Join our daily newsletter At The Bell to receive exclusive market insights
- Latin Resources (LRS) has received results from its drilling program at the Cloud Nine Deposit, located within the Noombenberry Project
- Results confirm both the thickness and brightness of the kaolinised granite is consistent within the area tested
- Notably, these results have exceeded Latin’s expectation and have given Latin the confidence to step-up the pace of its preliminary mining studies
- On the market this morning, Latin is up 3.57 per cent and is trading at 4.4 cents per share
Latin Resources (LRS) has confirmed bright zones of kaolinite and high-grade halloysite at Cloud Nine Deposit, located within the Noombenberry Project.
The company has been undertaking drilling to increase the current inferred mineral resource estimate (MRE) to a JORC indicated and potentially measured classification.
Earlier this year, Latin announced a maiden MRE of 207 million tonnes of kaolinised granite, which includes separate domains containing 123 million tonnes of bright-white kaolinite and 84 million tonnes of kaolin/halloysite-bearing material.
As part of the focused advancement of Cloud Nine, the company has completed a series of close spaced aircore drillholes at 50 metre centres as part of a wider infill and extension drilling campaign.
Results from this work have confirmed that both the thickness and brightness of the kaolinised granite is consistent within the area tested.
The recent results from Cloud Nine include 10 metres at 85.8 ISO-B from 10 metres and 24 metres at 83.4 ISO-B from 14 metres.
Over at Geostatistical Cross, Latin has received results from the first 14 holes, significant intersections include 12 metres at 25 per cent halloysite from 34 metres and 12 metres at 24 per cent halloysite from 32 metres.
Notably, these results have exceeded Latin’s expectations.
Exploration Manager Tony Greenaway said the latest results “are exceptional.”
“They have exceeded our expectations, in that they have shown that for this area, the thickness and brightness of the kaolinite zone and grades of the halloysite zone are far better than our Inferred block model suggests,” Mr Greenaway said.
“This finding will have a significant impact on our next phase of resource estimation as we look to upgrade our model from Inferred to Indicated and potentially Measured in this area.
“These results have also given us the confidence to step-up the pace of our preliminary mining studies, as we move to fast-track the Cloud Nine Deposit towards a potential DSO operation.”
On the market this morning, Latin was up 3.57 per cent and is trading at 4.4 cents per share at 11:37 am AEDT.
