Latitude says the results from all three prospects continue to demonstrate the massive upside for resource growth at the Greater Duchess project, which is just 70 kilometres south of Mt Isa.
The jointly owned project is undergoing prefeasibility studies led by Carnaby and hosts a global resource of 281,000t copper equivalent.
The study, expected to be received within months, has been given a recent big leg up with Carnaby’s acquisition of the nearby Trekelano copper-gold deposit from Chinova Resources, which holds 85,000t of copper equivalent grading at 1.6pc.
Carnaby also signed a binding offtake agreement with mining giant Glencore to toll 100pc of the fresh sulphide ore and concentrate at Greater Duchess.
To fund the Trekelano acquisition, Carnaby raised $17 million in fresh equity, with Glencore subscribing to $3.3m worth of the new shares at 31 cents.
While the Carnaby joint venture has been kicking along, Latitude has also been finalising its much-anticipated KSB scoping study, which is on track for release later this quarter.
With two high-impact developments on the horizon, Latitude’s dual focus on copper and gold is likely to capture the punters’ attention in the coming months as it moves closer to unlocking significant value across its global portfolio.
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