DiscovEx Resources Announces Acquisition of Gold-Cobalt Projects in Finland
DiscovEx Resources has announced plans to acquire Latitude 66, an unlisted Australian public company. Latitude 66 is notable for holding substantial gold and cobalt assets in Finland through its wholly owned subsidiary, Latitude 66 Cobalt Oy. This strategic acquisition positions DiscovEx in Finland's robust mining sector, home to Europe's largest gold operation and a significant player in the global cobalt market.
The assets at the heart of this acquisition include the flagship Kuusamo Schist Belt (KSB) Project, alongside exploration ventures in the Peräpohja, Kainuu, and Central Lapland Schist Belts. These areas are renowned for their mineral wealth and exploration potential. The KSB Project alone boasts a JORC 2012 Indicated and Inferred Mineral Resource estimate of 7.3 million tonnes at 2.74g/t gold and 0.08% cobalt, translating to 650,000 ounces of gold and 5,840 tonnes of cobalt.
The acquisition underlines the projects' capability to deliver strong economic returns and contribute to Europe's critical raw materials supply chain, amidst growing demand. Furthermore, extensive metallurgical testing has validated a conventional processing flowsheet, ensuring high recoveries of both gold and cobalt.
With diamond drilling operations ongoing, DiscovEx is poised to further explore the significant potential within its expanded regional tenure. This development not only marks a transformative phase for DiscovEx Resources but also strengthens Europe's position in the critical raw materials market, offering a secure and economically viable source of gold and cobalt.
