Latitude Consolidated Ltd (ASX:LCD) had a strong cash position of $7.8 million at the end of the September quarter, with the final assays from St Anne’s confirming the presence of very high-grade mineralisation.
The assays provide an excellent target for Phase 2 drilling, with 3 metres at 13.82 g/t gold, including 1-metre at 31.20 g/t from 103 metres.
Phase 2 exploration drilling at its flagship Murchison Gold Project in Western Australia commenced late in the quarter, with drilling to initially target Turnberry Deeps followed by St Anne’s.
A mining study is progressing as planned and is expected to be reported in December.
Change in name
The junior gold explorer will put forward a special resolution at its November annual general meeting proposing a change of company name.
It will seek shareholder approval to change the name of the company to Meeka Gold Ltd with an ASX code MEK.
Murchison Gold Project
During the quarter personnel and equipment were mobilised to site to commence Phase 2 drilling.
The program will initially target the thick high-grade Turnberry mineralisation, following up on previously reported intersections.
Aircore drilling at St Anne’s is scheduled to commence in the December quarter with Latitude Consolidated eager to follow up a number of broad high-grade drill results where anomalous gold is observed over 500 metres of strike.
The St Anne’s prospect is a high priority target given the geological similarities it displays with Turnberry.
Judy North remains open to the north and the company intends to further test this high-grade mineralisation during the Phase 2 drilling program.
Circle Valley Gold Project
The company completed a first pass aircore program at Circle Valley Gold Project in WA, consisting of 2,165 metres, partially funded through the Western Australian Government’s Exploration Incentive Scheme.
All assays from the program remain outstanding and will be reported as they are returned from the laboratory.
The project area is within the Albany Fraser mobile belt, which is home to the multimillion-ounce Tropicana gold deposit positioned in a highly metamorphosed craton margin setting similar to Circle Valley.
A large auger geochemical sampling program in 2020 covering Anomaly A identified anomalous gold in soil over a 1.2 kilometres strike.
Limited historical aircore drilling also identified anomalous gold mineralisation at Anomaly A and separately the Fenceline prospect.
Further follow-up drilling is planned over the coming two quarters.