Latitude 66 (ASX:LAT) has released the results of extensional drilling at its Kuusamo Schist Belt (KSB) Project in Finland that the company says confirms the potential for a “high-grade, shallow gold resource”.
Drilling at K-South, which hosts the K9 and K13 prospects, returned 22.4m @ 2.4g/t gold, 0.07% cobalt and 0.16% copper from 43.6m, including 9.5m @ 3.7g/t gold, 0.09% cobalt and 0.24% copper from 51m and 4.3m @ 3.2g/t gold and 0.09% cobalt from 44m.
These results came from the K9 Prospect, which also intersected 13.45m @ 6.25g/t gold and 0.18% cobalt from 21.1m and 13.8m @ 3.56g/t gold and 0.04% cobalt from 62.7m.
Latitude 66, which has a market capitalisation of just under $30 million, was reinstated to trading on the ASX last week following the completion of the takeover by DiscovEX Resources.
DiscovEx was trading at around $0.002 prior to the takeover but following a share consolidation of one share for every 100 shares held restarted trading last Thursday (4 June) at $0.165.
Shares were down around 3% today at $0.16.
Latitude 66, which is headed by former senior Rio Tinto (ASX:RIO) executive Grant Coyle, has also just completed a $4 million capital raising to explore and develop its portfolio of gold and critical minerals projects in Finland and Australia.
The KSB Project is Latitude’s flagship project and the recent drilling confirms the continuity of mineralisation over 100m, with the mineralisation open in all directions.
Coyle says the results start to build a picture of the potential for a high-grade gold and cobalt resource at K-South.
“We believe the resource drilling program at K-South holds outstanding potential to add substantial ounces to the already significant global resource base within the KSB Project,” he says.
“Additionally to the ongoing drilling, our systematic program of geophysics, structural geology and geochemistry is being rolled out across the whole project, with the aim to enhance our understanding of the gold-cobalt mineralisation and hydrothermal alteration footprint at the KSB.”
Drilling in the K-South area is focused on defining a maiden resource across numerous targets.
Latitude 66 is now planning to undertake follow-up drilling in August, targeting further extensions at the K9 Prospect and high-priority targets at the K8 and K10 prospects.
The KSB Project has an existing resource, with over 85% in the higher confidence indicated category, totalling 650,000 ounces of gold @ 2.7g/t gold and 5,840 tonnes of cobalt @ 0.08%.
Latitude 66 says it has accumulated one of the largest exploration land holdings in Finland (around 1,000 km2) and currently owns the third largest undeveloped cobalt resource in Europe.
Write to Angela East at Mining.com.au
Images: Latitude 66
