Latin Resources Ltd (ASX:LRS) has intersected a wide spodumene pegmatite intersection of 27.78 metres in the first hole of a resource definition drilling program at the newly minted Colina Prospect of Bananal Valley-Salinas Lithium Project in Brazil, evidence of the prospectivity of the target.
The company is undertaking 25,000 metres of systematic resource definition diamond drilling at the Colina Prospect, where previous drilling returned thick, high-grade lithium results of up to 3.22% lithium oxide.
“Colina Prospect location map, Salinas Lithium Project, Brazil.
Additionally, Latin is investigating the Monte Alto Prospect with an initial three-hole program, testing outcropping pegmatites mapped at surface.
“Significant milestone”
“The commencement of the resource definition drilling campaign at our newly named Colina Prospect in the Bananal Valley, Brazil, marks a significant milestone for the company,” Latin Resources managing director Chris Gale said.
“The speed at which we have moved to resource definition drilling is a measure of the company’s belief that we have made a significant new lithium discovery.
“Results have only continued to get better with more drilling, returning some exceptional grades from wider pegmatite zones.
“Our confidence has been further boosted with the completion of the first hole of the resource definition campaign intersecting a pegmatite which is over 27 metres thick, with a core of over 21 metres logged with a high abundance of spodumene.
“While this is early days in the large 25,000-metre campaign, the company is committed to fast-tracking the project toward the estimation of a maiden JORC mineral resource by the end of the year.
“We have boosted our technical team in Brazil to accommodate the increased drilling pace, with our Australian-based exploration manager currently on site in Brazil to help facilitate the ramp-up in activity.
“We are also very pleased to be drilling at our second target area, the Monte Alto Prospect, with the scout drilling campaign well on the way.”
Establishment and drill-rig set-up of drill hole MADD003, Monte Alto Prospect – Salinas Lithium Project, Brazil.
Latin Resources has rapidly expanded its tenure in the Bananal Valley area in recent weeks, bringing its total landholding in the district to 6,230 hectares over a large lithium corridor.
The company now has multiple drill-ready targets to pursue on top of the current program of resource definition drilling, offering an enviable portfolio of lithium prospects to be investigated.