Latitude Consolidated Ltd (ASX:LCD) has intersected thick gold mineralisation at the Circle Valley Project within the Albany-Fraser Mobile Belt that hosts the multi-million-ounce Tropicana gold deposit.
Reconnaissance aircore drilling to map stratigraphy across the strike of a 1.2 kilometres gold in soil anomaly has defined a 400 metres wide zone of gold anomalism (1,200 metres strike x 400 metres width).
Follow-up drilling is planned to commence imminently with assistance from the Western Australian Government’s Exploration Incentive Scheme co‐funded drilling program in the form of a $150,000 funding grant.
It will also be testing for extension to the north, east and west, where the mineralisation remains open, and separately to test for mineralisation in fresh rock below the regolith.
Encouraged by prospectivity
Latitude Resources CEO Tim Davidson said: “These results from Circle Valley are very encouraging.
“When we designed the program, we were not expecting to intersect thick gold mineralisation.
“We simply wanted to map the depth of cover and improve our understanding of the geological setting to aid with future exploration.
“The 400 metres wide zone of gold anomalism at Anomaly A, and similarities between the end of hole multi-element results and pathfinder geochemistry observed at the multi-million ounce Tropicana deposit, leave us very encouraged by the prospectivity of this tenure.
“Up until now Circle Valley has had no systematic gold exploration and the company intends to address this with further aircore, RC and diamond drilling planned in the coming months.
“Initially this will target Anomaly A, as well as the Fenceline prospect 8 kilometres to the northeast where thick gold mineralisation has also previously been intercepted.
Progressing Phase 2 at Murchison
“We are also rapidly progressing Phase 2 exploration at our Murchison Gold Project and expect to begin receiving assay results from this drilling in the coming weeks, along with the release of our Mining Study in early December.
“The company remains well funded with an aggressive program of work planned for the coming months and we look forward to updating our shareholders with the results of this work as it comes to hand.”
Results
The numerous holes ended in mineralisation below the transported cover at the top of fresh rock. The gold results include:
➢ 23 metres at 0.62 g/t gold from 12 metres including 12 metres at 1.05 g/t;
➢ 24 metres at 0.38 g/t from 12 metres including 4 metres at 1.49 g/t;
➢ 4 metres at 0.83 g/t from 20 metres;
➢ 1-metre at 0.31 g/t from 15 metres, hole ends in mineralisation;
➢ 1-metre at 0.18 g/t from 16 metres, hole ends in mineralisation;
➢ 1-metre at 0.17 g/t from 16 metres; and
➢ 1-metre at 0.12 g/t from 16 metres, hole ends in mineralisation.
Multi-element results from the final metre of each hole delivered elevated silver across the 400 metres wide Anomaly A zone with results above 0.5 g/t silver in end of hole sample, including:
➢ 1-metre at 1.70 g/t silver from 20 metres;
➢ 1-metre at 1.01 g/t from 17 metres;
➢ 1-metre at 0.86 g/t from 36 metres;
➢ 1-metre at 0.84 g/t from 19 metres;
➢ 1-metre at 0.82 g/t from 24 metres;
➢ 1-metre at 0.74 g/t from 20 metres;
➢ 1-metre at 0.73 g/t from 21 metres;
➢ 1-metre at 0.63 g/t from 20 metres;
➢ 1-metre at 0.60 g/t from 21 metres;
➢ 1-metre at 0.57 g/t from 22 metres; and
➢ 1-metre at 0.50 g/t from 25 metres.
Tropicana-style pathfinder geochemistry
While the company views the thick gold intersections in this first pass drilling at Circle Valley as encouraging, the end of hole multi-element geochemistry, which points to Tropicana-style pathfinder elements, is viewed as more important and may be indicative of a large mineralised system.
Key lithogeochemistry observed at Anomaly A (Circle Valley) include:
➢ Alteration enrichment up to 4.81% potassium and 1.77% sulphur;
➢ Strong enrichment up to 1,220ppm barium, 436ppm rubidium and 136ppm lead; and
➢ Enrichment in metals up to 1.70 g/t silver, 19.75ppm molybdenum and 0.10ppm tellurium.
Depth of cover model
The reconnaissance drilling was designed to build a depth of cover model over the project area and map the basement geology, providing the company with a greater understanding of the stratigraphic, metamorphic and structural architecture at Circle Valley.
LCD views the multi-element results as one of the more important outcomes of the Circle Valley reconnaissance drilling program as it begins to define the potential footprint of the mineralisation, which currently stands at 0.4 kilometres wide by 1.2 kilometres long and remains open to the north, east and west.