Latin Resources paving the way for maiden mineral resource

By Trevor Hoey. Published at Feb 24, 2021, in Mining

Latin Resources Limited (ASX:LRS) has released promising results from the initial batch of samples from air-core drilling at the company’s Noombenberry Project.

Importantly, these drilling results will feed into the company’s maiden resource, a potentially market moving event for Latin Resources.

The resource is due in the March quarter and it will allow the market to compare LRS’s resource against Andromeda Metals, whose results have delivered investors a more than 500% return in recent months and set the early pace for halloysite exploration.

Results from the first 100 samples submitted by LRS for test work have confirmed the project contains very high grade halloysite, with individual composite sample grades of up to 37% halloysite contained within the bright white (>75 ISO-B) to ultra-bright white (>84 IOS-B) kaolinite at Noombenberry.

Intersections of kaolinised granite in the 14 holes for which results have been received to date average 13 metres, up to a maximum of 32 metres thickness, while the average depth to the top of the kaolinite zone in these holes is just 8 metres below surface.

This is an important factor in terms of the economic viability of extracting resources as near surface mining is much cheaper than large open pit or underground mining.

As indicated below, this first batch of results represents more than 15% of the total number of holes drilled, but these initial results are extremely encouraging which enables the company to move forward to undertake its maiden JORC resource on the project.

Commenting on these developments and the implications for the group’s goal of expediting a maiden resource estimate, executive director Chris Gale said, “We are extremely pleased with these initial results from test work from the Noombenberry project, which confirm the presence of very high grade halloysite contained within the bright-white kaolinitic clays.

"While these results are from just a small portion of the drilling completed at Noombenberry, our logging suggests that we have intersected similar kaolinised granite across the 18 square kilometres tested by the full program, and we are yet to have results back from the area where we have logged our thickest kaolin intersections which were up to 50 metres.

"Having engaged our independent resource consultants, Latin's team is now working on building the geological models for the company’s maiden resource estimate.

"This is an extremely exciting time for the company, as we believe that the Noombenberry Project has the potential to unlock significant value for Latin shareholders due to the sheer scale and quality of the material discovered by our team.”

Weekly results updates a potential share price catalyst

The nature of kaolinite and halloysite mineralisation, being very similar minerals means that very detailed and time-consuming test work is required to gain accurate and reliable results.

Latin has been working closely with the various groups undertaking the test work of the Noombenberry samples, including Bureau Veritas Laboratories, CSIRO, and the University of South Australia to streamline this process and enable a steady throughput of samples.

The result of this collaboration is that Latin now expects to receive regular results consistently from all groups on a weekly basis.

Latin Resources plans to re-commence drilling once all statutory approvals have been received to extend the current drill coverage into its adjacent 100% owned tenement (E77/2624).

Importantly, initial results from this area as shown below demonstrate the bright-white kaolin and high grade halloysite mineralisation is open to the north.

Logging of the aircore samples from all the holes across the very large 18 square kilometre area tested at Noombenberry has shown the development of a thick consistent blanket of kaolinized granite.

With these initial results confirming the bright white nature of the kaolinite material, and halloysite development in a high proportion of the holes where results have been received, the company is very confident about the potential of this emerging discovery.

Latin has formally engaged an independent consulting group to undertake a maiden JORC resource estimate for the Noombenberry Project mineralisation.

Latin’s geological team is working closely with the consultant group, with geological domaining and the construction of wireframe model underway.

This precursor work will enable the fast tracking of the estimation process once all test work results have been received, highlighting the group’s near term catalysts in 2021.


View Our Investment Portfolios


S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!

X