To help smooth the transaction, Argonaut has also agreed to provide Latitude with a $750,000 unsecured loan, bearing 1 per cent monthly interest from October, to support operations in the near term. The loan comes with a $30,000 establishment fee. Repayment is linked to key milestones in the joint venture sale process, including a 12-month sunset date.
The Greater Duchess copper and gold project sits 70 kilometres southeast of Mount Isa and includes several copper-gold prospects, such as Lady Fanny, Nil Desperandum, Duchess, Burke and Wills.
The project is currently undergoing a prefeasibility study, expected just around the corner, and already has a hefty global resource of 315,000 tonnes copper equivalent in the bank.
Momentum surged earlier in the year after Carnaby snapped up the nearby Trekelano deposit from Chinova Resources, adding 85,000t of copper equivalent at a healthy 1.6 per cent grade to the mix.
In a major strategic coup, Carnaby also locked in a binding offtake deal with mining heavyweight Glencore, which will toll treat all of the sulphide ore and concentrate from Greater Duchess.
The Greater Duchess sale concludes Latitudeโs involvement in the Queensland project, while freeing up capital to accelerate its Scandinavian and domestic exploration ambitions without resorting to fresh equity.
In Finland, the company is ploughing ahead with exploration at its KSB project. Recent drilling has uncovered broad zones of anomalous mineralisation just south of its flagship K1 prospect, which already hosts 650,000 ounces of gold and 5800t of cobalt.
While only one drill hole hit mineralisation, it aligns with a weak but strengthening geophysical signal dipping to the east. The tenor and distribution of mineralisation appears to form the outer halo of a much larger system at depth.
Notably, induced polarisation chargeability peaked in a fold hinge – a structure known for hosting high-grade deposits – pointing to some exciting potential. Latitude now plans to refine its target with more geophysics and mapping.
In Western Australia, the company is planning to get the rigs spinning at its promising fully owned Edjudina gold project.
Latitudeโs grounds cover 1193 square kilometres and sit at the southern end of the fabled 40-million-ounce Laverton tectonic zone in the Stateโs Eastern Goldfields.
The project is next door to Kalgoorlie Gold Miningโs recent eye-catching high-grade supergene gold discovery at Lighthorse. KalGoldโs new find got tongues wagging after pulling in a hit of 8 metres grading 9.21 grams per tonne (g/t) gold from 52m within a broader 17m zone of 4.81g/t gold from 48m.
Edjudina is now primed for a 9000m air core blitz targeting multiple gold anomalies. Key prospects include Hercules, a 7km soil anomaly peaking at 92 parts per billion (ppb) gold, and Falcon, with up to 98ppb over 1.3km. Previous hits at Colossus and Spartan, such as 1m at 3.4g/t, also demand a closer look.
As copper and gold prices continue to turn heads globally, Latitudeโs well-timed divestment appears to offer a savvy exit from a dormant holding, with the chance to bank a kicker if corporate activity heats up in the region.
And with fresh cash now in the coffers, the company is primed to shift into top gear, ready to chase big discoveries across projects in which it controls its destiny. For a junior miner on the move, itโs a strategic shuffle that could really pay off.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
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