- Latin Resources (LRS) lodges 17 new applications at the Salinas lithium project in Brazil
- The new tenements highlight an expansion of around 367 per cent over the company’s previous holdings to a total 38,000 hectares
- The package of new tenements are located in the highly prospective region which hosts Latin’s Colina lithium deposit
- Latin MD Chris Gale said the expansion would help push Salinas to become one of the world’s “leading” lithium projects
- LRS shares are up 9.09 per cent, trading at 12 cents at 3:46 pm AEDT
Latin Resources (LRS) has expanded its Salinas lithium project in Brazil by more than 367 per cent.
The company lodged 17 new applications, covering more than 29,940 hectares, with the Brazilian National Mining Agency (ANM), suggesting the areas may contain “favourable” basement lithologies to host lithium bearing pegmatites.
The package of new tenements is located within the highly prospective region which hosts the company’s Colina lithium deposit.
Latin’s Geology Manager Tony Greenaway said the company’s past efforts at Colina have enhanced its knowledge of mineralisation the area.
“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 mineralisation in this area, has enabled us to identify these opportunities to secure what we believe are favourable exploration areas for the company,” Mr Greenaway said.
The new tenements mark an expansion of around 367 per cent over the company’s previous holdings, taking its control to more than 38,000 hectares.
The company also announced it secured the rights to additional mining to the south of Colina, where drilling confirmed the extension of the Colina host lithologies and pegmatite intrusive bodies. It was secured through a new option agreement.
Latin’s Managing Director Chris Gale said the expansion will help put the Salinas project on the map as a “leading project”.
“The Salinas lithium project is continuing to grow to potentially become one of the world’s leading lithium projects with this expanded tenement package,” he said.
“With the recent publication of our maiden JORC lithium resource, the aggressive 65,000 metres drill program planned for 2023 and feasibility studies well underway, we are extremely excited about this year for Latin Resources.”
The company also confirmed its regional exploration team will start initial reconnaissance mapping and geochemical sampling over the new tenements.
LRS shares were up 9.09 per cent, trading at 12 cents at 3:46 pm AEDT.