Latin Resources Limited (ASX: LRS) has significantly expanded the Salinas Lithium Project tenure in Brazil, by securing a large package of new tenements in the highly prospective region which hosts the company’s wholly-owned Colina Lithium Deposit.
“The Bananal Valley region is a highly prospective district, as we have proved with the discovery and delineation of the Colina Lithium Deposit,” Geology Manager, Tony Greenaway, said.
“Our proprietary knowledge gained over the past 12 months throughout the resource definition drilling of Colina, coupled with our understanding of the wider regional controls to mineralization in this area, has enabled us to identify these opportunities to secure what we believe are favourable exploration areas for the company.”
Managing Director, Chris Gale, said the Salinas Lithium Project is continuing to grow to potentially become one of the world’s leading lithium projects with this expanded tenement package.
“With the recent publication of our Maiden JORC Lithium Resource, the aggressive 65,000m drill program planned for 2023 and feasibility studies well underway, we are extremely excited about this year for Latin Resources.”
New Tenement Applications
The Company significantly expanded its mineral exploration title holdings in the highly prospective Bananal Valley District in Minas Gerais, Brazil, through lodging 17 new applications with the Brazilian National Mining Agency (ANM), over an area of more than 29,940 hectares of what the company believes to be favourable basement lithologies.
The company now controls approximately 38,100 hectares (381 sq. km), which represents a significant land position in the region.
The new tenements are located to the north of the company’s existing land holdings where the Company has defined a maiden Mineral Resource Estimate (MRE), for the Colina Deposit1 of 13.3Mt @1.2% Li2O, along with a JORC Exploration Target Range (ETR) for Colina of 13.5 – 22Mt with a grade range of 1.2 – 1.5% Li2O, in early December 2022.
Utilising the available government and other proprietary data sets, including regional magnetic data, mineral mapping and solid in-house geological interpretations, the company has undertaken a regional desktop prospectivity review of the wider Bananal Valley District surrounding the Colina Deposit. The resulting new tenement applications cover areas that have been interpreted by the company to be favourable for the presence of lithium bearing pegmatites.
The majority of these areas are considered by the company to be ‘green-fields’ exploration areas. The company will commence preliminary reconnaissance work including the ground truthing and geological mapping and regional scale geochemical sampling.
Other works including airborne geophysical and remote sensing survey may also be undertaken over specific areas highlighted as part of the initial reconnaissance work by the company’s field exploration teams.
Colina South Tenure – Updated Option Agreement
In addition to the new tenement application lodged to the north of the Colina Deposit tenure, the company has secured the right to acquire the Tenement 831799/2005, located directly adjacent to the south and contiguous with the Colina Deposit MRE, via the execution of a new Option Agreement.
Under the terms of an existing agreement, Latin has previously secured a 100% interest in the areas directly adjacent to and containing the southern extremity of the Colina Deposit.
For further information please visit: https://www.latinresources.com.au/
