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- Latin Resources (LRS) is expecting an inferred mineral resource of 207 million tonnes of kaolinised granite for its Noombenberry Project in WA
- Within only 18 months, the company defined this maiden resource at its first kaolin-halloysite deposit, Cloud Nine, at Noombenberry
- Cloud Nine has the potential to become the single-largest undeveloped kaolin-halloysite deposit in Australia, with substantial potential for growth
- Latin will now commence technical studies to feed into a pre-feasibility study, along with its next round of drilling to commence in July
- On the market this morning, Latin is up 8.45 per cent and is trading at 7.7 cents per share
Latin Resources (LRS) is expecting an inferred mineral resource of 207 million tonnes of kaolinised granite for its Noombenberry Project in WA.
Within only 18 months, the company defined this maiden resource at its first kaolin-halloysite deposit defined within Noombenberry and was named Cloud Nine Deposit.
Cloud Nine has the potential to become the single-largest undeveloped kaolin-halloysite deposit in Australia, with substantial potential for growth.
The mineral resource includes two separate domains; 123 million tonnes of bright white kaolin-bearing material and 84 million tonnes of kaolin/halloysite bearing material.
“We are thrilled to have identified this globally significant kaolin-halloysite resource within only 18 months since acquiring the Noombenberry Project,” Exploration Manager Tony Greenaway said.
“It really puts us on the map in this emerging sector and provides a remarkable opportunity to potentially push Latin from explorer to producer within
a brief period,” he added.
Cloud Nine is located near the town of Merredin and is close to a major road and rain infrastructure. The deposit has the potential for shallow open-pit mine.
Latin will now commence technical studies to feed into a pre-feasibility study, along with its next round of drilling to commence in July.
At the end of March, the company had $4 million cash in hand with no debt, showing it is well placed for exploring the project.
“We will now look to fast track the deposit through to development as quickly as possible to take advantage of the buoyant mineral prices,” Executive Director Chris Gale said.
On the market this morning, Latin is up 8.45 per cent and is trading at 7.7 cents per share at 10:40 am AEST.
