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Latitude 66 announces high-grade cobalt intercepted at K9 target

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Global Mining Review,

SunMirror AG has advised that Latitude 66 Cobalt Ltd (Lat66), which is in the process of being acquired by SunMirror, has announced the discovery of a new high-grade cobalt zone at its 100%-owned Kuusamo Schist Belt Cobalt-Gold-Copper Project in Finland. This new high-grade discovery is located approximately 23 km south-west of the existing K1 resource zone.

The intercept returned from the diamond drill hole (51.7 m at 0.44% Co, 0.24 g/t Au, 0.07% Cu from 123.2 m) is thick, relatively shallow and inclusive of an exceptionally high-grade zone (8.3 m at 1.02% Co). This new prospect remains open in all directions.

Thomas Hoyer, CEO of Lat66, comments:

“This is a very significant initial result, testing one of three known geophysical anomalies in the area. We will commence down hole electromagnetics to gain a better understanding of the local prospectivity and establish high potential drill targets with the aim of expanding this intersection and to test the other two anomalies.

“The Finnish Geological Survey has previously performed extensive scientific research in the region targeting battery minerals and this additional high-grade intersection, 23 km south west of our existing K1 resource, underpins our belief that the Kuusamo Schist Belt hosts a series of high-grade cobalt zones.”

Dr Heinz Kubli, CEO of SunMirror, comments:

“This high-grade intercept and discovery of a new mineralized zone, reinforces our view that Latitude 66, which holds 9400 km2 of exploration permits in Finland and an existing cobalt resource, has the potential to be a significant part of the sustainable and ethical supply of critical raw materials for the EU as part of the green transition.”

In June 2021, The International Energy Agency published a report estimating that in order to achieve the goals agreed at the Paris Climate Agreement, the demand for Cobalt will grow 21 times by the year 2040. Such unprecedented growth in demand will require substantial volumes of material originating from new mines. Finland, today, has three cobalt refineries and is the second largest refiner of Cobalt after China. Additional sources of supply of cobalt from within Finland feeding this Cobalt refining capability, together with available renewable energy to drive the mining and refining process, will help to enable the EU to have a secure domestic sustainable and ethical supply of low carbon footprint cobalt.

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Copper mining news Gold mining news Cobalt news European mining news