Latitude 66 Mining, a prominent exploration company, is moving ahead with a scoping study for its promising Kuusamo Schist Belt (KSB) gold-cobalt project in Finland. Following a successful drilling campaign, the company is now focused on establishing a solid financial framework for what it hopes will be a scalable, standalone development. The project, located in a region rich in mineral potential, is positioning Latitude 66 as a key player in the European critical minerals sector.
Appointment of Como Engineers for Scoping Study
Latitude 66 has appointed Como Engineers to conduct a comprehensive scoping study on its KSB project. The study is expected to provide valuable insights into the project’s development potential and explore scalable options based on ongoing exploration success. Scheduled for completion by March, the scoping study will build on the existing JORC resource, which currently stands at 650,000 ounces of gold and 5,840 tonnes of cobalt, grading 2.7 grams per tonne (g/t) gold and 0.08% cobalt.
The scoping study will also evaluate the viability of expanding the resource base and advancing toward a potential development. The study’s findings could significantly impact the project’s future, including decisions on financing, permitting, and long-term development strategies.
Promising Drill Results at KSB
Latitude 66’s exploration efforts at the KSB project have yielded impressive results, further enhancing the project’s potential. The company recently wrapped up its follow-up drilling campaign for the winter season, with significant assay results from the K9 prospect standing out. Notable intersections include:
- A 4.75-meter intersection grading 4.54 g/t gold and 0.10% cobalt from a depth of 165.8 meters, including a high-grade 2.6-meter section grading 7.5 g/t gold and 0.11% cobalt from 167.9 meters.
- A 5-meter intersection grading 1.44 g/t gold and 0.05% cobalt, including a 1-meter section running 3 g/t gold and 0.05% cobalt from near the surface.
- A 2-meter intersection grading 1.8 g/t gold and 0.10% cobalt from a depth of 137 meters.
These results are significant as they confirm strong continuity of mineralisation at K9, which now extends to a depth of 170 meters. The discovery of high-grade mineralisation from surface to depth suggests that the prospect has considerable potential for further resource expansion.
Expansion of Mineralisation at K9
The drilling results at K9 have not only confirmed the depth potential of the mineralisation but have also expanded it to the north. High-grade gold has been identified in a sulphide-rich shear zone, with the mineralisation now covering approximately 150 meters along strike at surface and extending to 250 meters in depth. Latitude 66 believes there is significant untapped potential in both directions, with projections suggesting that the strike could extend another 150 meters to the north, possibly linking up with the K13 prospect.
K13, which was drilled earlier in 2024, has not been fully tested, and recent findings at K9 indicate that the anomaly in the area has not been adequately explored. As a result, K13 has been prioritised for further drilling, with a focus on better understanding the structural controls of the mineralisation.
K1NE Prospect Delivers Strong Results
In addition to the K9 prospect, Latitude 66 has also seen positive results from drilling at the nearby K1NE prospect, located 700 meters northeast of the K1 resource area. The assays from K1NE include:
- A 2-meter intersection grading 4.4 g/t gold from 113.8 meters.
- A high-grade intersection of 0.10% cobalt from a depth of 57 meters.
These results are particularly significant because K1NE was identified as a target based on historical drill data from a single 1989 hole, which intersected 5.3 g/t gold over 1 meter. The current drilling confirms the potential of the prospect and strengthens Latitude 66’s belief in the larger-scale potential of the KSB project.
Boulder Testing and New Prospect Discovery
Latitude 66’s exploration efforts continue to expand as the company conducts boulder testing south of the current K1, K2, and K3 resource areas. This testing has led to the discovery of two new prospects, further demonstrating the untapped exploration upside at KSB. The boulder samples, when combined with previous geophysical surveys, have provided valuable insights into new areas that could be developed as part of the ongoing exploration strategy.
Latitude 66’s Managing Director, Grant Coyle, commented on the significance of these developments: “The KSB Project Scoping Study will provide valuable insights not only for the KSB project development pathway but also potential scale-up optionality. The new additional target areas generated demonstrate the untapped, longer-term exploration upside potential of the KSB Project. Drilling will recommence following the detailed structural review of the KSB Mineral Resource.”
Renewed Focus on KSB Development
In a bid to refine the project’s development pathway, Latitude 66 has turned to Como Engineers, the same firm that successfully completed earlier scoping studies for the KSB project. The previous work included preliminary design, engineering, metallurgical test work, and pit optimisation studies. With the appointment of Como Engineers for the new study, Latitude 66 aims to build on this earlier work by refining the resource estimates at K1, K2, and K3 and optimising the development approach for a standalone operation.
The scoping study is also expected to provide important information for the company’s environmental permitting process, a key step in advancing the project. Latitude 66 is working to ensure that its environmental applications are aligned with the project’s evolving development strategy, which could include a phased approach to resource development and expansion.
Spring Drilling and Structural Review
Drilling at the KSB project is set to resume in spring, once the weather conditions improve and results from the detailed structural review of the K1 resource area are available. The review, being conducted by Perth-based Model Earth, will assess how hydrothermal changes, geology, and structure control the mineralisation at KSB. The results from this review will help guide the next phase of drilling, allowing Latitude 66 to target the most promising areas for resource expansion.
Latitude 66 is also expanding its exploration footprint by submitting two new tenement applications in the vicinity of the K1 resource area. These applications reflect the company’s confidence in the long-term potential of the KSB project and its commitment to exploring all opportunities for growth.
Looking Ahead: A Transformative Year for Latitude 66
With the scoping study underway and further assay results expected in the coming months, Latitude 66 is poised for a potentially transformative year at the KSB project. The ongoing exploration success, combined with the new discoveries at K9, K1NE, and other prospects, positions the company well to significantly expand its resource base and establish itself as a leading player in the European gold and critical minerals sector.
As the scoping study progresses and the next phase of drilling gets underway, Latitude 66 will be looking to capitalise on its promising exploration results. With a solid development strategy in place and new targets emerging across the project area, the company is positioning itself for long-term success in Finland’s growing critical minerals market.
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