THE DRILL SERGEANT: Latitude Consolidated (ASX: LCD) claimed discovery of a new mineralised gold trend at the company’s Murchison gold project in Western Australia.
Drilling completed by Latitude at the Suzie North Exploration Target, part of a current Phase 1 program, was designed to target a northwest-southeast striking system, which the company said is 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.
Latitude Consolidated explained that due to the mineralisation being oriented more acutely than it had initially interpreted only one of the three holes (21AWRC0003) intersected the Suzie North mineralisation.
However, the company indicated that when this drilling is viewed in conjunction with historical diamond drill hole WBUG0124 (drilled in 2013), it believes there is sufficient data available to interpret the strike orientation of the mineralisation.
Drilling at Suzie North included hole 21AWRC0003 that intersected:
7 metres at 1.9 grams per tonne gold from 121m, including 1m at 9.59g/t gold.
The two other holes completed at Suzie North appear to have intersected a parallel footwall lode but failed to intersect the primary mineralisation:
5m at 0.5g/t gold from 103m, including 2m at 1.07g/t gold; and
7m at 0.64g/t gold from 162m, including 1m at 1.76g/t gold.
“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,” Latitude Consolidated CEO Tim Davidson said in the company’s ASX announcement.
“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 approx. $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.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE