Finnish and Australian-based company, Latitude 66 (ASX:LAT) saw its shares skyrocket during morning trades following the release of an exploration update on its flagship Kuusamo Schist Belt Project in Northern Finland.
The company’s focus is on the exploration and development of gold and critical minerals, particularly within its flagship project, which boasts a substantial high-grade gold-cobalt mineral resource.
“After completing the corporate transaction between Latitude 66 Cobalt and DiscovEx Resources and the capital raise of $4 million, we are excited to continue exploration activities at our flagship KSB Project in Finland,” LAT’s Managing Director Grant Coyle said.
“The drilling planned over the past few months confirms the significant potential for continued high-grade gold and cobalt mineralisation in K-South. We look forward to providing the assay results from the drilling in the coming weeks.”
To date, the program has targeted K-South and K-North mineralisation extensions to confirm potential strike, plunge, and grade continuity. Follow-up step-out drilling will proceed if initial results are successful, with the aim of defining a maiden JORC Resource Estimate at K-South.
Latitude has had previous drilling success in the K-South region, with highlights from the 2021 and 2022 drilling programs, past success likely contributes to the strong investor backing of this news.
In addition to the KSB Project, Latitude 66 holds a 17.5% interest in Carnaby Resources’ Greater Duchess Project, located in the Mt Isa Copper district, and is actively exploring two gold projects in Western Australia, the Sylvania and Edjudina Projects.
LAT’s share price has surged dramatically since March when it traded at $0.002 per share.
As of 11:30 am AEST, LAT last traded at 16 cents.