Latin Resources Reports 241% Increase for Colina Mineral Resource
Latin Resources Limited (ASX: LRS) has released its quarterly activities report for the period ending June 30, 2023, in which it reported a 241% increase for the Colina Mineral Resource. The updated JORC Mineral Resource Estimate (MRE) for the expanded Colina Deposit now stands at 45. 2Mt @ 1. 32% Li2O, including 30. 2Mt @ 1. 4% Li2O Measured + Indicated.
Significant Highlights
The updated MRE reflects higher lithium tonnage and grade with 67% of the total resource now sitting in the Measured + Indicated category.
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Additionally, the JORC classification by independent resource consultants SGS Geological Services now includes 0. 43Mt @ 1. 34% Li2O Measured + 29. 7Mt @ 1. 37% Li2O Indicated + 15. 0Mt @ 1. 22% Li2O Inferred. The mineral resource upgrade represents a Lithium Carbonate Equivalent (LCE) of 1,477,000 tonnes, which remains open at depth and along the southwest strike.
The Colina Deposit is expanding into a much larger scale exploration project than expected, with the Colina Deposit footprint now increased to a strike length of over 2. 0km. The aggressive 65,000m drilling campaign planned for 2023 is continuing, with all eight drilling rigs on site testing the Colina extension and new regional targets. Diamond drilling at the Colina Lithium Deposit has been extended, returning impressive results and extending the footprint of the pegmatite swarm.
Corporate updates
The company held $54. 8 million in cash and investments at June 30, 2023, along with $8. 8 million investment in Solis Minerals Limited. Additionally, LRS raised A$37. 1 million through an institutional two-tranche placement and committed to invest $3 million into Solis, increasing the company's interest by 4. 66% to 17. 79%. Mr. Mitchell Thomas was appointed as the Company's new Chief Financial Officer, and Tony Greenaway promoted to VP of Operations - Americas.
With the latest mineral resource upgrade, Latin Resources Ltd continues to demonstrate its growth potential. The updated MRE for the expanded Colina Deposit provides strong support for a positive Preliminary Economic Assessment (PEA), scheduled for completion by SGS in the third quarter of 2023. As exploration activities and development approvals continue, the company's Salinas Lithium Project in Brazil demonstrates a significant upgrade with the expanded footprint of the Colina Deposit.
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