Latitude 66 has immediately hit its stride after a recent reverse takeover of DiscovEx Resources and re-listing on the ASX, revealing impressive new gold assay results up to 22.4m at 2.4g/t from extensional diamond drilling at its Kuusamo Schist Belt (KSB) project in Finland. The company is building on the existing indicated resource of 650,000 ounces of gold and 8000 tonnes of cobalt.
Latitude 66 has hit its stride with impressive first gold assay results up to 22.4m at 2.4 grams per tonne from extensional diamond drilling at the K9 and K13 prospects within its Kuusamo Schist Belt (KSB) project in Finland.
The company, which recently rebranded itself after a reverse takeover of DiscovEx Resources and relisting on the ASX, says it intersected a notable high-grade gold mineralisation zone at the K9 prospect. It includes the 22.4m hit at 2.4g/t gold that has 0.07 per cent cobalt and 0.16 per cent copper from 43.6m and also features 9.5m at 3.7g/t gold, 0.09 per cent cobalt and 0.24 per cent copper from 51m and 4.3m at 3.2g/t gold and 0.09 per cent cobalt from 44m.
The program comprised two diamond holes for a total of 236m. The second hole was abandoned at 92m following detailed structural analysis of the first hole that indicated the mineralisation was trending sub-parallel to it.
At the K13 prospect, about 350m north-east of K9, three holes for 479m were completed, targeting a historic airborne electromagnetic (VTEM) anomaly further defined by a follow-up ground fixed-loop electromagnetic (FLEM) survey. Narrow cobalt mineralisation was intersected, including 1m at 0.22 per cent cobalt from 49.85m and 0.85m at 0.17 per cent cobalt from 45m.
The intersections correlate spatially with the generated FLEM plate, prompting further investigation.
Management says the results from K9 not only confirm the potential for a high-grade, shallow gold resource, but also the continuity of mineralisation through a 100m strike length that remains open in all directions.
The results have now set the stage for further exploration and follow-up drilling is scheduled for next month to target additional extensions at the K9 prospect and other high-priority targets. It will aim to further define a maiden JORC resource, leveraging the previous completed drilling, geophysics and structural modelling.
Latitude 66 managing director Grant Coyle said: “We are delighted to hit the ground running with new drilling results from our flagship KSB Project in Finland. These 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.”
Prior to the corporate deal with Latitude, DiscovEx reported drilling results at K9 that delivered significant intercepts including 13.45m at 6.25g/t gold and 0.18 per cent cobalt from 21.1m and 13.8m at 3.56g/t gold from 62.7m. Most notably, the program also hit a high-grade cobalt zone of 50.15m at 0.45 per cent from 124.75m.
The mineralisation at K9 is hosted within volcanic rocks associated with hydrothermal alteration minerals such as biotite, sericite and chlorite. Elevated sulphides are also present, including pyrite, chalcopyrite and cobaltite.
Latitude has the bit firmly planted between its teeth as it pores over the potential upside at KSB following its freshly-inked deal with DiscovEx. When further follow-up drilling next month is completed and included with the latest numbers, hopes will be high that the company will be able to significantly increase the existing indicated resource of 650,000 ounces of gold at 2.7g/t and 8000 tonnes of contained cobalt at 0.08 per cent.
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