Latitude gains 80 per cent after putting its foot on a patch of Pilbara
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Junior explorer Latitude Consolidated gained as much as 80 per cent in Monday morning trade after putting its foot on a piece of the Pilbara.
WA-focused Latitude (ASX:LCD) jumped 80 per cent to hit an intraday high of 2.7c after securing an exploration licence application covering 12.7 sq km of land about 90km west of Nullagine.
Mapping by the Geological Survey of Western Australia shows the tenement application consists of at least 7 km of lowermost Fortescue Group stratigraphy, including more than 4km of conglomerates and basal sedimentary rocks.
The Fortescue Group is made up of mafic volcanic rocks found in the Fortescue Basin in the Pilbara Craton which are known to host gold and other minerals.
There is no evidence of past gold exploration taking place on the land, according to Latitude.
Latitude will begin initial exploration work before end of the year.
Latitude was up 67 per cent at 2.5c at 1pm AEDT, giving it a market cap of $5.3 million.