Latin Resources (ASX:$LRS) announces significant increase in global resource at Salinas Lithium Project

Latin Resources Limited (ASX:LRS) has reported a substantial 56% increase in the global resource estimate at its Salinas Lithium Project in Brazil. The Colina Deposit Mineral Resource Estimate (MRE) has seen a 41% increase to 63.5Mt @ 1.3% Li2O, positioning it as one of the largest scale Tier-One undeveloped lithium resources globally. Additionally, a Maiden Inferred Resource Estimate has been defined at Fog's Block for approximately 6.8Mt @ 0.9% Li20, bringing the global MRE (Colina and Fog's Block) to 70.3Mt @ 1.27% of Li2O.

Executive commentary on resource increase and future plans

Latin Resources Managing Director, Chris Gale, expressed satisfaction with the upgraded MRE, stating, 'What a great effort from our exploration team. Another significant milestone met with our upgraded MRE to over 70Mt. This Project is fast becoming a Tier One lithium resource as we predicted. We are also very encouraged by the consistent uplift in grade as we infill drill. This is a great sign of a quality mineral resource.' Latin Resources' Vice President of Operations - Americas, Tony Greenaway, added, 'With our combined mineral resource inventory coming in at over 70Mt and significant upside from the 7.0 to 18.0 Mt exploration target range at Fog's Block, we are fast approaching defining a resource in excess of 80Mt and developing one of the largest global lithium projects.'

Summary of the announcement and future outlook

The significant increase in the global resource estimate at the Salinas Lithium Project marks a major achievement for Latin Resources, positioning it as a key player in the lithium market. The company's ambitions to evaluate building phase 3 of the project, lifting output significantly, and the ongoing drilling programs at Colina Deposit and Fog's Block demonstrate its commitment to further growth. With the completion of the Definitive Feasibility Study (DFS) in mid-2024, Latin Resources aims to evaluate the potential for a phase 3 extension and expansion to the production profile, further solidifying its position in the lithium market.