- Latitude Consolidated (LCD) has grown the total mineral resource for its Murchison Gold Project in Western Australia by 44 per cent
- The resource measures 13.1 million tonnes at 2.6g/t gold for more than 1.1 million ounces
- It follows a 125 per cent increase in the Turnberry deposit’s mineral resource, which now stands at 11.3 million tonnes at 1.7g/t gold for 610,000 ounces
- LCD says modelling by Turnberry’s previous owner, ASX-listed Silver Lake Resources (SLR) omitted large intersections from mineral resource estimates
- At present, Turnberry has a strike length of 1.5 kilometres and remains open at depth, and to the north and south
- LCD expects to receive initial assay results from the company’s 10,000-metre drilling campaign in early June
- Latitude’s shares ended the day up 23.7 per cent to close at 7.3 cents
Latitude Consolidated (LCD) has grown the total mineral resource for its Murchison Gold Project in Western Australia by 44 per cent.
Using a combined 64,000-plus metres of diamond and reverse circulation drilling as a basis, the resource now measures 13.1 million tonnes at 2.6g/t gold for more than 1.1 million ounces.
Notably, the estimate has been verified in a fatal flaw review by independent technical experts, CSA Global, which found no fatal flaws prior to public release.
The update follows a 125 per cent increase in the mineral resource for the Turnberry deposit, which now stands at 11.3 million tonnes at 1.7g/t gold for 610,000 ounces.
Turnberry, which forms a key part of the broader Murchison Gold Project, is the first mineral resource to be updated since May 2019, back when it was considered a non-core asset by previous owner and ASX-lister, Silver Lake Resources (SLR).
According to LCD, paperwork for Turnberry’s historical mineral resource estimate shows previous modelling of the resource was performed to produce a low-tonnage, high-grade estimate that’s suitable for processing by the low-throughput Andy Well mill.
Although strategically valid, and reflective of gold prices at the time, the company says the method omitted a large number of mineralised intersections from historical mineral resource estimates.
For comparison, the previous estimate for Turnberry contained only 16 discrete lodes, whereas Latitude’s measure captures 43 discrete lodes in the resource.
Latitude CEO Tim Davison commented on the update.
“We continue to build on our large, existing high-grade resource and this 125-per-cent-upgrade at Turnberry is a fantastic outcome for Latitude,” Tim said.
“In short order, we have been able to clearly demonstrate the true scale and growth potential of our high-grade gold projects in the prolific Western Australian gold-producing region of the Murchison,” he added.
“Given the scale of mineralisation at Turnberry, the company is increasingly excited by the St Anne’s prospect, which lies 3.5 kilometres to the south and displays similar grade and width characteristics to that seen at Turnberry in the limited drilling completed at the prospect to date.”
At present, Turnberry has a strike length of 1.5 kilometres and remains open at depth, and to the north and south, within a broad 5.5-kilometre trend of gold anomalism.
LCD expects to receive initial assay results from the company’s 10,000-metre drilling campaign in early June, with results targeting the Turnberry–St Anne’s corridor anticipated later in July.
Latitude’s shares ended the day up 23.7 per cent to close at 7.3 cents.