Latitude defines major Finnish gold-cobalt drill targets

A Latitude 66 geophysics survey has identified strong conductors at the company’s K9 prospect in Finland that correlate with multiple conductors down-plunge from known gold-cobalt mineralisation and local shear zone orientation.

The significance of the downhole electromagnetic (DHEM) results from two adjacent holes is that they confirm continuity of K9 mineralisation towards the south-west and north-east and also down-dip and down-plunge, which is also supported by favourable host rock geochemistry.

The outcome means the company can immediately move ahead with plans to kick off drilling at K9, which is part of the KSB project, in just a couple of weeks to test the down-dip and down-plunge mineralisation extensions indicated by the conductors. The two principal drill targets comprise a relatively shallow zone centred between the surface and 50m below surface and a second bigger zone centred about 250m below surface.

Latitude 66 managing director Grant Coyle said: “We are pleased with the results of the recent DHEM survey, which has identified a significant conductor at the K9 prospect in our KSB project. The lithogeochemistry assessment has also confirmed favourable host rocks at both prospect areas. The drilling campaign is a crucial step in exploring the full potential of the KSB Project, and we look forward to sharing further developments as we progress.”

The two target centres lie up-plunge and down-plunge from several previous drillholes that pierce multiple conductor plates within the deposit throughout much of the depth range proposed for the upcoming drilling campaign. However, the holes are mostly disposed on or near a single section, effectively representing step-back holes.

The gold intercepts in those previous holes, from shallowest to deepest, include 15.35m at 6.3 grams per tonne, 22m at 2.4g/t, 12.05m at 4g/t, 8m at 4.5g/t and 8m at 2.3g/t, implying that it is reasonable to expect similarly good grades in the planned drilling.

Once the proposed drilling has been completed and results are to hand, compiled, interpreted and modelled, Latitude can get started on its maiden JORC resource estimation for the K South region of its flagship KSB project. That estimate will complement the existing significant global resource for the project, which is a respectable 7.2 million tonnes running an average grade of 2.7g/t gold and 0.08 per cent cobalt for 650,000 ounces of gold and 5840 tonnes of cobalt.

The company says more than 85 per cent of that global resource lies within the indicated category.

After kicking off the drilling at K9, more will follow at the adjacent K8, K10 and K12 targets. Management says DHEM undertaken at the K8 target – about 7km north of K9 – is still being assessed, together with data obtained from previous explorers. Historical drilling at K8 turned up 9.3m going 4.3g/t gold and 0.03 per cent cobalt, while K10 offered a useful 4.8m running 4.14g/t gold and 0.12 per cent cobalt.

Latitude has two major projects in Finland – its Peräpohja Schist Belts (PSB) project in the mid-north-west of the country and its current flagship Kuusamo Schist Belt (KSB) project on the near-coastal mid-north-east. Other projects in the country include the regional exploration of the Kainuu Schist Belts (Kainuu) and in the Central Lapland Greenstone Belt at Kola and Kolari.

Favourable outcomes from the company’s upcoming drilling of its new DHEM targets will go a long way towards validating its geophysics and the usefulness of its confirmatory lithogeochemistry in refining the existence of new targets, their geometries, favourable rock associations and structural orientations.

And the outcome should be known soon enough.

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