Total
0
Shares
Source: Latitude Consolidated/Twitter
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Latitude Consolidated (LCD) receives results from aircore drilling at the Circle Valley gold project in WA
  • LCD believes the Circle Valley project has potential for mineralisation similar to the multi-million-ounce Tropicana deposit, which lies within the same belt
  • The mineralisation footprint at Circle Valley is 400 metres wide by 1.2 kilometres long and remains open to the north, east and west
  • Latitude plans to undertake follow-up drilling at the project to test for extensions to mineralisation
  • Company shares are down 1.61 per cent to trade at 6.1 cents

Latitude Consolidated (LCD) has received results from reconnaissance drilling completed at its Circle Valley gold project in Western Australia.

This program sought to build a depth of cover model over the project area and map the basement geology. It was also designed to provide a better understanding of the stratigraphic, metamorphic and structural architecture at Circle Valley.

The Circle Valley Project is located within the Albany-Fraser Mobile Belt which hosts the multi-million-ounce Tropicana gold deposit, and Latitude believes Circle Valley has potential to be prospective for ‘Tropicana-style’ mineralisation.

LCD drilled two lines of aircore holes with numerous holes ending in mineralisation below the transported cover at the top of fresh rock.

Best results include 24 metres at 0.38 grams per tonne (g/t) of gold from 12 metres including four metres at 1.49 g/t gold, 23 metres at 0.62 g/t gold including 12 metres at 1.05 g/t gold, and CVAC027 returned one metre at 0.31 g/t gold from 15 metres and ended in mineralisation.

“These results from Circle Valley are very encouraging. When we designed the program
we were not expecting to intersect thick gold mineralisation,” CEO Tim Davidson said.

“We simply wanted to map the depth of cover and improve our understanding of the geological setting to aid with future exploration.”

Multi-element analysis results include one metre at 1.7 g/t silver from 20 metres, one metre at 1.01 g/t silver from 17 metres, and one metre at 0.86 g/t silver from 36 metres.

Other key lithogeochemistry observed include values of 19.75 parts per million (ppm) molybdenum, 1220 ppm barium, 436 ppm rubidium, 136 ppm lead and 4.81 per cent potassium.

Latitude considers the multi-element results as one of the more important outcomes of the program as it begins to define the potential footprint of the mineralisation, which currently stands at 400 metres wide by 1.2 kilometres long and remains open to the north, east and west.

“The 400-metre 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,” Mr Davidson added.

LCD plans to undertake follow-up drilling at the project which is being co-funded through the WA Government’s Exploration Incentive Scheme. The program will test for extension to the north, east and west where mineralisation remains open.

Company shares were down 1.61 per cent to trade at 6.1 cents at 1:56 pm AEDT.

LCD by the numbers
More From The Market Herald

" RocketBoots (ASX:ROC) lists on ASX after $4.25m IPO

Software company RocketBoots (ROC) has debuted on the ASX today after raising $4.25 million through an initial public offer (IPO).

" Gladiator Resources (ASX:GLA) begins exploration at Minjingu

Zeus Resources, a wholly-owned subsidiary of Gladiator Resources’ (GLA), has begun exploration activities at the Minjingu Uranium Project.
Traffic Technologies (ASX:TTI) - Non Executive Chairman, Mark Hardgrave

" Traffic Technologies (ASX:TTI) raises $3.4m from rights issue

Traffic Technologies (TTI) has raised $3.4 million to repay existing debt and bolster its working capital balance.
Mineral Commodities (ASX:MRC) - CEO, Jacob Deysel

" Mineral Commodities (ASX:MRC) updates MRE at Tormin Inland Strands

Mineral Commodities (MRC) has updated the mineral resource estimate (MRE) for the Western Strandline at the Tormin Inland Strands deposit in South Africa.