LATIN SECURES MAJOR LITHIUM MINE IN SAN LUIS, ARGENTINA
Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is very pleased to announce that it has secured the 100% ownership of the Geminis Lithium Mine and Don Gregorio concessions in the western part of the Libertador del San Martin region of San Luis, Argentina through the signing of a Binding Letter of Intent (LOI) with the Vendor.
About Latin Resources
Latin Resources Limited is a mineral exploration company focused on creating shareholder wealth through the identification and definition of mineral resources in Latin America. The Company has secured over 101,450 hectares of exploration concessions in the lithium pegmatite districts of Catamarca and San Luis Provinces, Argentina.
The company also has a portfolio of projects in Peru and is actively progressing its Iron Oxide-CopperGold and Copper Porphyry projects in the Ilo region with its joint venture partner First Quantum Minerals Ltd.
Managing Director Chris Gale commented, “The acquisition of the Geminis mine is further building Latin Resources strategy of controlling all of the known hard rock Lithium pegmatites in Argentina. The added bonus of securing a known lithium deposit in San Luis province that has had decades of mineral production could potentially develop Latin Resources into a new term producer”. He went on to say, “Latin Resources is very focused on developing a JORC resource over the coming months and then moving into production to take advantage of the buoyant and high lithium prices.”
• Binding agreement gives direct path to 100% Latin Resources ownership of the prized Geminis Mine and surrounding LRS Don Gregorio exploration concession
• Spodumene mineralisation is the best the Latin technical team has explored in Argentina
• Main Pegmatite up to 18m thick, more than 200m long and gently dipping at 20-30 degrees. The area contains multiple similar unexplored pegmatites
• Field and drill permitting work has commenced on the Geminis Mine and DonGregorio concessions
• The Geminis mine could potentially lead pathway to near term production
The Geminis mine has been historically linked to lithium mining in San Luis and has been rated with High-grade lithium bearing pegmatites. It was recognized by geologists from the National Development Bank whose work has been reflected in the unpublished reports as one of the mainlithium deposits in the province of San Luis with lithium ore produced in the period between 1960 -1980.
San Luis Province has an established small mining industry that actively produce quartz and feldspar for the glass and ceramics industry from literally hundreds of small mines. There are around 100 miners in all of which the top 5 might produce nearly 75% of the total minerals. In turn there are around 8 crushing/grinding plants that process and sell these minerals up the value chain for the ceramics and glass industry. (See figure 4)
Latin Resources is currently in discussion with two plant owners/operators to enable a spodumene circuit to be added to the existing crushing plant. Latin Resources has recently appointed Western Australian based Primero Group who are a turnkey design, construction and commission engineering company with specific experience on hard rock spodumene deposits.
The brief for Primero is to commence testwork on Latin Resources Argentinian spodumene samples to determine a flowsheet to produce a spodumene concentrate.
A meeting was recently held with the San Luis mines department to determine the permitting of a spodumene circuit into an existing operational plant. The mining authorities suggested that it would be matter of “only a number of months” to have spodumene production circuit approved into an existing operating plant. This would negate the normal lengthy process of mine plant approvals based on building a new Plant. The cost saving benefits in adding a spodumene circuit into an existing plant is also substantial
The strategy moving forward for Latin Resources is to produce a JORC resource and run in parallel the design and permitting of a spodumene plant to add to an existing operation in San Luis.
The acquisition of the known high grade lithium Geminis deposit coupled with Latin Resources other lithium pegmatite concessions along with existing plant processing capacity in San Luis
presents a unique opportunity for Latin Resources to fast track production of spodumene concentrate.
The Geminis Mine
The structure and size of the Geminis pegmatite upon which historical mining was based is extremely encouraging. From preliminary studies and historical records the main pegmatite is between 12-18 meters thick and has a known strike length of more than 200m which is visible from the mine exposures and the satellite image (See Figure 2). It is possible that other pegmatites along strike from the mine are in fact connected to the main mine pegmatite and that the strike length is in fact much longer. Also from preliminary mapping and the satellite image there is in the immediate area other pegmatites above and below the mine pegmatite. The orientation of the known pegmatites is also very favourable as it dips gently at 20-30 degree’s to the south east.
The Latin Resources geological team has begun field work at the Geminis Mine and Don Gregorio concessions. Work that will be completed includes detailed geological mapping and sampling of the mine area and the adjacent areas in order that an initial drilling program can be designed. In conjunction with the field work the legal and permitting requirements including the Environmental Impact Reports and the reactivation Geminis mining concession are underway.
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LATIN RESOURCES LIMITED
ACN: 131 405 144
Unit 3, 32 Harrogate Street
West Leederville, Western Australia,
P 08 6181 9798
F 08 9380 9666
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