Latitude 66 (ASX: LAT) will use new funds from the sale of its remaining interest in the Greater Duchess copper-gold joint venture in Queensland to further develop its Australian and international assets. Latitude 66 is a mineral exploration company focused on identifying and developing resource projects. It aims to create shareholder value through discovery and strategic acquisitions.
Latitude and Carnaby Resources (ASX: CNB) expect to finalise the transaction this quarter. Carnaby has agreed to acquire the remaining 17.5% interest in the Greater Duchess JV. Under the agreement, Carnaby will pay Latitude $2 million in cash and $4 million in fully paid ordinary CNB shares for complete ownership of the project.
According to Latitude 66 managing director Grant Coyle, Carnaby’s decision to exercise its right of first refusal maximised the sale value for Latitude. The sale unlocks the full $6 million consideration from the non-core asset. These funds will be redirected toward advancing the company’s high-potential exploration assets in Western Australia and Finland.
Latitude 66’s June quarterly report highlighted exploration progress at the Edjudina gold project in Western Australia. A major drilling campaign at Edjudina confirmed the presence of gold mineralisation. In Finland, Latitude is monitoring a geophysical program by the Geological Survey of Finland at its KSB gold-copper-cobalt project. The company is currently in discussions to adapt drilling operations to the Finnish environment to refine drill targeting and assess mineralisation potential.
