Latin Resources runs major drilling program at Brazil project - Canaccord Genuity

Latin Resources

15/03/2023 20:15

** Canaccord Genuity notes after a recent visit to Latin
Resources Ltd's  LRS.AX  Salinas Lithium project in Brazil that
the lithium miner is undertaking a "major resource drilling
program"  
    ** Brokerage says LRS appears to be running an efficient and
organised program at the lithium project, with eight on-site
diamond drill rigs aiming to dig 65,000 meters deep as part of
2023 drilling campaign 
    ** Says infrastructure surrounding Salinas project is better
than expected, as access to the site is via a gravel road, only
15 minutes away from a major sealed road and trucking route
connecting to ports such as Ilheus
    ** Canaccord notes that access to power for Salinas area is
not a problem as it is powered by clean hydropower, with the
main hydropower line running parallel to the project site
    ** A$0.25 price target and "speculative buy" rating
maintained 
    ** Two analysts rate the stock "buy" or higher; their median
PT is A$0.24 – Refinitiv data
    ** Stock up 12.2% this year, as of last close

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))