Latitude Consolidated Ltd's (ASX:LCD) (FRA:1KX) first-pass drilling points to previously unidentified and untested northwest-southeast striking mineralisation at Suzie North exploration target within the Murchison Gold Project in WA.
Drilling at Suzie North was designed to target a northwest-southeast striking system, the first time this style of mineralisation has been specifically targeted at Andy Well.
The first three holes were drilled to define the strike orientation and dip of the mineralisation, with one hole intersecting 7 metres at 1.90 g/t gold from 121 metres including 1-metre at 9.59 g/t.
The two other holes appear to have intersected a parallel footwall lode but failed to intersect the primary mineralisation, with results of:
- 5 metres at 0.50 g/t from 103 metres including 2 metres at 1.07 g/t; and
- 7 metres at 0.64 g/t from 162 metres including 1-metre at 1.76 g/t.
Assays results from the company’s 10,000 metre Phase 1 drill program underway at the project are expected to be received over the coming weeks.
“Promising exploration targets”
Latitude chief executive officer Tim Davidson said: “This is an extremely exciting step forward for Latitude with the newly identified northwest-southeast mineralisation providing a new exploration targeting lens at Andy Well.
“The company notes there have been several major discoveries recently, both in the Murchison and other parts of the Yilgarn, where a new strike orientation has been identified and the resulting discoveries have been found to host significant mineralisation.
“We plan to test this potential at our Murchison Gold Project as we push ahead with the Phase 2 exploration program.
“Importantly with the support of our shareholders we have the funding in place to complete this work at an aggressive pace with a strong cash balance of ~$9.5 million at the date of this announcement.
“We are expecting further assays to be received from drilling completed at several promising exploration targets within our portfolio and I look forward to reporting further updates in due course.”
Plan showing old Suzie North interpretation, historical follow up drilling and new strike interpretation.
Follow up drilling planned
This style of mineralisation is perpendicular to all previously discovered mineralisation at Andy Well and remains open in all directions.
Latitude sees this narrow vein, high grade mineralisation as representing an appealing exploration opportunity that is analogous to the style of mineralisation seen in the existing mineral resources at Andy Well (1.8 million tonnes at 8.7 g/t for 505,000 ounces).
The company has immediately remobilised the drill rig to Suzie North to commence follow up drilling and to further test the strike and down plunge extent of mineralisation with an additional 1,500 metres of drilling at this target.