Latin Resources Limited (ASX: LRS) has secured, through its newly created 100% wholly owned subsidiary Belo Lithium Mineracao Ltda, an additional highly prospective tenement to grow the company’s Salinas Lithium Project in Brazil.
The new tenement expands the company’s footprint at the project to the east to cover additional strike extensions of the regional prospective host stratigraphy.
Latin has secured an exclusive and binding 24-month option agreement over the new concession in the Bananal Valley (831.118/2008) from Mineracao Salinas Ltda, whereby Latin may acquire a 100% interest in this tenement to the east of the company’s existing Bananal Valley Project.
The Lajinha tenement is highly prospective, with known outcropping spodumene bearing pegmatites, and this addition expands Latin’s strategic land package to over 6,230 hectares in the Salinas lithium corridor.
We are very pleased to have secured the Lajinha tenement area, we continue to expand our foothold in this developing regional lithium pegmatite field,” Managing Director, Chris Gale, said
“Our preliminary reconnaissance mapping and outcrop sampling of this area has confirmed the presence of spodumene pegmatites. Our regional mapping team will now complete a more systematic survey to better understand the extent of the known pegmatite system and select initial drill sites.
“With resource definition drilling underway at our main Bananal Valley area, first pass drilling underway at our Monte Alto area, first pass mapping and sampling completed at our Salinas South area; and now the initial systematic work to commence at the new Lajinha tenement – this provides the company with a full project lithium development pipeline in the Salinas Region.
“Now the company has made a significant new lithium discovery, this strategic expansion approach to our exploration is critical for long-term success of developing our first maiden JORC Resource.”
The company is currently undertaking a systematic resource definition drilling campaign approximately 6.3 kilometres to the west of the new Lajinha tenement, where results from the company’s maiden diamond drilling campaign confirmed high-tenor lithium, with Latin recently reporting a number of very high-grade results, including:
- SADD001: 4.31m @ 2.22% Li2O from 83.82m Including: 1.13m @ 2.85% Li2O from 87.0m
- SADD002: 8.13m @ 2.00% Li2O from 111.3m Including: 1.0m @ 3.22% Li2O from 112.3m and: 3.0m @ 2.20% Li2O from 115.3m
- SADD003: 17.05m@ 0.95% Li2O from 65.65m Including: 4.00m @ 1.96% Li2O from 69.65m and: 5.15m @ 1.31% Li2O from 98.35m Including: 1.90m @ 2.13% Li2O from 98.35m
- SADD004: 17.38m@ 1.46% Li2O from 119.80m Including: 10.20m@ 2.05% Li2O from 120.95m Including: 3.05m @ 2.26% Li2O from 120.95m and: 2.00m @ 3.07% Li2O from 127.00m
- SADD005: 4.25m @ 1.32% Li2O from 125.40m Including: 1.05m @ 2.65% Li2O from 127.55m and: 4.01m @ 1.36% Li2O from 159.10m Including: 1.00m @ 1.92% Li2O from 161.10m
- SADD006: 21.1m @ 1.20% Li2O from 208.80m Including: 14.00m@ 1.69% Li2O from 210.90m Including: 3.00m @ 2.28% Li2O from 214.90m
Drilling is also underway just 2.3 kilometres to the west of the new Lajinha tenement, where the Company is undertaking first pass drill testing of outcropping spodumene bearing pegmatites which has returned high-grade lithium results from outcrop sampling, including 2.30% Li2O2.
