Lithium

Latin Resources adds another highly prospective lithium tenement to the Salinas Project

Tue 17 May 22, 9:53am (AEST)
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Key Points

  • The Lajinha tenement adds 470 hectares to the east of existing Brazilian tenements
  • The area has known outcropping spodumene occurrences
  • Latin plans to mobilise its regional mapping team to undergo early-stage exploration activities at Lajinha

Latin Resources (ASX: LRS) has been aggressively growing its lithium land holding in Brazil, today adding another strategic tenement to the east of its existing position in the Bananal Valley district. 

The Lajinha tenement is considered highly prospective for lithium, covering an area of 470 hectares with known outcropping spodumene occurrences.

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Source: Latin Resources (May 2022)

Latin said it will mobilise its regional mapping team to the new tenement area to begin “systematic mapping, outcrop and stream sediment sampling, and to identify potential drill sites.” 

Under the terms of agreement for Lajinha, Latin has the option to acquire a 100% interest in the tenement over the next 24 months.

If Latin exercises the call option, they must pay:

  • US$600 a month over the next 24 months

  • US$30,000 in cash

    • An additional US$50,000 13 months after exercise

  • US$10,000 in Latin shares

Upcoming catalysts

  • Drilling commences at Monte Alto Project (May)

  • Drilling commences at Salinas South project (June)

  • Assay results (May to October)

  • Testwork reporting (September to October)

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Latin 12-month price chart

 

Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University and was Vice President of the University Network for Investing and Trading (UNIT). He is an avid swing trader, and drawn to breakouts and technical set ups. Outside of writing and trading, Kerry is a huge UFC fan, loves poker and bouldering.

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