Shares in Latitude Uranium (CSE: LUR, US-OTC: LURAF) soared by more than 20% Wednesday after it announced the completion of the first phase of its 2023 drill program at its Angilak project in Nunavut. The program consisted of 15 holes totalling 4,750 metres and focused on the Main zone of the Lac 50 trend.
According to Latitude, which until June was named Labrador Uranium, drilling identified new potential just south of the Main zone and continuity on the west and east sides of the Main zone. The junior signed an agreement in March to earn up to 100% of Angilak from ValOre Metals (TSXV: VO).
Highlights include three holes on the west side of the main zone all showing anomalous radioactivity up to 21,000 counts per second (cps), and continuity on the east side of the main zone with readings in the best hole showing more than 65,535 cps.
Holes 4, 6 and 8 (23-LC-004, 23-LC-006, 23-LC-008) returned anomalous radioactivity up to 11,000 cps, suggesting the possibility of previously unidentified near surface mineralization.
Holes 11, 12 and 14 (23-LC-011, 23-LC-012, 23-LC-014) were focused on extending mineralization downdip of existing southwesterly plunging mineralized lenses. All three holes had anomalous radioactivity, suggesting potential downdip extensions (to 300 metres) from historical shallower intercepts.
A total of eight holes were drilled on the east side of the main zone to test continuity and extension of known mineralization. Hole 5 (23-LC-005) was the best hole, which returned mineralization of up to 65,535 cps.
Assay results are pending. The company reports slowed turnaround times because of the impact of ongoing wildfires in the Yellowknife area on normal logistics routes.
Phase 2 is expected to include up to an additional 700 metres for a total of 5,500 metres for the entire 2023 season.
The 685.5-sq.-km Angilak property is located in southern Nunavut, just east of the border with the Northwest Territories.
Lac 50 hosts historic inferred resources of 2.8 million tonnes grading 0.69% uranium oxide (U3O8) and 0.17% molybdenum for 43.3 million lb. of U3O8 and 10.4 million lb. of molybdenum. The deposit is among the highest-grade uranium resources in the world, outside of the Athabasca Basin, Latitude says.
Latitude shares were up 20.5% to 23¢ apiece on Wednesday afternoon in Toronto, valuing the company at $47.9 million. Its shares traded in a 52-week window of 14¢ and 55¢.
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