Lat66 Stakes Strategic Position 200m from 1.96Moz Ricciardo Gold Deposit
Latitude 66 (ASX: LAT) is ramping up exploration at its newly granted Piastri tenement in Western Australia's gold-rich Yalgoo-Singleton greenstone belt. Located just 200 meters from the significant Ricciardo gold-antimony deposit, this strategic land package positions Lat66 in prime territory for a potential discovery.
Golden Opportunity Next Door to $188M Acquisition Target
Latitude 66 has secured a highly prospective 15.2km² exploration license adjacent to the 1.96 million ounce gold equivalent Ricciardo deposit. This neighbouring asset is part of Warriedar Resources' Golden Range Project, currently under acquisition by Capricorn Metals (ASX: CMM) for an implied value of $188 million.
The strategic significance of this position cannot be overstated:
- Located just 200m from the Ricciardo gold-antimony deposit (24.5Mt @ 2.5 g/t AuEq for 1.96 Moz AuEq)
- Positioned along the same mineralised Mougooderra shear zone that hosts multiple deposits
- Remarkably underexplored despite its prime location in a proven gold district
"The granting of the Piastri tenement represents a strategically significant addition to our portfolio, given its immediate proximity to the 1.96Moz Ricciardo Resource and location within the well-endowed Yalgoo-Singleton Greenstone Belt," commented Latitude 66's Managing Director, Grant Coyle.
Structural Setting Suggests High Discovery Potential
What makes the Piastri project particularly intriguing is its geological setting. The tenement straddles the regionally significant Mougooderra Shear Zone – the principal mineralising structure in the district – and contains multiple parallel structures interpreted from geophysical data.
These parallel structures are potentially analogous to productive settings elsewhere in Western Australia's goldfields:
| Gold District | Main Structure | Examples of Deposits on Splays |
|---|---|---|
| Yalgoo-Singleton | Mougooderra Shear | Ricciardo, M1, Monaco-Sprite |
| Kalgoorlie | Zuleika Shear | Raleigh, Rubicon-Hornet-Pegasus, Paradigm |
| Laverton | Celia Shear | Wallaby, Sunrise Dam |
The company's exploration thesis is supported by a previous aircore drill intersection of 6m @ 4.3g/t Au (MTAC002) along strike from Piastri, confirming that the footwall domain east of the main shear zone can host high-grade gold mineralisation.
Understanding Shear Zone Splays: Key to Discovery Potential
For investors new to structural geology, understanding "shear zone splays" is crucial to appreciating Piastri's potential. Shear zones are areas where rocks have been deformed by tectonic forces, creating pathways for mineral-rich fluids. "Splays" are secondary structures that branch off from main shear zones.
These splays are particularly important for gold exploration because:
- They create additional pathways for gold-bearing fluids
- The intersection points between splays and main structures often host concentrated mineralisation
- The complex geometry creates ideal pressure conditions for gold precipitation
At Piastri, the interpreted parallel structures east of the main Mougooderra Shear represent these types of prospective splays – similar to those hosting major deposits in other parts of Western Australia.
Immediate Exploration Plans Underway
Latitude 66 is moving quickly to unlock the potential at Piastri, with exploration activities commencing this quarter:
- Geological and structural mapping program
- First-pass soil sampling across multiple parallel structures
- Follow-up drilling campaign to test generated targets
The timing is particularly advantageous as the company expects to receive additional funding from the pending sale of its Greater Duchess JV interest, providing capital to advance exploration at Piastri.
"We believe Piastri offers an exciting opportunity for near-resource discovery and look forward to commencing first-pass fieldwork in the weeks ahead," stated Grant Coyle, highlighting the company's confidence in the project's potential.
Significant Upside in an Underexplored Setting
Despite its prime location, the Piastri tenement has seen minimal modern exploration. Historical work consists of just 22 RAB drillholes spread across a ~10km strike extent, leaving large portions of the tenement untested.
The potential for discovery is enhanced by:
- Proximity to proven resources: The neighbouring Ricciardo deposit contains 1.96Moz AuEq
- Favourable structural setting: Multiple parallel structures identified in geophysical data
- Confirmation of mineralisation: High-grade gold already intercepted in similar structural positions
- Limited previous exploration: Most of the tenement remains untested by modern methods
The Geological Context of the Piastri Project
The Piastri Project straddles the regionally significant Mougooderra Shear Zone, a major crustal-scale structure that forms the principal mineralising corridor within the district. This shear zone creates a distinct lithological contrast between different rock types:
- Western hanging wall sequence: Composed of felsic volcanic rocks, mafic to ultramafic units, and banded iron formations
- Eastern footwall sequence: Primarily composed of pelitic metasediments
The majority of known gold resources in the area, including the Ricciardo deposit, are hosted within this shear zone. However, Lat66's interest extends to the interpreted parallel structures on the eastern (footwall) side of the Mougooderra Shear.
These features are interpreted as potential splay faults or subsidiary structures propagating from the main shear and represent compelling exploration targets. The presence of these structures has been revealed through interpretation of regional aeromagnetic datasets.
Why Investors Should Watch Latitude 66
Latitude 66 presents a compelling opportunity for investors seeking exposure to gold exploration in a tier-one mining jurisdiction. The company's strategic acquisition of the Piastri tenement demonstrates management's ability to secure high-potential assets in proximity to proven resources.
Key investment considerations include:
- Location advantage: Positioned just 200m from a 1.96Moz gold resource currently valued at $188M in a pending acquisition
- Technical merit: Strong geological rationale based on structural analogies to other major gold districts
- Near-term catalysts: Upcoming exploration activities could generate significant news flow
- Strengthening financial position: Pending sale of Greater Duchess JV interest will provide additional funding
With preparations underway for initial exploration work and plans for a subsequent drilling campaign, Lat66 is poised to rapidly advance the Piastri project and potentially unlock significant value for shareholders.
For investors looking for gold exploration exposure with the advantage of proximity to established resources, Latitude 66's Piastri project represents a ground-floor opportunity with significant upside potential in Western Australia's proven Yalgoo-Singleton greenstone belt.
Ready to Invest in Latitude 66's Gold Discovery Potential?
Discover more about Latitude 66's strategic Piastri tenement, positioned just 200m from a 1.96Moz gold deposit and its exploration plans in Western Australia's prolific Yalgoo-Singleton greenstone belt. For investors seeking exposure to a compelling gold opportunity with significant upside potential, visit Lat66.com today to learn how this ASX-listed company could deliver substantial shareholder value through its targeted exploration programme.
