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Mining
Latin Resources has rolled out a string of high grade drill results from a major program at the Colina Lithium Prospect in Brazil, with one hole logging an astonishing intersection at 4.22% lithium.
The first quarter of Latin Resources’ (ASX:LRS) 100-hole resource definition drill program has been completed and the number of strikes above 1% Li2O, generally viewed as the marker for economic lithium grades, is impressive.
Here they are in their full glory, with 5890m of the campaign in the bank.
To highlight how impressive results like 1m at 4.22% Li2O and 3.06% Li2O and 2.35m at 3.57% Li2O are, the highest grade lithium resource in the world is the Greenbushes mine in WA’s southwest at around 2% Li2O.
These assays at Colina show strong down dip continuity of both grade and thickness of logged pegmatites, Latin says.
A fourth diamond drill rig has now been set up on site to ramp up the efforts to define a maiden resource estimate.
The positive drilling results continue the impressive progress LRS has made at Salinas in recent times.
Regional mapping teams have also restarted field work immediately west of Colina to target a parallel pegmatite system, and further to the southeast at the Salinas South tenement where previous work has identified a rich 4km long ‘lithium corridor’.
While a number of junior lithium plays with novel extraction techniques have caught the attention of the market in recent times, LRS stands out as one of the few drilling out a substantial hard rock lithium resource.
Spodumene-bearing pegmatites like Colina, mostly found in Western Australia, are catching up to brine as the most prolific source of lithium for the battery sector, and are generally regarded as the fastest and simplest lithium operation to start up.
LRS plans to have a maiden JORC compliant resource estimate by the end of the year.
“We are very pleased with the progress being made on site in Brazil, with activity on multiple fronts including the systematic resource definition diamond drilling, and our latest results continuing to show excellent high‐grade lithium intersections and continuity of the pegmatites along strike and down dip,” LRS exploration manager Tony Greenaway said.
“We now have our fourth drill rig operational on site, so we are up and running at full speed. We have a first‐class drilling crew on site, who are maintaining high drilling production rates, and more importantly, excellent core quality coming out of the ground.
“With around one quarter of the holes now completed, we are well on track to deliver our maiden JORC Resource Estimate by the end of CY22.
“I am also pleased to have our regional teams out mapping to the west of Colina and at Salinas South where we know we have more outcropping pegmatites. Our plan is to work‐up these areas to drill‐ready status, and then in the near term commence drilling to begin testing these new areas.”
All up 29 holes and almost 6000m of the estimated 25,000m resource definition drilling program has been completed so far, with the addition of the fourth rig expected to speed up the process of defining the resource estimate.
Another nine holes have been drilled at the Monte Alto prospect.
While logging of the holes indicated pegmatites mapped at surface were somewhat continuous at depth, no material spodumene occurrences were logged in the core.
LRS says the Monte Alto pegmatites may be heterogenous, given the presence of exotic minerals in the core.
This article was developed in collaboration with Latin Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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