More upbeat news from Latin Resources after 15% share price rally
Latin Resources Limited (ASX:LRS) informed the market on Thursday morning that exceptional results had been received from four grab/float samples collected as a part of a reconnaissance exercise in consultation with the landholder at the company’s 100% owned Noombenberry Halloysite Project in Western Australia.
Results from four float samples collected from dam walls at two separate locations within Latin’s new tenement applications have confirmed bright white (>74 ISO-B) and ultra-bright white (>84 ISO-B) kaolin up to 15 kilometres along strike to the north-east of the company’s main drilling area.
This comes on the back of yesterday’s release of promising results from the first batch of samples from aircore drilling at the company’s Noombenberry project, a development that triggered a 15% surge in the company’s shares as they closed the day at a 12 month high of 8.3 cents.
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.
This adds to the significance of today’s news where results have confirmed initial visual observations of bright to ultra-bright white (>84 IOS-B) kaolinitic clays in dam walls up to 15 kilometres along strike to the north-east of the company’s current focus for aircore drilling.
Both samples from one dam site sampled approximately 7 kilometres along strike to the north-east have returned high-grade (>10%) halloysite, with one sample returning over 25% halloysite.
Latin Resources prepares to fast track data for resource estimate
Management views this development as exceptional as the results highlight the potential scale of the high-quality kaolinite and high-grade halloysite mineralisation where the company is working towards generating its maiden JORC resource for the project.
The JORC resource estimate will be based on an area of approximately 4.0 x 4.5 kilometres (18 square kilometres), where the company has completed aircore drilling.
With results from analysis of drill samples still coming in, management’s immediate focus is generating the geological wireframes to enable the fast-tracking of the estimation process once all results have been received.
In parallel with this, preparations are being made to extend the current drilling pattern immediately to the north within the granted tenements where new land access agreements have recently been executed.
Work programs have been submitted to DMIRS, and drilling will commence upon receipt of approvals.
Potential to extend resource along north-east strike
Latin Resources will then turn its attention to these newly identified areas of high-quality kaolinite and high-grade halloysite along strike to the north-east and then further afield within the extensive tenement package which extends over a 100-kilometre strike length.
Commenting on these developments and their significance in terms of growing the resource, chief executive Chris Gale said, “These results from the reconnaissance sampling of the white dams along strike from our current drilling area are exceptional.
‘’They are not only significant in their own right, showing high-quality kaolinite and high-grade halloysite outside of our current area of drilling, but moreover they highlight the potential to significantly grow the exciting Noombenberry Project.
‘’These samples are up to 15 kilometres along strike from our main drilling area where we are undertaking a maiden JORC resource and is the first location sampled as part of our regional reconnaissance program.
‘’Latin’s tenement applications extend over a strike length of 100 kilometres where our exploration team has identified many more of these white dam locations.
‘’We are extremely confident that as we continue to expand our reconnaissance sampling into our new tenement areas, we will continue to highlight more high-grade zones like this.”