01 Nov 2021

Visible Gold Intersected at Turnberry South

ASX Announcement 1 st November 2021 Latitude Consolidated Limited Ground Floor, 16 Ord Street, West Perth WA 6005 www.latitudeconsolidated.com.au ASX:LCD Visible Gold Intersected at Turnberry South Highlights: • Visible gold observed in RC chips within thick mineralised intercept with abundant sulphide mineralisation in hole 21TBRC007 • All holes drilled at Turnberry South intercepted a veined and strongly altered zone at the target depth with sulphide mineral isation observed in the rock chips • Drilling indicates Turnberry South mineralisation plunges to the south, away from the existing Mineral Resource • Phase 2 d rilling progressing as plan ned with over 2,000m of drill samples dispatched and awaiting preparation and assay at the laboratory • Diamond d rill arriving on site in the second half of November to complete diamond tails at Turnberry as well as additional open pit geotechnical drilling in anticipation of Mining DFS commencing in 2022 Latitude Consolidated Limited (ASX:LCD) (“ Latitude ” or “ the Company ”) is pleased to report on the progress of the Phase 2 drill program at the Company’s Murchison Gold Project in Western Australia. The drilling has initially focussed on the high - grade zone at Turnberry South which appears to plunge to the south , away from the existing Mineral Resource . All holes drilled at Turnberry South as part of this Phase 2 program have intercepted a veined and strongly altered zone at the target depth with sulphi de mineral isation observed in the rock chips . Visible gold was observed in hole 21TBRC007 in association with veining within strongly silica - chlorite - epidote altered siltstone (see Figure 1 ) . Figure 1 : Visible gold in RC chips at 226 - 227m down hole 21TBRC007 . Page 2 of 13 The Company is encouraged by these indications of high - grade mineralisation and continues to drill this high - grade shoot as well as the high - grade zone at Turnberry Central where previous intercepts include: • 41m @ 4.8g/t Au from 148m in TBRC062 • 23m @ 7.1g/t Au from 69m in TBRC208 • 9m @ 10.4g/t Au from 162m in TBRC070 • 18m @ 4.7g/t Au from 192m in TBRC092 • 18m @ 3.4g/t Au from 154m in TBRC221 • 37m @ 2.8g/t Au from 209m in TBRC316 Commenting on the progress of Phase 2 drilling , CEO Tim Davidson said: “ We are extremely pleased to see all Phase 2 holes intercepting mineralisation as anticipated. It is also pleasing to see visible gold observed in the RC chips of hole 21TBRC007. Visible gold has previously been observed in drilling at Turnberry Central which is 1km to the north , however to our knowledge this is the first time visible gold has been observed at Turnberry South. A significant number of samples are currently at the laboratory, and we look forward to having them processed and updating our shareholders with the results as they are returned .” Figure 2 : Location of the Company’s Murchison Gold Project . Page 3 of 13 Figure 3 : Historical Au drill intercepts overlaid on aeromagnetic image indicating position of Section ‘A’ . Page 4 of 13 Figure 4 : Section ‘ A ’ showing location of visible gold and thick mineralised intercepts in drill hole 21TBRC007 . Page 5 of 13 This announcement has been a uthorised for release by the Latitude Board of Directors. For further information, please contact : Tim Davidson – Chief Executive Off icer +61 8 6388 2700 info@latitudeconsolidated.com.au www.latitudeconsolidated.com.au ABOUT LATITUDE CONSOLIDATED Latitude Consolidate d (ASX:LCD) is a junior gold explorer with a portfolio of exploration projects across Western Australia. Latitude ’ s flagship Murchison Gold Project has a combined 343km² landholding in the prolific Murchison Gold Fields of Western Australia and host s a larg e high grade 1.1Moz Mineral Resource. The company is actively exploring on this tenure while also progressing mining studies to determine the best pathway to production. The Circle Valley project in southern WA sits in the Albany Fraser mobile belt. This b elt is also home to the Tropicana gold mine ( 3 Moz past production). Primary gold mineralisation has been identified in two separate locations at Circle Valley and presents an exciting exploration opportunity for Latitude. Global Mineral Resource Summary Notes: 1. Mineral Resources previously reported to the ASX on 18th May 2021 in announcement titled “Murchison Gold Mineral Resource Grows 44% to +1.1 Million Ounces”. The Company is not aware of any new information or data that materially affects the informa tion included in this announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. 2. Mineral Resources are produced in accordance with the 2012 Edition of the Australian Code for Reporting of Mineral Resources and Ore Reserves (JORC 2012). 3. Andy Well Mineral Resource is reported using 0.1g/t cut - off grade. 4. Turnberry Open Pit Mineral Resource is reported within a A$2,400/oz pit shell and above 0.5g/t cut - off grad e. 5. Turnberry Underground Mineral Resource is reported outside a A$2,400/oz pit shell and above 1.5g/t cut - off grade. 6. Numbers in the Mineral Resource table have been rounded. Page 6 of 13 UPCOMING ACTIVITIES The company continues to progress exploration and mining stu dy work across its portfolio of gold projects, with the following activities planned for the remainder of 2021 and early 2022: COMPETENT PERSON'S STATEMENT The information in this release that relates to Exploration Results as those terms are defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve", is based on information reviewed by Mr Duncan Franey , a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Mr Franey is a full - time employee of the Company . Mr Franey has sufficient experience that is relevant to the style of mineralisation and type of deposit under con sideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Franey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this release that relates to Mineral Resources was first reported by the Company in its announcement to the ASX on 18th May 2021. The Company is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. FORWARD LOOKING STATEMENT S Certain statements in this report relate to the future, including forward looking statements relating to the Company’s financial position, strategy and expected operating results. These forward - looking statements involve known and unkno wn risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statem ents. Actual events or results may differ materially from the events or results expressed or implied in any forward - looking statement and deviations are both normal and to be expected. Other than required by law, neither the Company , their officers nor any other person gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward - looking statements will actually occur. You are cautioned not to place undue reliance on those statements. Nov Dec Jan Feb Mar 2021 2021 2022 2022 2022 Murchison Gold Project - Western Australia Phase 2 Drilling Phase 2 Assay Results Mine Scoping Study Pre-feasibility Study Circle Valley Gold Project - Western Australia EIS co-funded drilling Assay Results Planned Activity Page 7 of 13 TURNBERRY SOUT H COLLAR TABLE JORC 2012 – TABLE 1: TURNBERRY Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) CRITERIA JORC CODE EXPLANATION COMMENTARY Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Reverse circulation (RC) percussion drill chips collected through a cyclone and sampled at 1 or 4 metre intervals, cone split or spear sampled. • Diamond core (HQ, NQ, LTK - 60) sampled half core, 0.1m to 1.3m. • Diamond core (BQ) sampled whole core, 0.1m to 1.3m. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Riffle and cone splitting; spear sampling. • Aspects of the determination of mineralisation that are Material to the Public Report. • Mineralisation determined qualitatively through: presence of sulphide and visible gold in quartz; internal structure (massive, brecciated, laminated) of quartz. • Mineralisation determined quantitatively via fire assay and aqua regia assay methods. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed inform ation. • Diamond core samples crushed to 2mm and pulverized to 75µm. • RC samples 1m analysed by 5 0g Fire Assay and AAS. • When visible gold is observed in RC chips or diamond core, this sample is flagged by the supervising geologist for the benefit of the labor atory. Drilling techniques • Drill type (e.g. core, reverse circulation, open - hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face - sampling bit or other type, whether • PQ, HQ and NQ sized diamond drill core, oriented by Reflex system. • Underground NQ, LTK - 60 and BQ sized diamond drill core, not oriented . • 150mm reverse circulation drill chips. Drill Hole ID Type Northing Easting RL Dip (Degrees) Azimuth (Degrees) End of Hole (m) 21TBRC007 RC 7086518 678193 511 -60 270 260 Page 8 of 13 CRITERIA JORC CODE EXPLANATION COMMENTARY core is oriented and if so , by what method, etc). Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Core, assessed during drilling for loss, loss intervals recorded on core blocks, logged by geologist. • Visual estimate of RC drill chip recovery recorded in database. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Core: use of drilling fluid to minimize wash out. • RC chips, minimize drill water use. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • As sample recoveries are generally very high, there is no known relationship between sample recovery and grade. Logging • Whether core and chip samples have been geologically and geotechni cally logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Holes logged to a level of detail to support mineral resource estimation: lithology; alteration; mineralization; geotechnical; structural. • Qualitative: lithology, alteration, foliation. • Quantitative: vein percentage; mineralization (sulphide) percentage; RQD measurement; structural orientation angles; assayed for gold, arsenic, copper, iron, nickel; density from down hole gamma ray logging (6 holes), water displacement (11 holes); • Core photographed wet and dry. • All holes logged for entire length of hole. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • Qualitative: lithology, alteration, foliation. • Quantitative: vein percentage; mineralization (sulphide) percentage; RQD measurement; structural orientation angles; assayed for gold, arsenic, copper, iron, nickel; density from downhole gamma ra y logging (6 holes), water displacement (11 holes); • Core photographed wet and dry. • The total length and percentage of the relevant intersections logged. • All holes logged for entire length of hole. Sub - sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • Core sawn half and quarter core from pre - 2014 diamond drilling. All current underground diamond drilling is whole core sampled • If non - core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • RC chips cone and riffle split, sampled dry where possible, and wet when excess ground water could not be prevented. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Diamond core is crushed to 10mm by a jaw crusher then the entire sample is pulverized to 75µm by a LM5 (85% passing) • The entire ~3kg RC sample is Page 9 of 13 CRITERIA JORC CODE EXPLANATION COMMENTARY pulverized to 75µm (85% passing) • Gold analysis is determined by either • 25g charg e fire assay with an AAS finish (Minanalytical pre - 2017) • 50g charge fire assay with an AAS finish (Minanalytical 2017) • 30g charge fire assay with an AAS finish (SGS 2017 - 2020 ). • 5 0g charge fire assay with an AAS finish ( ALS 2021 ). • Quality control procedures adopted for all sub - sampling stages to maximise representivity of samples. • Pulp duplicates taken at the pulverising stage and selective repeats conducted at the laboratory’s discretion. • Measures taken to ensure that the sampling is representat ive of the in situ material collected, including for instance results for field duplicate/second - half sampling. • RC chips: field duplicates from re - split residual sample. • Core: quarter or half core taken as duplicate. • Whether sample sizes are appropriate to the grain size of the material being sampled. • Sample size appropriate for grain size of samples material. Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • Fire assay, total technique, appropriate for gold • Aqua regia digest, partial assay, appropriate for gold and trace elements • AAS appropriate for gold. • ICPOES for trace elements. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors ap plied and their derivation, etc. • No geophysical data used in estimation. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. • Certified reference material standards, 1 in 50 samples • Blanks: CRM blank, field blank; lab - barren quartz flush • Duplicates: • Field: RC – re - split residual sample, core – every 50th sample quarter cored Lab: Random pulp duplicates are taken on average 1 in every 10 samples Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • All sampling is routinely inspected by senior geological staff. • 2% of samples returned > 0.1g/t Au are sent to an umpire laboratory on a quarterly basis for verification. • The use of twinned holes. • A single diamond hole (MNDD064) was drilled immediately adjacent to a RC hole (MNRC038) but was not sampled as it was for geotechnical purposes. Visual inspection of the diamond hole correlates well with the intersection returned from the RC hole. • Documentation of primary data, data entry procedures, data verification, • Data stored in Datashed database on internal company server, logging Page 10 of 13 CRITERIA JORC CODE EXPLANATION COMMENTARY data storage (physical and electronic) protocols. performed on LogChief and synchronised to Datashed database, dat a validated by database administrator, import validate protocols in place. Visual validation in Surpac by company geologists. • Discuss any adjustment to assay data. • No adjustments made to assay data. First gold assay is utilized for any resource estimation. Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down - hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Collars: surveyed with RTK GPS. • Downhole: surv eyed with in - rod Reflex tool; conventional or north - seeking gyro tool, in - rod or open hole. • Specification of the grid system used. • MGA94 - Zone 50; Wilber Local grid, rotated 45° east, along strike of Wilber deposit. • Quality and adequacy of topographic control. • Topographic data generated using high resolution photogrammetric techniques. Data spacing and distribution • Data spacing for reporting of Exploration Results. • Drill hole spacing is nominally 25 x 50m at shallow depths (0 - 175m) and 50x50m to 50m x 100m at deeper depths (>175m) • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classificati ons applied. • Nominal 20m spacing on 25m section in mineralized area, 50m x 50m along strike and down dip. • Whether sample compositing has been applied. • N/A Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • Drill holes oriented at right angles to strike of deposit, dip optimized for drillability and dip of orebody, sampling believed to be unbiased. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Not Applicable Sample security • The measures taken to ensure sample security. • All samples are selected, cut and bagged in a tied numbered calico bag, grouped into larger polyweave bags and cable tied. Polyweave bags are placed into larger bulky bags with a sample submissi on sheet and tied shut. Consignment note and delivery address details are written on the side of the bag and delivered to Toll Express in Meekatharra. The bags are delivered directly to ALS in Perth , WA who are NATA accredited for Page 11 of 13 CRITERIA JORC CODE EXPLANATION COMMENTARY compliance with ISO/IEC17 025:2005. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • Review of sampling and QAQC procedures and data by Cube Consulting in November 2011. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) CRITERIA JORC CODE EXPLANATION COMMENTARY Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a l icence to operate in the area. • Latitude Consolidated Limited controls a 100% interest in M51/882 and the tenement is in good standing. • M51/882 is located within the Yugunga - Nya Native Title Claim. • Heritage surveys have been conducted over active explorati on areas. • Teck hol d s an 8.8% net profit interest which is paid only after all expenses incurred by the project (including historical exploration expenses) are recovered by Latitude Consolidated Limited . • Milestone payments of $5/oz produced are to be paid to Archean Star Resources Australia Pty Ltd, capped at $1m. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • Historic exploration was carried out at Turnberry by ASRA, Teck and Newcrest including drilling and geophysics Geology • Deposit type, geological setting and style of mineralisation. • Geology consists of Archean aged orogenic style mineralisation. Primary mineralisation is interpreted to be hosted within a moderate shear zone(s) +/ - stringer quartz veins within both mafic and felsic lithologies. Some supergene mineralisation is developed locally and defined by ferruginous red saprolite clays. Drill hole Information • A summary of all information material to the understanding of the ex ploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the • All drill results are reported quarterly to the Australian Stock Market (ASX) in line with ASIC requirements. Page 12 of 13 CRITERIA JORC CODE EXPLANATION COMMENTARY information is not Material and this exclusion does not detract from the understanding of the report, the Competent Pe rson should clearly explain why this is the case. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut - off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • No top - cut s have been applied when reporting results. • First assay from the interval in question is reported. • Aggregate sample assays are calculated using a length - weighted. • Significant intervals are based on the logged geological interval, with all internal dilut ion included. • No metal equivalent values are used for reporting exploration results. Relationship between mineralisa - tion widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • Drill holes are oriented at right angles to strike of deposit, dip optimized for drilling purposes and dip of ore body. Down hole widths are reported with most drill holes intersecting the mineralised lenses at 30 - 40 degrees. • Strike of minera lisation is approximately north - south in the Fairway Trend and at Far East Prospect. • Strike of mineralisation is approximately north - northwest at Bunarra Prospect. Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should b e included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Drilling is presented in long - section and cross section as appropriate and reported quarterly to the Australian Stock Market (ASX) in line with ASIC requirements. Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades an d/or widths should be practiced to avoid misleading reporting of Exploration Results. • All drillhole results have been reported including those drill holes where no significant intersection was recorded. Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, • All meaningful and material data is reported. Page 13 of 13 CRITERIA JORC CODE EXPLANATION COMMENTARY geotechnical and rock characteristics; potential deleterious or contaminating substances. Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large - scale step - out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • Follow up work at Fairway trend will comprise of further infill and extensional drilling programs to continue to develop the resource potential.
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