Latitude 66 (ASX:LAT) has cleared the permitting hurdle for its Kuusamo Schist Belt (KSB) Gold-Cobalt Project in Finland, with drilling now scheduled to begin this quarter.
The Finnish Mining Authority granted exploration permits over the K1, K2, and K3 deposits, locking in tenure after legislative changes in March. Latitude 66 can now advance environmental approvals and technical studies in parallel with exploration.
The KSB Project hosts 650,000 ounces of gold (Au) and 5,840 tonnes of cobalt (Co). More than 85% of that is in the indicated mineral resource category.
A Scoping Study from March 2025 outlined a seven-year operation producing 65,000 ounces of gold and 465 tonnes of cobalt per year. At a US$3,000 ($4,288) per ounce gold price, the study returned a post-tax net present value of about US$433 million and an internal return rate of 98%.
Managing Director Grant Coyle says the permit grant follows 18 months of work on landowner agreements, authority engagement, and the first stage of the environmental impact assessment (EIA).
“Over the past 18 months, we have systematically de-risked major aspects of the KSB Project,” Coyle says.
“We have secured landowner agreements, worked closely with the relevant authorities throughout the permitting process, successfully completed the first stage of the EIA process, and progressed exploration activities.”
The EIA has now cleared its first phase. The ELY Centre’s statement consolidates feedback from municipalities, agencies, and Indigenous representatives.
On the exploration front, recent fixed-loop electromagnetic surveys over K1 extensions found multiple conductive targets.
The most promising conductor, northwest of a previous downhole anomaly, now shows conductance up to 2,466 siemens — well beyond prior readings. It extends about 320m along strike and 650m down dip.
An optimised Scoping Study is due in the third quarter, followed by a Prefeasibility Study. Diamond drilling will test the K1 extension and newly defined conductors.
The permits carry execution orders, so fieldwork can proceed during the 37-day appeal period. Latitude 66 will push exploration and development through to H2 2026.
Latitude 66 is a Perth-based explorer with a portfolio of gold and critical mineral projects across Finland and Western Australia.
Write to JC Villarba at Mining.com.au
Images: Latitude 66
