Latitude 66 Raises $6m with Sale of Greater Duchess Stake to Carnaby Resources

Latitude 66 (ASX: LAT) will utilise new funds from the sale of its remaining interest in the non-core Greater Duchess copper-gold joint venture in Queensland to further develop the company’s Australian and international assets.

Latitude and Carnaby Resources (ASX: CNB) hope to complete the transaction in the current quarter after Carnaby agreed to acquire the remaining 17.5% interest in the Greater Duchess JV.

In a deal that is seen as beneficial for both companies, Carnaby will pay Latitude $2 million in cash and $4m in fully paid ordinary CNB shares to take full ownership of the project.

Maximised Return

Latitude 66 managing director Grant Coyle told shareholders that Carnaby’s decision to exercise its right of first refusal to finalise the agreement had maximised the sale transaction value for their company.

“This has unlocked the full $6 million consideration from the non-core asset,” he said.

“It is pleasing to deliver this outcome for LAT66 shareholders, providing significant non-dilutive funding for the company that will be redirected towards advancing our high-potential exploration assets in Western Australia and Finland.”

WA Drilling Success

Releasing its June quarterly report, Latitude 66 highlighted the progress the company had made with exploration activities at its Edjudina gold project in Western Australia.

The company completed a major drilling campaign at Edjudina, receiving assay results for the first 36 of an 88-hole aircore drilling program subsequent to the reporting period.

Notable assays from Edjudina’s Colossus prospect have confirmed the presence of bottom-of-hole gold mineralisation and the continuity of previously reported intersections, with the fact that Colossus remains untested at depth making it a high-priority drill target for Latitude in its upcoming exploration program.

Finland Geophysical Study

Latitude is keeping a close watch on the geophysical program the Geological Survey of Finland is currently conducting that includes coverage of the company’s KSB gold-copper-cobalt project in the country’s north.

The European Union’s Horizon Europe research and innovation program is funding the work.

Reverse circulation drilling Latitude carried out at KSB’s K6 prospect intersected zones of anomalous gold, cobalt, and copper mineralisation and confirmed the presence of a chargeable source close to surface.

Latitude – which is currently in discussions with several groups with regard to adapting the drilling operations to the Finnish environment – will now integrate these results with available datasets to refine drill targeting and assess mineralisation potential within the broader K6 corridor.