Latin Resources skyrockets 66pc on lithium technology deal

Latin Resources took off yesterday after the Argentina-focused explorer inked a deal to acquire a patented lithium extraction technology.

Latin (ASX:LRS) secured a lithium extraction technology developed by the National University of Cuyo in Mendoza, Argentina.

The deal gives Latin exclusive use of the technology in Argentina, Australia, China, Canada and the United States.

Investors liked the news with stock finishing the day 67 per cent higher at 0.5c. Some 64.5 million shares changing hands by the closing bell.

The technology will allow Latin to develop its large scale hard rock spodumene pegmatite projects in Argentina into lithium carbonite production.

Latin is ramping-up exploration over 101,450 hectares of exploration concessions in the lithium pegmatite districts of Catamarca and San Luis Provinces, Argentina.

Its focus is on developing a JORC-rated resource for its Argentina projects and then moving onto design phase for a spodumene concentrate plant.

JORC compliance refers to the mining industry’s code for reporting exploration results, mineral resources and ore reserves, managed by the Australasian Joint Ore Reserves Committee.