- Latin Resources (LRS) has returned high grade lithium results from its Salinas Lithium Project in Brazil
- The news follows the re-signing of a highly prospective tenement with known outcropping high-grade lithium spodumene bearing pegmatites
- The company also re-signed and extended an exclusive two-year option on the Bananal agreement, giving LRS the option to acquire a 100 per cent interest in the tenement
- Latin says its next step will be to identify high profile lithium drill targets and commence drilling
- Latin Resources dropped 6 per cent, trading at 4.7 cents at 12:45 pm AEDT
Latin Resources (LRS) has returned high grade lithium from its Salinas Lithium Project in Brazil.
The news follows the re-signing of a highly prospective tenement with known outcropping high-grade lithium spodumene bearing pegmatites.
Two samples taken from the area returned grades of 2.71 per cent lithium oxide and 1.45 per cent lithium oxide, respectively.
The company also re-signed and extended an exclusive two-year option on the Bananal tenement agreement, giving Latin the option to acquire a 100 per cent interest in the tenement, contiguous with its existing Bananal Valley Project.
The Bananal Valley forms part of Latin’s larger Salinas Lithium project in south western Brazil.
Initial reconnaissance mapping completed over the tenement confirmed the presence of a series of parallel spodumene-bearing pegmatites over a strike greater than 1 kilometre.
A series of outcrop samples have been collected and are now being analysed at a lab.
The company said initial results represented a significant anomaly in an area of highly weathered outcrop, making it a high priority area.
Meanwhile, Latin plans to prioritise follow up sampling in Salinas South, which will comprise infill stream sediment sampling and a wider program of systematic grid soil sampling to refine drill targets maiden drilling campaign.
Executive Director Chris Gale said the company was excited to continue to grow its Brazilian lithium landholding in one of the best mining jurisdictions in the world.
“The next step is to identify high profile lithium drill targets and commence drilling as soon as we can,” Mr Gale said.
The company said it would also continue with its strategy to build a significant lithium footprint in the district.
Latin Resources dropped 6 per cent, trading at 4.7 cents at 12:45 pm AEDT.