The Latin Resources Ltd (ASX: LRS) share price is having a strong day.
At one stage today, the lithium explorer's shares were up as much as 19% to 12.5 cents.
In late morning trade, the Latin Resources share price has pulled back but remains up 5% to 11 cents.
Why is the Latin Resources share price charging higher?
The catalyst for the rise in the Latin Resources share price today has been the release of results from a drilling program at the Colina Lithium prospect of the Salinas Lithium Project in Brazil.
According to the release, the company has made a discovery of a new lithium mineralised zone, some 500m west of the Colina prospect.
Assay results have confirmed multiple high-grade lithium bearing pegmatites at the prospect. In fact, these results have returned the prospect's highest-grade intersection to date and confirmed the continuity of grade at depth and along strike.
Significant results
Management appears excited by the news, particularly the results from hole SADD033, which it feels "cannot be understated."
Latin Resources' exploration manager, Tony Greenaway, was delighted with the results and appears positive on the future of the Colina prospect. He commented:
The significance of these latest results from hole SADD033 cannot be understated. They confirm that we have a second zone of high-grade lithium bearing pegmatite only 500m to the west of the main Colina resource drilling. This new zone is open in all directions including along strike to the north and south, up-dip to the mapped outcrop which drew us to this area and extending at depth to the east beneath Colina.
Colina West has the potential to add considerable resources to the Company's maiden JORC Mineral Resource Estimate, which is on track to be delivered in December this year and proves the exceptional prospectivity of the wider project area to the west where the Company has mapped even more outcropping pegmatites that are yet to be drilled.
Now that the drilling needed for the maiden inferred mineral resource estimate for Colina is completed, we can let loose with drilling at Colina West, with the aim of potentially incorporating this second area into the PEA and other studies that the Company has underway.
