Latin Resources ‘onto something significant’ as high grade lithium results roll in from Colina
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The high grade Colina prospect at Latin Resources’ Salinas project in Brazil is emerging as a major spodumene-bearing pegmatite, with lithium mineralisation extending now for over a kilometre.
The latest diamond drill results released to market bv Latin Resources (ASX:LRS) from the northern extremities of Colina have returned seriously economic grade results as high as 2.27% lithium oxide.
Recent assay results include:
Logging of drill core for future assay has confirmed these high grade pegmatite remain open to the south, with spodumene-bearing pegmatites of 14.68m and 14.41m logged in the project’s southernmost holes.
The lab results and drill campaign have established Colina as a significant hard rock lithium prospect.
“These latest assay results from Colina are very pleasing, extending our zone of high-grade lithium by roughly 250m to the north,” LRS exploration manager Tony Greenaway said.
“We are continuing to get excellent high-grade results in from our sampling, and now have confirmed high-grade lithium intercepts over a strike length of approximately 900m and combined with drilling further to the south showing good spodumene mineralisation in drill core, we now have a strike of over one kilometre to test with our resource definition drilling.
“The more we drill at Colina, the more confident we are becoming that we are on to something very significant. We are working with a range of consultant groups, including mining and metallurgical groups to commence preliminary study work.”
Drilling is now in resource definition mode, with Latin aiming to test the full strike extent of the pegmatite to 400m down dip with 100 by 50m spacing.
That drilling will be used to calculate a maiden resource for Colina, due for release in December this year.
It is a good time to be drilling for spodumene, with prices still circling record highs on bursting demand for electric vehicle and lithium ion batteries.
Pilbara Minerals highlighted the desperation of customers of hard rock lithium last month, selling a cargo of sub-grade 5.5% spodumene concentrate for almost US$6000/t, around 12 times its cost base.
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.