New analysis of historic data has confirmed “high-grade” gold mineralisation at Latitude 66’s (ASX:LAT) K8 prospect, within the Kuusamo Schist Belt Project in Finland.
The acquired historic data complements existing drilling results conducted by Latitude in 2022, with follow-up downhole electromagnetic survey results highlighting potential down-plunge extensions to gold and cobalt at the K8 prospect.
Based on these latest findings, the K8 prospect has the potential to deliver additional ounces into the global resource base of 7.2 million tonnes at 2.7 grams per tonne gold and 0.08% cobalt for 650,000 ounces of gold and 5,840 tonnes of cobalt.
Managing Director Grant Coyle says the presence of “high-grade” gold at K8 is now confirmed by historic and recent drilling.
“The conductive plates identified in the follow-up DHEM further enhance the prospectivity at K8, highlighting the potential for mineralisation to continue at depth,” Coyle says.
“The down-plunge potential at K8 will be tested immediately following completion of the imminent K9 drill program. Results from both programs will be used to identify whether maiden JORC Mineral Resource Estimates can be calculated and can grow our existing global resource base.”
Latitude 66, which has a market capitalisation of $17.8 million, has proposed to conduct a 500m diamond drilling program at K8, which will follow a planned drilling program at the K9 prospect.
Once all results have been received from both programs, the results will be used to seek to produce a maiden resource estimate for K8 and K9, which will be incorporated into the existing global resource base.
The K8 prospect lies 3km northeast of K9 and has been the subject to previous drilling campaigns by the Geological Survey of Finland and privately held Belvedere Resources.
Latitude 66 is a Finnish and Australian-based company focused on exploring and developing gold and critical minerals.
In its latest Resources and Energy Quarterly for June 2024, the Department of Industry, Science and Resources (DISR) states that World gold consumption is forecast to rise by 1.9% to 4,500 tonnes in 2024. It is expected that this increase will mainly be driven by growth in investment demand, particularly for gold bars and coins, and to a lesser extent, a rebound in consumer electronics demand.
Write to Aaliyah Rogan at Mining.com.au
Images: Latitude 66
