Latin Resources Unveils High-Grade Lithium Discovery at Planalto Prospect
LRS (LRS) Share Update July 2024 Thursday 25th
Latin Resources Confirms High-Grade Lithium at Planalto Prospect
Latin Resources Limited (ASX: LRS) has reported exceptional results from its latest drilling at the Planalto Prospect, part of the company's Salinas Lithium Project in Brazil. The findings confirm a high-grade core of lithium mineralisation, suggesting significant potential for increased tonnage.
Instant Summary:
- Confirmed presence of thick high-grade lithium core at Planalto Prospect.
- Notable drilling results include: 16.05m @ 2.18% Li2O and 13.83m @ 1.09% Li2O.
- High-grade zone remains open along strike and down dip.
- Preliminary Mineral Resource Estimate (MRE) scheduled for the current September quarter.
- Potential for Planalto to reach world-class Tier one standards.
Drilling Results and High-Grade Lithium Discovery
Latin Resources Limited has announced significant high-grade lithium mineralisation at the Planalto Prospect. The latest drilling results have confirmed a thick core of high-grade mineralisation extending down dip and up-plunge to the southwest. Key drilling results include:
- SADD320: 16.05m @ 2.18% Li2O from 293.29m, including 9.22m @ 2.54% Li2O and 3.59m @ 2.52% Li2O
- SADD322: 13.83m @ 1.09% Li2O from 293.17m
- SADD323: 6.22m @ 1.83% Li2O from 230.38m
- SADD311: 5.41m @ 1.96% Li2O from 280.00m
- SADD308: 12.59m @ 1.65% Li2O from 260.41m, including 5.79m @ 2.29% Li2O
- SADD306: 4.25m @ 2.57% Li2O from 298.01m
- SADD305: 6.63m @ 1.86% Li2O from 401.37m
Exploration and Future Plans
The high-grade zone at Planalto remains open along strike in both directions, down dip, and up plunge. This suggests that the mineralised zone could extend closer to the surface. Additional diamond drilling will focus on testing this priority target area.
A preliminary Mineral Resource Estimate (MRE) for the Planalto Prospect is scheduled for the current September quarter, pending receipt of all assay results from the laboratory. The combined MRE for Planalto and the Colina Deposit will further confirm the Salinas Lithium Project's growth towards world-class Tier one standards.
Company's Strategic Insights
Latin Resources' Vice President of Operations - Americas, Tony Greenaway, highlighted the similarities between the Planalto Prospect and the company's world-class Colina Deposit. The latest drilling has revealed an up-dip trend to the high-grade core of mineralisation, which will be the focus of additional drilling efforts.
Greenaway stated, 'We are scheduling an initial MRE for Planalto in this current September quarter of 2024, which will be based on all of the available drilling and will commence as soon as we have received all of the outstanding assay results from the laboratory.'
The confirmation of high-grade lithium at the Planalto Prospect is a significant development for Latin Resources. This discovery enhances the potential for increased tonnage at the Salinas Project, positioning it as a world-class Tier one lithium project. The scheduled MRE will provide further clarity on the project's scale and economic viability, likely boosting investor confidence and positively impacting the company's stock price.
Investor Reaction:
Analysts and investors have reacted positively to the news, noting the potential for Planalto to significantly enhance Latin Resources' overall lithium resource base. The confirmation of high-grade mineralisation and the upcoming MRE are seen as key milestones that could drive the company's growth and market valuation.
Conclusion:
Investors should keep a close eye on the upcoming preliminary Mineral Resource Estimate for the Planalto Prospect, scheduled for the current September quarter. The continued exploration and drilling efforts at Planalto are expected to unlock further value, making Latin Resources a compelling investment opportunity in the lithium sector.