Mt Ida South
Latitude Consolidated will significantly expand its strategic footprint in WA’s highly prospective Mt Ida greenstone belt after reaching agreement to acquire the Mt Ida South gold project from a private consortium. The deal, which follows Latitude’s recently completed acquisition of the nearby Mt Ida South and Quinn Hills tenement packages, will provide a major boost to the Company’s strategy to acquire and develop a portfolio of advanced gold exploration projects in this emerging gold province.
The Company has signed a binding term sheet with a private consortium for the acquisition of an 80 per cent interest in the Mt Ida South gold project.
Following the acquisition, the recapitalised gold explorer will control more than 250 square kilometres of tenements covering a significant portion of the highly prospective but under-explored Mt Ida greenstone belt. Regionally, the area is bounded by the Zuleika and Mt Ida faults and has proven to be a historically prolific area of gold endowment.
The Mount Ida South project comprises a portfolio of eight tenements immediately adjoining the Company’s existing tenement package, which was acquired through the recently completed transaction with MGK Resources Pty Ltd.
The Mt Ida South package includes two granted tenements and six tenements currently awaiting grant by the Department of Minerals and Petroleum. The granted tenements will be transferred to Latitude on completion of the acquisition and the pending tenements will be transferred upon granting (assuming they are not granted before completion).
The Company’s expanded Mt Ida tenement portfolio is located in the heart of a highly prospective yet under-explored gold district, but one which is attracting a growing level of exploration activity. The Mt Ida greenstone belt also hosts the high-grade Mt Ida underground deposit, owned by Eastern Goldfields Ltd (ASX: EGS), which is surrounded by the newly acquired tenement package.
Competent Person’s Statement:
The information included on this page that relates to Historical Exploration Results is based on information compiled by Michael Edwards, B.Sc, B.Bus, Grad dip OEN, a competent person who is a member of the Australian Institute of Geoscientists. Mr. Edwards is currently acting CEO for the Company and holds a direct interest in Latitude Consolidated. Mr. Edwards has worked as a geologist in regional exploration, mine evaluation roles for over 10 years in precious and base metal deposits. Mr. Edwards has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Edwards consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information on this page that relates to Mineral Resources is based on, and fairly represents, information and supporting documentation compiled by or under the supervision of Mr Michael Edwards, a Competent Person who is a member of the Australian Institute of Geoscientists a “Recognized Professional Organization” (RPO) included in a list that is posted on the ASX website from time to time. Mr Edwards has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 and 2012 editions of the Australian Code for Reporting Exploration Results Mineral Resources and Ore Reserves. Latitude Consolidated confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, all material assumptions and technical parameters underpinning the estimates in the initial announcement continue to apply and have not materially changed. Latitude Consolidated confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.