Latitude 66 Completes Diamond Drilling at KSB Project - Results Awaited
LAT (LAT) Share Update September 2024 Monday 30th
Latitude 66 Announces Successful Completion of Diamond Drilling at KSB Project
Latitude 66 Limited (ASX: LAT) has announced the successful completion of its diamond drilling program at the Kuusamo Schist Belt Project (KSB Project) in Finland. The company tested multiple targets across 18 holes, totaling 2,197 meters, and is now awaiting initial assay results expected in early November.
Instant Summary:
- Diamond drilling program completed with 18 holes for 2,197 meters.
- Multiple targets tested across four areas: K8, K9, K10, and K12.
- Samples submitted to MSALABS in Canada for testing.
- Initial assay results expected in early November.
- Follow-up downhole electromagnetic survey to commence in mid-October.
- Ongoing summer field activities including lithological and structural mapping, and rock chip sampling.
Drilling Program Overview
Latitude 66 Limited has successfully completed its diamond drilling program at the KSB Project in Finland. The program included 18 diamond holes totaling 2,197 meters across four key areas: K8, K9, K10, and K12. The samples have been submitted to MSALABS in Canada, and the initial assay results are expected in early November.
The drilling program focused on previously reported significant intersections and targeting criteria across multiple prospect areas. Specifically, nine diamond holes were completed at K8 for 940.3 meters, five holes at K9 for 724.5 meters, two holes at K10 for 221.8 meters, and two holes at K12 for 310.8 meters.
Significant Intercepts
Previous intercepts at the K8 Prospect include 19 meters at 6.0g/t Au and 0.04% Co from 97.5 meters, and 10.3 meters at 4.8g/t Au and 0.04% Co from 89.8 meters. At the K9 Prospect, significant intercepts include 22.4 meters at 2.40g/t Au, 0.07% Co, and 0.16% Cu from 44 meters, and 13.45 meters at 6.25g/t Au and 0.18% Co from 21.1 meters.
At the K10 Prospect, an intercept of 4.8 meters at 4.1g/t Au and 0.12% Co from 322.7 meters was reported. The K12 Prospect showed a coincident VTEM and FLEM conductivity anomaly.
Next Steps
Following the completion of the diamond drilling program, a follow-up downhole electromagnetic survey is scheduled to commence in mid-October. The results from this survey will be used in the next phase of drill planning. Additionally, summer field activities, including lithological and structural mapping and rock chip sampling, are ongoing at both the KSB and PSB Projects.
Latitude 66's Managing Director, Grant Coyle, expressed excitement about the successful completion of the drilling program and the upcoming assay results. He highlighted the importance of the follow-up electromagnetic survey in enhancing the understanding of the project's potential.
The successful completion of the diamond drilling program at the KSB Project is a positive development for Latitude 66. The upcoming assay results and follow-up electromagnetic survey will provide critical data for resource estimation and future exploration activities. This announcement is likely to boost investor confidence in the company's exploration efforts and could positively impact the stock price.
Investor Reaction:
Analysts are likely to react positively to the news of the successful drilling program and the upcoming assay results. The detailed intercept data provides a strong foundation for future resource estimation, which could attract further investment. However, the final impact on the stock price will depend on the assay results expected in November.
Conclusion:
Investors should keep an eye on the initial assay results expected in early November and the follow-up electromagnetic survey in mid-October. These developments will be crucial in determining the potential of the KSB Project and the future direction of Latitude 66's exploration activities.