Latitude 66 Cobalt Starts Reserve Assessment at Juomasuo Finland
Latitude 66 Cobalt Oyhas commissioned a reserve assessment of the occurrence of the Juomasuo Mining District in North Kuusamo in Fnland. The reserve estimate
Latitude 66 Cobalt Oyhas commissioned a reserve assessment of the occurrence of the Juomasuo Mining District in North Kuusamo in Fnland. The reserve estimate is based on a re-analysis of the drill cores drilled by companies previously operating in the Juomasuo mining district, the results of drilling by Latitude 66 Cobalt and a remodeling of the structure of the deposit based on geological surveys. In the reserve assessment, two modelings have been made of the K1 deposit of Juomasuo: the first has estimated the amount of minerals in the deposit for gold and the second for cobalt. Certain blocks of the K1 deposit contain only cobalt, not gold. For this reason, the modeling results differ. The mining plan to be made later will describe in more detail the amounts of gold and cobalt to be produced. In the first assessment, the deposits are examined primarily on the basis of which parts of the deposits contain gold. The gold content limit has been 0.5 grams per tonne. The total amount of gold contained in the deposits is 647,000 ounces, which is 51% more than in the 2014 reserve estimate . The amount of cobalt is 5,840 tonnes, which is 73% more than the amount of cobalt present in the 2014 reserve estimate, which is comparable to gold.
The second estimate covers parts of the deposit with a cobalt content above 200 ppm. In these respects, the deposits in the Juomasuo mining district contain a total of 16,490 tonnes of cobalt, which is 43% more than the comparable amount in the 2014 reserve estimate. The reserve assessment in accordance with the international JORC 2012 standard has been prepared by Brian Wolfe, a geologist from International Resource Solutions, who has prepared, among other things, the reserve assessment and technical report for the Rupert Resource Pahtavaara gold deposit in 2018.
The company has commissioned the Geological Survey of Finland GTK to compare the known cobalt deposits in the European Union. According to the comparison, the deposits of the Juomasuo mining district (K1, K2, K3) form the fourth largest known cobalt reserve in Europe.