Eight drill rigs & 65,000m of drilling to increase JORC resource

Today our lithium Investment Latin Resources (ASX: LRS) started its second round of drilling looking to increase its 13.3Mt @ 1.2% lithium oxide JORC lithium resource.

LRS has six diamond drill rigs on site now and has already commissioned a further two that are due to arrive on site in February.

LRS will be looking to complete ~65,000m of drilling with eight diamond drill rigs.

The primary focus for this round of drilling will be on:

1) Expanding the 13.3mt JORC resource

LRS will be drilling at depth below the existing resource footprint while also drilling in the western direction towards the ‘Collina West’ target.

2) Looking to drill out the ‘Collina West’ target.

LRS ended its last drill program with a 18.71m intercept which returned lithium grades of 1.32% to the west of its existing JORC resource.

A large focus of the 65,000m of drilling will be to drill out the area surrounding this intercept.

At the same time, LRS will also be looking to complete a round of geophysical surveys to firm up drill targets across LRS’s regional prospects.

What’s next for LRS:

Preliminary Economic Assessment (PEA) 🔄

We think the next major catalyst for LRS will be its PEA.

This will set out a first pass set of financial metrics for LRS’s project and give investors an idea of the value LRS’s resource may have.

LRS expects this to be ready for release to the market by Q1-2023.