to carry out fieldwork on the Salinas tenements with the key objective to define drill targets and to begin drilling in the second quarter of 2021.
Noombenberry Project potential
Recent sampling at the company’s Noombenberry Project in Western Australia has highlighted the potential scale of the high-quality kaolinite and high-grade halloysite mineralisation within the project, where the company is engaged with independent consultants to generate its maiden JORC resource.
Results from four float samples collected from dam walls have confirmed bright white and ultra-bright white kaolin.
The company has land access agreements in place covering these areas and will progress to systematic drill testing of these new areas as a priority once the new tenements are granted.