Latitude 66 (ASX: LAT) has unveiled 20 new gold-copper targets at its Peräpohja Schist Belt (PSB) project in Finland as it ramps up efforts to prove the potential for a lookalike to its nearby flagship operation in the Scandinavian nation.
Management says recent geophysical surveys, geological mapping and rock sampling at PSB is suggesting similarly significant mineralisation to its Kuusamo Schist Belt (KSB) play that boasts a K North deposit resource of 650,000 ounces of gold and 5800 tonnes of cobalt.
Results from boulder sample analysis from the PSB project are anticipated soon. They will be incorporated with extensive research from the Geological Survey of Finland that has already been completed – including previous drilling and geophysical data – to help provide Latitude with more insight into the area’s mineral wealth.
Specifically, the company says its P12 and P13 prospects at PSB suggest the potential for a scale comparable to its well-established K North deposit.
We’re thrilled about the multiple targets identified at the PSB Project, indicating robust potential through our meticulous exploration methods. The imminent analysis of boulder samples could significantly enhance our understanding and validate the prospectivity of these targets. Our continuous exploration efforts, including ongoing sampling and electromagnetic surveys, are expected to provide further promising results.
Latitude 66 Managing Director Grant Coyle
The company’s exploration activities are expected to intensify during Finland’s summer months to take advantage of the better weather conditions, allowing for further bedrock and boulder sampling. The ensuing results will then be used to complement the existing prospective target areas within PSB.
The project, which has a dominant land position of 412 square kilometres, sits 15km west of Rovaniemi – the capital of Lapland in northern Finland – and 200km west of the KSB resource.
Rovaniemi, renowned as the official home of Santa Claus, boasts a rich mining heritage and is often hailed as the world’s northernmost hub for the mining and metal industry. The region is home to significant mining operations including the 4 million-ounce Ikkarri mine, which is regarded as the biggest gold mine in Europe, and the Kemi mine, the continent’s sole chrome mine.
Additionally, the 1 million-ounce Rajalot gold mine is just 15km west of the PSB project.
The Peräpohja Schist Belt, a Paleoproterozoic rift-related basin, hosts diverse mineralisation styles, including gold and copper-rich quartz veins and nuggety gold in altered supracrustal rocks.
As gold hit an all-time high last night of US$2469 (AU$3664) an ounce –fuelled by speculation of an early central bank rate cut in America – Latitude’s push to unearth more of the precious yellow metal could not be better timed. With the region already endowed with multiple discoveries, the company could well be in the right place at just the right time.
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