Latin Resources Ltd [ASX:LRS] announced yesterday its maiden inferred mineral resource estimate for its Noombenberry Kaolin-Halloysite Project.
Latin Resources is an ASX-listed explorer with several projects in Latin America and Australia. Some of its Australian projects include the Yarara gold project in NSW, along with WA’s Big Grey Project and Noombenberry Halloysite Project.
Potential to become largest undeveloped Kaolin-Halloysite deposit in Australia
Latin Resources named Cloud Nine its first deposit in Noombenberry, which is located on the company’s exploration license E70/2622, about 350kms to the east of Perth and southeast of the town Merredin.
Prepared by independent consultants RSC Global Pty Ltd, they estimate a global inferred mineral resource of 207 million tonnes of kaolinised granite. This consists of two separate domains: 123 million tonnes of bright white kaolin-bearing material, and 84 million tonnes of kaolin/halloysite-bearing material. Kaolin can be converted into high-purity alumina (HPA) and used in lithium-ion batteries.
According to the company, it has ‘the potential to become the single-largest undeveloped Kaolin-Halloysite deposit in Australia, with substantial potential for future growth.’
Tony Greenaway, Latin Resources exploration manager had this to say:
‘We are thrilled to have identified this globally significant kaolin-halloysite resource within only 18 months since acquiring the Noombenberry Project. It really puts us on the map in this emerging sector and provides a remarkable opportunity to potentially push Latin from explorer to producer within a brief period.’
What could happen next to the LRS Share Price?
Latin Resources is planning to start the next round of drilling, which is expected to start in July, with the goal of extending the resource to the north and raising its resources to indicated or measured. It will also be starting technical studies for its pre-feasibility study.
The LRS Share Price hit a high of 8.5 cents yesterday on an early trade but ended the day closing at 7 cents. Shares are down 7.14% today at time of writing and are trading at 6.4 cents.
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