Published: July 20, 2016 |

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Latitude Consolidated Ltd has signed a binding term sheet to acquire a private company holding the Quinns and Mt Ida South Gold Projects, located 110 kilometers west of Leonora in the Eastern Goldfields of Western Australia.

There is a JORC resource of 97,000 ounces of gold at 2.5g/t gold on the granted mining lease but these will need to be brought up to 2012 JORC basis.

The projects cover 80 square kilometers of the Mt Ida greenstone belt, which also hosts Eastern Goldfields Ltd’s Mt Ida underground resource of 259,000 tonnes at 15.4 g/t for 128,000 ounces gold.

Latitude has paid an option fee of $20,000 for a 21-day exclusive due diligence period.

Following the completion of a successful due diligence, Latitude can acquire the project by paying $220,000 in cash and 10 million shares worth $550,000 (based on Latitude’s last traded price).

There are significant opportunities for resource extension, with multiple gold prospects and walk up drill targets with known mineralization.

Latitude is also planning to raise $1.2 million from a share placement and entitlement offer to be completed by August 2016.

Source: (July 6, 2016) Proactive Investors

About Latitude Consolidated
Latitude Consolidated Ltd is listed on the ASX.

To stop by Latitude’s website, CLICK HERE

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