Latin Resources (ASX:LRS) builds confidence in Salinas

• Latin Resources’ (LRS) first drill hole at the Salinas Project in Brazil intersects three separate spodumene-bearing pegmatites
• The company identified priority drill targets through surface sampling which returned results including 2.7 per cent and 1.5 per cent lithium oxide
• The company says it is planning to drill 14 diamond holes for a total of 2000 metres in the first phase of drilling
• Latin Resources Managing Director Chris Gale says the results represent a very good start to the company’s drilling campaign
• Shares close up 23.5 per cent to trade at 4.2 cents

Latin Resources’ (LRS) first drill hole at the Salinas Project in Brazil has intersected three separate spodumene-bearing pegmatites which it describes as a lithium corridor.

The company believes the first hole drilled proves its concept for the region and has greatly enhanced the potential for a significant lithium discovery in the Bananal Valley.

The company identified priority drill targets through surface sampling which returned results including 2.7 per cent and 1.5 per cent lithium oxide.

The company said it is planning to drill 14 diamond holes for a total of 2000 metres in the first phase of drilling.

Latin Resources Managing Director Chris Gale says the results represent a very good start to the company’s drilling campaign.

“Our team in Brazil have proved the concept of lithium-bearing pegmatites so Latin Resources could now potentially be on the cusp of a major new lithium discovery in the Bananal Valley,” he said.

The company said its field team will prioritise the logging and sampling of the first hole so that it can confirm the grades of the spodumene pegmatites.

Shares have closed up 23.5 per cent to trade at 4.2 cents.