RESOURCE DEFINITION DRILLING CONTINUES TO SHOW EXCELLENT RESULTS FROM THE “COLINA PROSPECT”, BANANAL VALLEY, BRAZIL

LRS has provided an update in respect of resource definition drilling at the Company’s Colina Prospect which continues to return very encouraging results from detailed geological logging; as well as provide initial observations from drilling at the Company’s second target area, the Monte Alto Prospect. 

Colina Prospect – Resource Definition Drilling

Extensive resource definition drilling is now well underway at the Company’s Colina Lithium Prospect in Brazil. The drilling campaign comprises an estimated 100 holes for approximately 22,000 - 25,000m, and will focus on a strike extent of 800m, where previous drilling has identified high-grade lithium bearing pegmatites.

As previously reported, the first hole of the resource drilling campaign SADD016 , has intersected a very wide 27.78 meters of coarse-grained fresh pegmatite, with geological logging identifying a core zone of 21.48 meters with a visual estimation of spodumene of over 20%. Logging of drill hole SADD017 , drilled immediately down dip from SADD016, has also confirmed a significant intersection of spodumene bearing pegmatite, further demonstrating the strong continuity of the pegmatites at the Colina Prospect.

Resource definition drilling is ongoing.  

Monte Alto Prospect

Drilling of the first five holes at the Monte Alto Prospect has been completed. Logging of these holes has highlighted a moderate north-easterly plunge, not previously recognised in the weathered surface outcrop; with the initial three holes (MADD001 - MADD003) failing to intersect the targeted pegmatite zone at depth.

Following a re-examination of the outcropping pegmatite within the historic trenching and workings, combined with new structural information gained from drilling the next two holes (MADD004 and MADD005) , were relocated 100m and 200m to the north-east respectively, to test the projected down plunge extension of the pegmatite.

Logging has confirmed that both of these latest two holes (MADD004 and MADD005), have intersected pegmatite, however no material spodumene was logged in the core. This outcome has led to the interpretation that the Monte Alto pegmatites may represent a zoned heterogeneous pegmatite; an interpretation that is supported by the presence of some exotic minerals mapped in adjacent pegmatites in the Monte Alto area. Further drilling is required to fully understand the significant of these initial observations. 

Drilling is ongoing at Monte Alto, with subsequent drilling focusing on an area where remapping of outcrop has confirmed the presence of large weathered spodumene crystals at surface.

LATIN CONTINUES TO EXPAND THE HIGH-GRADE SALINAS LITHIUM PROJECT

LRS has secured, through its newly created 100% wholly owned subsidiary Belo Lithium Mineracao, an additional highly prospective tenement to grow the Company’s Salinas Lithium Project in Brazil, expanding its footprint at the project to the east to cover additional strike extensions of the regional prospective host stratigraphy.

Latin has secured an exclusive and binding 24-month option agreement (“Option” or “Agreement”), over the new concession in the Bananal Valley (831.118/2008) from Mineracao Salinas Ltda. (the “Vendor”), whereby Latin may acquire a 100% interest in this tenement to the east of the Company’s existing Bananal Valley Project. The Lajinha tenement is highly prospective, with known outcropping spodumene bearing pegmatites, and this addition expands Latin’s strategic land package to over 6,230 hectares in the Salinas lithium corridor.

Latin Resources’ Managing Director, Chris Gale, commented:

“We are very pleased to have secured the Lajinha tenement area, we continue to expand our foothold in this developing regional lithium pegmatite field. Our preliminary reconnaissance mapping and outcrop sampling of this area has confirmed the presence of spodumene pegmatites. Our regional mapping team will now complete a more systematic survey to better understand the extent of the known pegmatite system and select initial drill sites.

“With resource definition drilling underway at our main Bananal Valley area, first pass drilling underway at our Monte Alto area, first pass mapping and sampling completed at our Salinas South area; and now the initial systematic work to commence at the new Lajinha tenement - this provides the Company with a full project lithium development pipeline in the Salinas Region. Now the company has made a significant new lithium discovery, this strategic expansion approach to our exploration is critical for long-term success of developing our first maiden JORC Resource.” 

LATIN EXERCISES OPTION TO ACQUIRE HIGH-GRADE LITHIUM TENEMENT IN BANANAL VALLEY

LRS has exercised its option, through its 100% wholly owned subsidiary Belo Lithium Mineracao Ltda, to acquire the highly prospective tenement 830.691/2017 at the Company’s Salinas Lithium Project in Bananal Valley, Brazil.

This acquisition is part of the Company’s plan to expand its holding of highly prospective tenements in the region, with Latin’s strategic land package now expanded to over 5,350 hectares in the newly defined Salinas lithium corridor.

Latin Resources’ Managing Director, Chris Gale, commented

“We are very pleased to have exercised our option to acquire the Bananal 830.691/2017 tenement, securing 100% ownership of the area where we will be undertaking an extensive diamond drilling program. Based on what we have seen so far from the results of the current maiden diamond drilling, we are very confident that this tenement contains significant potential for high-grade lithium pegmatites. The next phase of drilling is aimed at providing sufficient data to enable the Company to undertake a JORC Mineral Resource Estimate should results continue to be favourable.” 

Latin Resrouces' latest results from diamond drill holes at the Bananal Valley Prospect area have returned the thickest intersection recorded to date with 21.1m @ 1.20% Li2O from 208.80m in hole SADD006. Drilling has commenced at the new Monte Alto Prospect area where the Company will undertake the first ever drill testing of the outcropping high-grade lithium pegmatites, in parallel with the commencement of a large 25,000m resource definition campaign at the Company’s more advanced Bananal Valley Prospect approximately 4 kilometres to the west. Assay results continue to demonstrate the strong continuity of the lithium grades with significant intersections returned.

Latin Resources’ Managing Director, Chris Gale, commented:

“We continue to receive exceptional assay results from our Bananal Valley Prospect. This continues to get more encouraging every day. We are also very excited to be commencing drilling at our new Monte Alto Prospect. Our mapping and outcrop sampling in this area has shown us that we have thick, highgrade lithium pegmatites outcropping over a considerable strike extent. With multiple high-grade results up to 2.30% Li2O1 from initial surface sampling, the early signs are equal to or better than those returned at the same stage from our more advanced Bananal Valley Prospect. We are planning an initial 2,000m of drilling in two stages at Monte Alto and assay results should start flowing in May.

“With the company recently raising $35,000,000, we have now expedited the drilling program by commencing our 25,000m resource definition drilling campaign at Bananal Valley.

“With drilling now on multiple fronts, and more rigs on the way to site, we have really stepped up our pace in Brazil to fast track our pathway to an initial JORC Mineral Resource estimate.”

LRS has had a massive run lately, jumping from 9.5 cents on 31st March to close at 19 cents on 4th of April. LRS has announced to the market this morning that has secured,an additional highly prospective tenement at the Salinas Lithium Project in Brazil, expanding its footprint at the project to the east to cover further known outcropping high-grade lithium spodumene bearing pegmatites. 

Latin has secured an exclusive and binding 12-month option agreement, over the new concession in the Bananal Valley (830.080/2022) from MSL Ltda., whereby Latin may acquire a 100% interest in this tenement to the east of the Company’s existing Bananal Valley Project. This new highly prospective tenement, with known outcropping pegmatites containing high-grade lithium, expands Latin’s strategic land package to over 5,350 hectares in the newly defined Salinas lithium corridor

Latin Resources’ Managing Director, Chris Gale, commented

“We are very pleased to have secured the Monte Alto tenement area, and we are very confident that this tenement contains additional drill ready high-grade lithium pegmatites. Our reconnaissance mapping and outcrop sampling of this area has shown that the grades of surface samples from these pegmatites are as high as those from our early sampling to the west where we are currently drilling.”

“The Monte Alto tenement is a priority drill target area for us, so we will be mobilising one of our two diamond rigs immediately to this area to commence drilling. We have planned 2,000m initially, with a second phase of follow-up, step out drilling already proposed. This new area now puts us well and truly in the driver’s seat to produce more compelling drilling results to achieve our objective of a JORC resource. We are also looking forward to receiving the assay results on holes three and four over the next week.” 

LRS has surged 46% this afternoon to 5 cents on the back of the first diamond hole drilled at the Salinas Lithium Project in Brazil intersecting three separate spodumene rich pegmatites down dip from high-grade outcropping lithium. Priority drill targets were identified through surface sampling which returned high-grade results including 2.71% Li2O and 1.45% Li2O from spodumene bearing pegmatites, mapped over a strike length of over 1.2 kilometres. LRS plans to drill 14 diamond holes for a total of 2,000m of drilling in the first phase of drilling.

Latin Resources’ Managing Director, Chris Gale, commented:

“This is a very good start to our drilling campaign with our first hole at our Salinas Project intersecting three separate spodumene bearing pegmatites.

“Our previous mapping and sampling has shown us that there is high-grade lithium in the mapped pegmatites within the project area over a strike extent of 1.2km, and this drilling has now confirmed the presence of additional thick pegmatites at depth.

“Our team in Brazil have proved the concept of lithium bearing pegmatites so Latin Resources could now potentially be on the cusp of a major new lithium discovery in the Bananal Valley.

“We have a total of 14 diamond holes and 2,000m planned at this location, and will be testing the full strike extent of the mapped pegmatite occurrence over the coming weeks. Our field team will prioritise the logging and sampling of this first hole, so that we can confirm the lithium grades of these spodumene pegmatites.”

LRS have announced drilling results at Cloud Nine that have exceeded management's expectations. Management have called these results as exceptional, with testing showing that both the thickness and brightness of the kaolinised granite is extremely consistent within the area tested. A near surface blanket, up to 28 metres thick, of ultrabright (>80 ISO-B), has been defined over an area approaching one square kilometre. The company is now rapidly advancing the Cloud Nine Deposit through preliminary and Pre-Feasibility studies.

DRILLING CONFIRMS EXCEPTIONALLY BRIGHT ZONES OF KAOLINITE AND HIGH-GRADE HALLOYSITE AT CLOUD NINE PROJECT, MINING STUDIES TO BE FAST TRACKED

• Close spaced drilling confirms continuity at Cloud Nine, with thick, near surface Ultra-High brightness (+80 ISO-B) kaolinite
• Outstanding halloysite results received from the first 14 holes in the Geostatistical Cross drilling program.
• Resource infill and extension drill campaign sampling complete, which will provide sufficient data to increase the current Inferred MRE to a JORC Indicated and potentially Measured classification.
• Early results from initial metallurgy indicate improved yields may be achieved from the fine fraction of the kaolinised granite.
• Investigation of an alternate analytical pathway, targeting significant reductions in cost and analysis time using Fourier Transform Infrared (FTIR) Spectral Analysis and Machine Learning technologies are proving to be highly encouraging.

Tony Greenaway, Latin’s Exploration Manager, stated:

“These latest results from our close spaced drilling are exceptional. They have exceeded our expectations, in that they have shown that for this area, the thickness and brightness of the kaolinite zone and grades of the halloysite zone are far better than our Inferred block model suggests. This finding will have a significant impact on our next phase of resource estimation as we look to upgrade our model from Inferred to Indicated and potentially Measured in this area." “These results have also given us the confidence to step-up the pace of our preliminary mining studies, as we move to fast-track the Cloud Nine Deposit towards a potential DSO operation.”

LATEST RESULTS RETURN THICKEST HIGH-GRADE HALLOYSITE AND ULTRA-BRIGHT-WHITE KAOLIN INTERSECTION TO DATE, NOOMBENBERRY PROJECT, WA HIGHLIGHTS:

• The latest results from test work from the Noombenberry project include results from the area where logging has shown thick bright white kaolinitic saprolite with results including:
  • NBAC068: 26m @ 9% halloysite, 86% Kaolinite, 80 ISO-B from 5m Inc: 15m @ 15% halloysite, 80% Kaolinite, 80 ISO-B from 9m
  • NBAC058: 47m @ 7% halloysite, 79% kaolinite, 77 ISO-B from 8m Inc: 17m @ 12% halloysite, 73% Kaolinite, 80 ISO-B from 26m
• Other significant results include:
  • NBAC067: 15m @ 8% halloysite, 88% Kaolinite, 79 ISO-B from 10m
  • NBAC066: 6m @ 11% halloysite, 69% Kaolinite, 77 ISO-B from 10m
  • NBAC065: 16m @ 3% halloysite, 74% Kaolinite, 73 ISO-B from 9m
  • NBAC064: 4m @ 14% halloysite, 60% Kaolinite, 56 ISO-B from 16m
• SEM analysis of selected QC samples has shown good halloysite nano-tube development
• Preliminary work for the upcoming JORC resource is on-going and on-track for Q2 2021.

WESTMINSTER RESOURCES TO ACQUIRE CHILE COPPER PROJECT HIGHLIGHTS

• Latin Resources Ltd is the largest Shareholder of TSX listed Company Westminster Resources Limited (TSX-V: WMR)
• Westminster is to acquire from a private vendor a 100% interest in the 16-square kilometer Mostazal copper property located in the Atacama region of Chile.
• Known copper mineralization occurs in a series of stacked stratified lenses measuring 2.5km long by 2km wide and 300m deep.
• Reported historical production of 120,000 tons processed with average grade of 1.8% Cu1.
• High quality geophysical targets support thesis that near-surface, copper mineralization may be a distal expression of a much larger porphyry deposit at depth.
• Four-year Option to earn 100% interest.