- Latin Resources (ASX:LRS) makes another significant spodumene discovery at its Salinas project in Brazil
- The new discovery is being called Planalto
- The company believes this find further underscores the commercial potential of the larger Salinas acreage
- Assay results are due back in 4-6 weeks
- Shares last traded at 21 cents
Posting yet another significant spodumene discovery, Latin Resources (ASX:LRS) has had more exploration success at its Salinas project in Brazil.
While results are at this stage only visual – and not to be relied on with abundant confidence – the company reported it hit 45 metres of “cumulative spodumene”.
The new discovery is being called Planalto.
Planalto adds weight to scope
The company believes this further underscores the commercial potential of the larger Salinas acreage.
Assay results are due back in 4-6 weeks which will give investors a solid idea of what grade the lithium in question presents.
A scout drilling program intersected the material.
JORC upgrade due
Further, Salinas expects to release an updated JORC resource before 2024.
“A resource upgrade [is] expected for our flagship Colina Deposit due out in a matter of weeks and [now] ongoing drilling at Fog’s block continuing to show strong spodumene mineralisation,” Latin Resources VP of Operations Tony Greenaway said.
“This latest discovery almost two kilometres to the southwest of Colina proves that we are only just starting to uncover the project’s full potential.”
2024 drill run
The company will also kick off drilling in 2024 with a fresh campaign with Planalto to be specifically targeted.
A maiden JORC resource for the separate Fog’s Block target is also on the cards for the next calendar year.
“We will continue to aggressively drill across multiple centres throughout 2024 with the aim of declaring maiden resource estimates for Fog’s Block and now our new Planalto prospect,” Mr Greenaway added.
Stock insights
Year to date, Latin Resources shareholders have seen a return of 114.29 per cent.
One-year returns are up 55.56 per cent.
The company has a market cap of $582.2 million.
Six brokers recommend a ‘Buy’ on LRS, with one broker rating ‘Hold’.
The stock has decent liquidity with the four-week trade volume average being 11.8 million each day as of Wednesday, November 22 at market open.
LRS shares last traded at 21 cents.