Latitude 66 has executed binding option and joint agreements with Brightstar Resources to acquire an 80 per cent interest in the Laverton gold project in Western Australia.
The agreement gives Latitude 66 ownership over the historically mined Red Dog deposit and the nearby Tin Dog prospect.
Latitude 66 said the project is in a highly endowed gold district, with access to multiple processing plans within trucking distance and established haul road networks.
The gold tenement package comprises 17 mining tenements with an inferred mineral resource estimate of 231 000 tonnes at 1.82 grams of gold per tonne (g/t) gold for 13,500 ounces.
Latitude 66 Managing Director Grant Coyle said the acquisition complements the company’s existing Western Australia portfolio and leverages the district’s infrastructure and processing capacity.
“Securing the option to acquire a majority stake in the Laverton gold project is an exciting step for Latitude 66. The Red Dog deposit and surrounding tenure provide us with near-term development potential in one of Western Australia’s most productive gold districts, while also adding significant exploration upside.
“We are excited to hit the ground running with a drill rig already mobilised for the initial drill campaign at Red Dog and Tin Dog prospects.”
The Red Dog deposit has multiple shallow, high-grade intercepts, including 4 metres at 7.3 g/t gold from 13 metres; 6 metres at 4.8 g/t gold from 22 metres and 7 metres at 3.4 g/t gold from 11 metres.
At the Tin Dog system, historic drilling returned high-grade intercepts such as 6 metres at 13.8 g/t gold from 20 metres.
Latitude 66 is well funded and plans to rapidly advance the project towards resource definition and development following the validation of historical data, infill and extension testing and progress permitting across the Red Dog and Tin Dog prospects.
