Stocks of the Hour: Latin Resources, American Rare Earths, Demetallica
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Latin Resources (ASX:LRS) today confirmed the discovery of a new lithium mineralised zone, some 500m west of the Colina prospect, and also provided an update on the program of resource definition drilling and other studies currently ongoing at the Company’s 100% owned high-grade Colina Lithium Prospect. Latin Resources’ Exploration Manager, Tony Greenaway, 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. Shares are trading 9.5 per cent higher at 12 cents.
American Rare Earths Limited (ASX:ARR) announced this morning that exploration drilling will commence today to drill 36 reverse circulation holes to define a maiden JORC resource at the 100% owned Halleck Creek project. An additional 19 holes have been permitted to enable the program to be further expanded. Drilling is expected to be completed by Mid-December this year. Managing Director and CEO Chris Gibbs commented “We’re very excited to commence this drilling program to advance the massive Halleck Creek Project. Further encouragement for the progress of Halleck Creek came from the test work results on ore from our large-scale La Paz project, announced last week. These are significant for both projects because of the similarities between the ore. We’ve also initiated metallurgy test work specifically for Halleck Creek ore and look forward to providing an update on this as soon as results are available”. Shares are trading 2.3 per cent higher at 23 cents.
Demetallica Limited (ASX:DRM) today reported completion of two drill holes targeting the Mawson and Wills copper targets at Demetallica’s 100% owned Peake and Denison project, SA. Peake and Denison is a Joint Venture project funded by OZ Minerals (ASX:OZL) where Demetallica is manager and operator. The company noted how the highly encouraging visible copper mineralisation has been intersected at both sites. These results amplify the JV’s view that Peake and Denison offers immense untapped potential as a completely new copper exploration frontier along the north-eastern edge of the Gawler Craton. Shares are trading 7.1 per cent higher at 30 cents.
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Source: Finance News Network
