Gecko North Application area and proposed paleochannel target areas

Mt Ida Gold Project Update

 

Follow-up Exploration to Commence at Key Targets

 

HIGHLIGHTS:

 

  • Exploration program to progress high-grade targets within Mt Ida Gold Project – including Tim’s Find and Quinn’s Mining Centre – set to commence early September 
  • Tim’s Find exploration aimed at defining potential strike extensions to the south of the existing resource 
  • QMC exploration to include detailed surface sampling and mapping to further investigate potential resource extensions along strike and at depth at both Boudie Rat and Forrest Belle pits 
  • Tenement application over highly prospective Shepherd’s Bush Gold Prospect on track to be granted Q4 2017 – with drilling program expected to commence shortly after  
  • Current review of previous exploration over least four paleochannels at Gecko North Prospect

 

WA-focused gold exploration company Latitude Consolidated Limited is pleased to provide an update on exploration plans for the Company’s Mt Ida Gold Project, located 200km north-west of Kalgoorlie, WA.

Following the completion (see ASX release 20 June 2017) of a structural study at the Quinn’s Mining Centre (“QMC”) a number of additional priority target areas have been identified, highlighting the potential to extend the existing resource along strike and at depth at both the Boudie Rat and Forrest Belle pits respectively.

A detailed follow up exploration program at QMC is scheduled to commence in early September and will include detailed surface sampling, including sampling of shaft spoils, to assist with drill hole planning at the Forrest Belle North target. Reviews of the regolith profile in this area, and extending into soil-covered terrain to the north will also be carried out to determine the most suitable geochemical techniques (auger/soil sampling) to progress this priority target.

Geochemical assessment and validation of past drilling along the Belvidere – Boudie’s West line and along the Boudie’s Nest line (obscured by the Boudie Rat mullock dump) to the north to test for potential oxide mineralisation will also be carried out

In conjunction with the follow-up program at QMC, Latitude will also undertake further exploration at the highly prospective Tim’s Find Prospect, where a recently completed RC drilling program confirmed continuous, shallow, high-grade gold mineralisation over a 1,350m strike length. Importantly, mineralisation remains open to the north and south, with the Company now aiming to potentially extend this strike over the entire length of M29/421 (approx. 4km) (see ASX release 30 May 2017).

 

Exploration activities at Tim’s Find will include regolith studies of the soil-covered southern extensions to confirm suitability of planned auger sampling.

 

Latitude advises that the tenement application over the promising Shepherd’s Bush gold target is expected to be granted in Q4 2017. The Company looks forward to progressing exploration into this tenement area, in particular where a soil-covered regional scale cross-fault transects the Spotted Dog and Tims stratigraphy. Past drilling here has recorded oxide intercepts including 21m @ 1.38g/t Au and 34m @ 1.05g/t Au.

 

Latitude’s Gecko North Prospects is advancing on track and are expected to be granted in Q1 2018. At the Gecko North Prospect, the company holds an equivalent sized land position to Beacon Minerals (ASX:BCN) who have recently defined and increased a resource estimate at their ‘Lost Dog’ paleochannel gold prospect. Latitude is currently compiling targets and the results of previous exploration over at least four paleochannel systems. Once granted, the Company will undertake a drilling and exploration program aimed at identifying further high-grade targets zones within this prospective area.

In addition, the Board is continuing to assess a number of strategic opportunities to further strengthen its asset portfolio both within the Mt Ida Gold Belt and within other highly favourable operating jurisdictions. Further updates on these opportunities will be provided in due course.

 

Latitude’s Chairman, Tim Moore, commented:

“The Board is very pleased to be commencing this next phase of exploration, and we remain committed to developing the Mt Ida Gold Project in the near-term through the continuation of our low-cost, high impact exploration activities.

“The recently completed programs at both Tim’s Find and Quinn’s Mining Centre respectively, further highlighted the tremendous exploration upside potential of our landholding within the Mt Ida Gold Belt and have strengthened our view that the region has the potential to host a much larger, shallow, high grade gold system.

“Furthermore, the Board is continuing to assess and review a number of corporate opportunities that we believe could unlock significant near-term value for Latitude’s shareholders and we look forward to providing further updates in due course.”

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