Latin Resources (ASX: $LRS) announces significant upgrade to Colina Lithium Deposit MRE

Latin Resources Limited (ASX: $LRS) has announced a significant upgrade to the Colina Lithium Deposit Mineral Resource Estimate (MRE) at the Salinas Lithium Project in Brazil. The MRE now stands at 70.9Mt @ 1.25% Li2O, with 95% of the resource in the Measured and Indicated JORC classification. The upgrade, based on 297 holes for 98,958m of diamond drilling, is expected to have a significant positive effect on the economics of the Definitive Feasibility Study (DFS) due for release in Q3 2024.

Executive Commentary on Colina Lithium Deposit MRE Upgrade

Latin Resources Managing Director, Chris Gale, expressed satisfaction with the upgrade, stating, 'This truly cements the Project as hosting one of the largest scale undeveloped lithium deposits on a global scale. What is particularly pleasing to me is the likely impact on the economics of our upcoming DFS to be released in Q3 2024.' Vice President of Operations - Americas, Tony Greenaway, also commented, 'We now have approximately 95% of our 71Mt resource in the Measured and Indicated JORC classification, beyond our initial expectations, providing a very solid basis underpinning the declaration of mining reserves.'

Summary of Colina Lithium Deposit MRE Upgrade

The upgrade to the Colina Lithium Deposit MRE at the Salinas Lithium Project represents a significant milestone for Latin Resources, positioning it among the largest scale undeveloped lithium deposits globally. The increase in high confidence JORC classification, with 95% of the resource now in the Measured and Indicated categories, is expected to have a positive impact on the upcoming DFS. Latin Resources aims to become a low-cost producer with significant cost-saving benefits and a competitive market advantage from its geographical location in Minas Gerais, Brazil. The Company is also progressing discussions with various funding providers to support the development of the Salinas Project and identifies further resource growth potential at the Colina Deposit, Planalto Prospect, and Fog's Block Deposit.