ASX-listed explorer, Latitude Consolidated says it has unearthed a new auriferous trend near the former Andy Well underground mine at its Murchison gold project in WA’s Murchison Goldfields. An initial set of drill results from the company’s 10,000m phase-one reverse circulation program included an encouraging assay of 7m grading an average 1.9 grams per tonne gold from 121m including 1m going at 9.59 g/t from the Suzie North prospect.
Latitude’s first three holes at Suzie North were aimed at testing a previously unidentified north-west-south-east striking target zone and confirming the orientation and dip of mineralisation encountered.
The company explains that due to the mineralisation being angled more acutely than originally interpreted, only one of the three holes intersected the primary Suzie North mineralisation.
However, when Latitude’s drilling is looked at in conjunction with a historical diamond hole – drilled by former Andy Well owner Doray Minerals in 2013 – management says there is now sufficient data available to interpret the strike orientation of the mineralisation.
The gold mineralisation Latitude has uncovered in its early drilling lies perpendicular to previously identified mineralisation at Andy Well.
Latitude sees this narrow vein mineralisation as potentially analogous to the style of mineralisation that occurs within the existing Andy Well mineral resource.
Andy Well hosts a remnant measured, indicated and inferred resource of 1.8 million tonnes at a spectacular average grade of 8.7 g/t for 505,000 ounces of contained gold.
The $60 million market-cap company says mineralisation at Suzie North remains open in all directions and 1,500m of follow-up drilling has already kicked off to further test its strike and down-plunge extent.
Latitude Consolidated Chief Executive Officer, Tim Davidson said: “This is an extremely exciting step forward … with the newly identified north-west-south-east mineralisation providing a new exploration targeting lens at Andy Well. We are expecting further assays to be received from drilling completed at several promising exploration targets within our portfolio.”
Past exploration at Andy Well targeted only north-east-south-west striking mineralisation culminating in the discovery of several high-grade lodes.
Doray extracted high-grade ore averaging a cracking 8 g/t from the resultant underground mine between 2013 and 2017.
Latitude’s Murchison project covers both Andy Well and the Turnberry open-pit deposit about 10km away.
Between them the two deposits account for the company’s recently updated global indicated, inferred and measured resource estimate for Murchison of 13.1 million tonnes at 2.6 g/t for 1.11 million ounces of contained gold.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
