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- Latin Resources (LRS) begins a resource definition drilling campaign at its Bananal Valley project in Brazil
- The drilling will consist of 100 holes for up to 25,000 metres at the Colina prospect
- Latin says the first hole completed in this program intersected a wide 27.78-metre pegmatite
- Geological logging identified a central core zone of over 21 metres with a visual estimate of over 20 per cent spodumene in this intersection
- Shares in Latin Resources are down 10.71 per cent and trading at 12 cents each at 10:16 am AEST
Latin Resources (LRS) has begun a resource definition drilling campaign at its Bananal Valley project in Brazil.
The drilling will consist of 100 holes for up to 25,000 metres at the Colina prospect.
The company has already completed the first hole of the campaign, intersecting a wide 27.78-metre pegmatite. Geological logging identified a central core of over 21 metres with a visual estimate of over 20 per cent spodumene in this intersection.
Latin Resources Managing Director Chris Gale said the company was confident it had made a significant new lithium discovery.
“While this is early days in the large 25,000-metre campaign, the company is committed to fast-tracking the project toward the estimation of a maiden JORC mineral resource by the end of the year,” he said.
“We have boosted our technical team in Brazil to accommodate the increased drilling pace, with our Australian-based exploration manager currently on-site in Brazil to help facilitate the ramp-up in activity.”
In addition to the Colina drilling program, the company has begun drilling at the Monte Alto prospect, at which it plans to test outcropping pegmatite mapped at the surface.
