First pass assay results from Ancasti lithium project.
Latin Resources (ASX: LRS) has received the first analysis results from reverse circulation drilling at its Ancasti lithium project in Catamarca, Argentina.
At Reflejos del Mar in the Villisman group of concessions 14 holes have been completed over a length of approximately 900 metres. News released today related to samples of the first six holes which included 7 metres grading 2.17% lithium oxide.
All six holes had lithium grades in excess of 1%, and in three of the six, grades of up to 3 metres at 2.77% were recorded.
Management noted that five holes at Ipizca II intercepted the pegmatite dyke that is exposed at surface and within an old open pit and tunnel system, but only one interval returned significant grades of lithium oxide.
Drilling is nearing completion at Campo el Abra where eight holes have been drilled, and results are expected before the end of March.
The drill rig is moving to Santa Gertrudis this week where it will continue the first-pass program, the aim of which is to provide initial information on four of the eleven quality pegmatites that make up the Ancasti lithium project.
Summarising recent and upcoming developments, Managing Director Chris Gale said, “These first assays are extremely encouraging displaying high-grade spodumene at depth and this result is once again proving our theory that the historical lithium mines that we have secured are potentially very economic”.
It should be noted here that LRS is an early stage play and investors considering this stock for their portfolio should seek professional financial advice.
From a broader perspective, Gale also highlighted the fact that as well as getting off to a strong start, there is a significant amount of drilling to complete and a lot more assay results to come from LRS’s favoured targets.
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