Diamond drilling a ~5km copper porphyry target in Peru

Published 24-NOV-2022 13:43 P.M.

1 min read

Our lithium Investment Latin Resources (ASX: LRS) has a $29.2M cash balance to use and is now drilling a copper porphyry target in Peru.

This morning LRS started a two hole diamond drilling program at its MT03 copper project in Peru, drilling a large ~5km EM anomaly.

LRS’s project sits along trend from an existing porphyry deposit at Southern Copper’s (capped at ~$68BN) Tia Maria project, which has a 639Mt resource with grades measuring 0.39% copper & 0.19g/t gold.

LRS is running a two hole program over 2,000m of drilling - basically running two holes straight into the middle of that EM target to see if there is any indication of copper porphyry style mineralisation.

We are hoping the next bit of newsflow from this project is visual sulphides, this will be a good sign LRS may have actually hit a porphyry target.

While our primary focus with LRS is on its lithium project in Brazil, we like that LRS is putting its strong cash balance to use testing low capital commitment and potentially high reward drill targets like this.

Worst case scenario, LRS spends a small amount of cash (relative to its cash balance) chasing a potential company making discovery.

What’s next for LRS?

Outside of the results from the drilling at the Peru copper prospect, we want to see LRS’s maiden mineral resource estimate, for which we previously set our expectations as follows: