Latitude Consolidated Ltd (ASX:LCD) (FRA:1KX) has received further strong gold assay results from the Phase 1 drill program underway at the Murchison Gold Project in Western Australia.
The aim of the program is to systematically test several promising exploration targets within the Murchison Project tenure, with drill holes targeting the Margaret, Eastern Link and Highway targets.
Notably, drilling at the Margaret target confirms 100 metres of strike in the footwall of the high-grade Suzie mineral resource and indicates the presence of a structure analogous to Judy South, which was successfully mined by Doray Minerals Limited as recently as 2017.
Best intercepts include:
- 3 metres at 2.52 g/t gold from 136 metres, including 1-metre at 7 g/t; and
- 9 metres at 1.14 g/t from 150 metres, including 2 metres at 3.09 g/t.
The target remains open at depth and the company believes these drill results point to the width of the mineralisation increasing at depth.
“Prioritising targets for Phase 2”
Given the positive indications from this initial drilling at Margaret, further drilling targeting down plunge extensions of the high-grade Margaret shoot will form part of the company’s Phase 2 exploration drilling program.
Latitude chief executive officer Tim Davidson said: “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.
“Importantly, data generated from this program is allowing our technical team to establish a better understanding of the mineralisation within our extensive tenure.
“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 assays results for several other promising targets within our exploration portfolio.”
Plan showing Margaret, Eastern Link and Highway targets in relation to existing mineral resources at Andy Well.
Eastern link exploration target
Drilling at the Eastern Link target was following up a historical intercept of 10 metres at 8.8 g/t, including 1-metre at 84.7 g/t.
The historical intercept was around 105 metres vertically below surface, with the two drill holes designed to test both the dip and strike direction of the interpreted linking structure.
Best results included:
- 1-metre at 0.96 g/t from 35 metres; and
- 3 metres at 0.83 g/t from 112 metres, including 1-metre at 1.52 g/t.
While the drilling intersected a number of mineralised intervals, the dip and strike of the targeted structure were not conclusively resolved, and given the recent findings at Suzie North where mineralisation is seen to strike in a northwest-southeast orientation, there is potential for the interpreted Eastern Link structure to be an array of mineralised structures striking in the same orientation as that of Suzie North.
If mineralisation does trend northwest-southeast, then Phase 1 drilling would not have intersected these structures.
The company will now complete a detailed review of all data relating to the Suzie North style of mineralisation, before applying a systematic exploration targeting process across the whole of the Andy Well tenure, including at the Eastern Link target.
Highway exploration target
Drilling at the Highway target was following up historical intercepts of 5 metres at 5.16 g/t including 1-metre at 11.50 g/t and 10 metres at 2 g/t including 3 metres at 5.98 g/t.
Intercepts included:
- 4 metres at 1.31 g/t from 48 metres;
- 5 metres at 0.43 g/t from 73 metres, including 1-metre at 1.71 g/t; and
- 1-metre at 0.56 g/t from 96 metres.
The drilling intersected a number of mineralised structures, however, the results were lower tenor than that observed in the historical drilling.
Given the complexity of the mineralisation at this location the Highway target will not form part of the company’s Phase 2 drilling.