Perth-based resources company Latitude Consolidated announced that it has agreed to sell its non-core Lyndon Station Base Metals Project in the Carnarvon-Gascoyne Region of WA.
Latitude recently acquired MGK Resources which holds the Quinn Hills and Mt Ida South projects located approximately 110km west of Leonora in the Eastern Goldfields of WA. It is also close to acquiring 80% of the Mt Ida South project, subject to shareholder approval.
According to Latitude, the divestment from the Lyndon Station will allow the company to concentrate on the development on these projects within the highly prospective Mt Ida gold belt.
“The Lyndon Station project was one of Latitude’s original assets, and its sale to private interests for $20,000 removes ongoing holdings costs from the Company’s books, allowing it to focus its resources on its emerging gold projects at Mt Ida,” the company told the ASX.
“The Company has recently expanded its land-holding in the Mt Ida Belt to 312km2 and it is continuing to review acquisitions in the area as part of its strategy to consolidate a significant gold inventory.”