Latitude 66 (ASX:LAT) has executed two separate binding options and joint venture agreements to acquire 80% of the Laverton Gold Project in Western Australia.
The tenement package includes the historically mined Red Dog open pit and surrounding tenure, alongside the Tin Dog syenite-hosted gold system.
As part of the first option with Walter Scott Wilson – covering four granted mining leases – Latitude 66 has paid $80,000 cash and $80,000 worth of shares, as well as 1.49 million free-attaching options exercisable at $0.067 within three years.
Under the second option and joint venture agreement with Raketa Resources & Walter Scott Wilson – covering the exploration and prospecting licences – Latitude paid $60,000 cash, $50,000 worth of shares, and 934,579 free-attaching options under the same terms as above.
Upon exercising the Wilson option, Latitude 66 will pay a $250,000 cash fee, issue $700,000 worth of shares and grant one free-attaching option for every two shares issued.
Meanwhile, for the Raketa option, Latitude 66 will pay $125,000 cash, issue $350,000 worth of shares, and grant one free-attaching option for every two shares issued.
Managing Director Grant Coyle says securing the option to acquire a major stake in Laverton is a step forward for the company, as it complements the company’s existing Western Australian portfolio.
“At the same time, we remain firmly committed to advancing our KSB and PSB projects in Finland, where we continue to see strong growth opportunities and significant upside for shareholders,” Coyle says.
“This dual focus provides Latitude 66 with a unique mix of near-term development optionality and exploration upside in Western Australia and Finland, both stable tier one jurisdictions.”
Latitude 66, which has a market capitalisation of $9.83 million, plans to advance the project towards a resource definition and development with the immediate start of several programs. These programs include ongoing validation of historical data, drilling and progress permitting at Red Dog and Tin Dog.
Laverton, covering 253km2 is a prospective gold tenement package with 17 mining tenements, located 7km from Brightstar Resources’ (ASX:BTR) Second Fortune deposit.
Write to Aaliyah Rogan at Mining.com.au
Images: iStock
