- Latin Resources (LRS) reports a 241 per cent increase for the Colina mineral resource as part of its June quarterly activities
- The MRE comprises 45.2Mt at 1.32 per cent lithium oxide
- Two-thirds of the total resource now falls under the measured and indicated category, supporting a positive preliminary economic assessment
- The company continues drilling, uncovering the potential for a mineralised lithium system
- LRS is up 5.07 per cent, trading at 36.3 cents at 2:02 pm AEST
Latin Resources (LRS) has released its quarterly activities report for the period ending June 30 2023, highlighting a boost to the Colina mineral resource.
The updated measured, indicated, and inferred mineral resource estimate (MRE) for the Colina deposit shows an impressive growth of more than 241 per cent.
It now comprises 45.2 million tonnes, with an average lithium grade of 1.32 per cent lithium oxide, with a cut-off of 0.5 per cent.
Two-thirds of the total resource now falls under the measured and indicated category, supporting a positive preliminary economic assessment.
The upgraded resource of 45 million tonnes represents a lithium carbonate equivalent of almost 1.5 million tonnes, underscoring the project’s significance.
The Colina deposit holds the potential to remain open at depth and along the southwest strike. The company’s systematic step-out drilling campaign is ongoing and has uncovered promising results.
Latin Resources is confident that a large, continuous mineralised lithium system exists within the project area.
At the quarters end, LRS held cash at bank of $46 million.
LRS was up 5.07 per cent, trading at 36.3 cents at 2:02 pm AEST.