Lithium JORC resource by December - drilling with multiple rigs.
This morning Latin Resources (ASX: LRS) put out an update on its resource definition drilling program at its Brazilian lithium project.
LRS has multiple drill rigs on site, and is now ~35% of the way through its 25,000m drilling program, after which it hopes to put together a maiden JORC resource in December 2022.
We think that this will be LRS’s next major catalyst, allowing the market to compare its deposit to larger lithium peers with established JORC resources.
The key takeaway from today’s results was that LRS continues to increase the width of its discovery and continues to hit more lithium mineralisation at depth.
Some of the notable intercepts from today’s announcement were:
- Drillhole 23: 26.88 at 1.4% lithium from 94m
- Drillhole 26: 28.8m at 1.16% lithium from 307m.
- Drillhole 24: 10m at 1.05% lithium from 186m.
The images below give us an idea of the size and scale of LRS’ discovery.
Outside of the resource definition drilling, LRS also confirmed that it would run a geochemical sampling program along the southern part of its discovery, looking to test for extensions across what it calls a ‘lithium corridor’ extending across 4km.
At present LRS is yet to drill test for extensions to its discovery in that southern part of its project area - so we will be watching to see what comes from the sampling work.
While we wait for news of a maiden JORC resource expected by December 2022, here’s our expectations for LRS’s JORC resource, which are based on peer comparisons in the lithium sector.
- Bullish case (Exceptional) = >15Mt JORC resource
- Base case = 5-15Mt JORC resource
- Bearish case = <5Mt JORC resource
Read our latest LRS article to see the reasoning behind our expectations: Lithium deposit getting bigger - plenty more drilling to come