Early drilling success shows Latitude Consolidated’s Murchison process is on the right track
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Drilling by Latitude Consolidated (ASX: LCD) at its 1.1Moz Murchison Gold Project is shaping up nicely with its process driven approach paying off at the bright Margaret prospect.
Latitude’s systematic exploration process is already starting to pay off, with Margaret highlighted as a priority target for the next phase of drilling to target its steeply plunging high grade shoot.
It has shown similarities to the Judy South structure mined by the previous owner of the project and its rich Andy Well gold mine Doray Minerals.
It is just one of a swag of targets Latitude is sticking the drill bit into as part of an expansive Phase 1 campaign, but early results have been promising.
Like Judy South, which bears high grades in deep fresh rock and is defined to 500m below surface, Margaret’s grades and width improve at depth below the weathered surface, with continuity of mineralisation of 100m of strike.
Best results in this phase of drilling included 3m at 2.52g/t from 136m including 1m at 7g/t; and 9m at 1.14g/t from 150m including 2m at 3.09g/t.
Given the scientific approach, Latitude is not putting its eggs in one basket, with drilling across a host of targets in Phase 1.
The best prospects, like Margaret, will be prioritised in Phase 2 drilling, which is due to kick off in September.
It is worth noting Andy Well, part of the package Latitude paid $8m to Silver Lake Resources for last year, was a significant producer in its own right.
Having produced 350,000oz at more than 8g/t between 2013 and 2017, that comes with pre-existing assumptions and ideas.
But Latitude has been confident in blazing its own path there and has already shown its nimble-footed nature when faced with new evidence.
A decision to reorient the drill rigs to target a new strike direction not historically identified at Andy Well led to its exciting Suzie North discovery, with Latitude immediately re-mobilising a rig to drill down further on the theory.
“We are pleased with the results being delivered from our Phase 1 drilling program which continues to systematically test several exploration targets across the Murchison Gold Project with a view to prioritising the most prospective targets ahead of Phase 2 drilling later this year,” CEO Tim Davidson said.
“To date we have confirmed the new interpretation of the Suzie North mineralised trend to be correct, and while we have more drilling to do at Margaret to test the depth potential of this mineralisation, these latest results indicate the presence of a structure analogous to Judy South, which was successfully mined by Doray.
“I look forward to providing further updates over the coming weeks as we receive assay results for several other promising targets within our exploration portfolio.”
The assays released today were at Eastern Link, which boasts an historic intercept of 10m at 8.8g/t, 105m vertically below the surface.
Eastern Link was believed to be a linking structure to Andy Well’s Wilber, Judy and Suzie lodes.
The current round of drilling by Latitude did not return significant results, however the recent success at Suzie North is food for thought.
Latitude has theorised that Eastern Link could, like Suzie North appears to demonstrate, actually trend northwest-southeast as opposed to northeast-southwest.
In that case it could be an array of mineralised structures that would inevitably have been missed by drilling on the traditional orientation.
With that in mind Latitude is completing a detailed review of the Suzie North style of mineralisation to apply a systematic exploration targeting process across its Andy Well tenure.
This article was developed in collaboration with Latitude Consolidated, 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.