The company is also progressing a scoping study which is due for release this quarter. Pic: Getty Images
Latitude plans to grow resource faster and cheaper with cost-saving RC drilling at KSB gold and cobalt project in Finland
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- Latitude 66 kicks off RC drilling at Kuusamo Schist Belt project in Finland
- Project hosts 7.3mt at 2.7g/t gold for 650,000oz and 0.08% cobalt for 5840t
- Scoping study also in the works
Special Report: Latitude 66 has begun RC drilling at its Kuusamo Schist Belt gold and cobalt project in Finland, which has a resource of 7.3Mt at 2.7g/t gold for 650,000oz and 0.08% cobalt for 5,840t.
This flagship project boasts a substantial high-grade gold-cobalt mineral resource, with over 85% categorised as indicated, totalling 650,000 ounces of gold at 2.7 grams per tonne and 5800 tonnes of cobalt at 0.08%.
Latitude 66 (ASX:LAT) plans to trial RC drilling to test defined geophysical and geochemical anomalies at the K6E and K6W prospects, which sit around 1km south of the resource base.
Both anomalies are beneath approximately 2-3m of transported till cover, with RC drilling ideal for shallow testing of the underlying bedrock geology.
Those prospects have previously returned notable boulder results including:
- 490.0 g/t Au & 0.07% Co (K6E)
- 53.7 g/t Au & 0.05% Co (K6E)
- 32.0 g/t Au & 0.09% Co (K6E)
- 8.8g/t Au & 0.6% Cu (K6W)
- 3.7g/t Au & 0.04% Cu (K6W); and
- 2.2g/t Au & 0.1% Cu (K6W)
While RC drilling is not widely used in Europe, it could reduce costs and enable more efficient exploration in both cost and time allowing more rapid drilling of multiple targets throughout the project area.
Commonly used for resource drill outs in Australia, reverse circulation does not recover core but is much faster at drilling metres from surface than diamond drilling, while still delivering the penetration at depth not accessible with auger or aircore methods.
Mobilisation of the rig and associated supporting equipment is anticipated in March 2025 and results will follow in Q2 2025.
Scoping study slated for late Q1
The company is also progressing a scoping study for the KSB project that will not only provide valuable insights for its development pathway but also identify the opportunity to scale it up further as exploration success expands the project’s global mineral resource base.
“Both the K6E and K6W prospects have previously returned significant high-grade boulder results only 1km south of the existing K2 mineral resource, which has been identified in scoping study activities as the prominent option for high-grade feed early in the KSB Project production schedule,” LAT managing director Grant Coyle said.
“RC drilling is less common in Europe, however if this trial proves to be effective, the technique could provide significant time and cost savings for Lat66 going forward.
“As we finalise the KSB Scoping Study for release later this quarter, the RC drilling trial is a timely opportunity to drill test the exciting K6E and K6W prospect targets and demonstrate the potential for future nearby expansion of the KSB project.”
Latitude 66 also received a shot in the arm on Thursday from drilling by Carnaby Resources (ASX:CNB) at the Greater Duchess copper project in Queensland, where CNB hit 12.2m at 6.8% Cu and 1.8g/t Au in deep drilling over 550m below the surface at the Mount Hope Central deposit.
LAT holds 17.5% of the project, free carried to a decision to mine.
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.
