Latitude 66 hits sulphides on maiden Finnish RC run

Latitude 66 intersected sulphides related to high-grade gold-copper surface samples during trial RC drilling at the KSB North flagship in Finland.

Latitude is advancing in tune with Finland’s own mineral ambitions. Pic: Getty Images

• Latitude 66 strikes sulphides which relate to high-grade surface samples

• Observations will support low-cost, high-priority drilling

• Resource expansion in the works as LAT optimises for PFS

 

Special Report: Latitude 66 intersected sulphides related to high-grade gold and copper surface samples during a trial RC drill run on two prospects at its KSB North flagship in northern Finland.

The maiden Latitude 66 (ASX:LAT) RC campaign at KSB North testing geophysical and geochemical targets, struck disseminated sulphides from 4m at K64 prospect over a 16m downhole interval.

The intensity and width of the sulphides was enough to generate an induced polarisation anomaly and are potentially related to high-grade surface boulder results of up to 8.8g/t gold and 0.6% copper, both of which have potential to add to cobalt resources.

Sulphide minerals, in this case pyrite, are valued by miners for a relatively straightforward separation process as a source of precious, industrial and battery metals.

Latitude managing director Grant Coyle said the company was pleased with the successful completion of the trial RC campaign in a region where it’s not often used outside of mine development drilling.

“Previously we had defined drill targets based upon high-grade Au-Cu rock boulder samples, located in close proximity to an induced polarisation geophysical anomaly,” Coyle said.

“Now we have intersected 16m of sulphides in hole K6RC009, which is highly encouraging and requires further follow up.’

Coyle added that several opportunities to improve drilling techniques and quickly and cost effectively test more high-quality targets while minimising environmental disturbance were identified throughout the program.

“Following the robust scoping study results released last week, we are committed to developing the KSB project and demonstrating the potential upside opportunities both in and surrounding the current mineral resource,” he said.

“Both the K6E and K6W prospects form part of this strategy and we look forward to releasing the assay results from this drill program soon.”

Samples have been sent to the lab with results expected in about six weeks.

Drill location map over the K6E and K6W prospects. Pic: LAT

Finnished product

While separating minerals for sale can prove difficult, Latitude seems confident that low-risk open pit mining and free-milling gravity and carbon in leach processing can deliver gold and cobalt to buyers.

And even with an ounce of gold trading at record prices, the cobalt credit might be the more interesting one here.

Finland is the world’s second largest cobalt refiner outside China and is throwing financial muscle behind its critical mineral projects as the EU looks to wean itself off the minerals superpower.

The price of cobalt is catching headlines after the Democratic Republic of the Congo slapped an unexpected export ban on the metal.

The DRC accounts for around 76% of global supply and Chinese cobalt refineries are apparently scrambling to secure feedstock.

Latitude holds the third largest undeveloped cobalt resource in Europe and sees a unique opportunity to produce underpinned by high-margin gold ounces.

The company is now taking on resource expansion work alongside advancing development of the pre-feasibility study to optimise open pit and underground mining.

The drill rig in action. Pic: LAT

This article was developed in collaboration with Latitude 66, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Latitude 66 hits sulphides on maiden Finnish RC run