Latitude sells $2m gold project

West Perth-based Latitude Consolidated has agreed to sell its Mt Ida gold project near Leonora to Alt Resources in a cash and scrip deal worth $2 million.

Under the deal, Latitude will receive a 50-50 split of cash and scrip in Alt, which is headquartered in NSW.

The sale includes all gold projects comprising the Mt Ida tenement package, including the Quinn’s mining centre, Mt Ida South and the Mt Ida joint venture projects.

“Latitude will maintain a 100 per cent interest in both the Gecko North and Levers Well gold projects in Western Australia and will continue to pursue the exploration of these projects as well as other exploration opportunities which have the potential to deliver value to shareholders,” the company said in a statement to the ASX.

Meanwhile, Latitude said it expected to finalise its purchase of 70 per cent of the Mbeta lithium project in Zimbabwe this quarter.

“At which time a detailed data compilation and field exploration program will be commenced across the broader Mbeta project area,” the company said.

“Latitude will continue to identify and assess additional investment opportunities in this section and region.”

Shares in Latitude last changed hands at 3.5 cents each.