Latitude 66 joins €5M EU project to boost mineral exploration

Latitude 66 (ASX:LAT), a Finnish and Australian exploration company, announced its participation in the European Union-funded UNDERCOVER Project.

This research initiative, valued at €5 million ($8.1 million), is aimed at enhancing the exploration of critical mineral resources within the EU.

The Kuusamo Schist Belt, Latitude 66's flagship project site, is one of the key areas selected for focused research under this project.

The UNDERCOVER Project brings together 16 partners from countries including Finland, France, and Germany, coordinated by the Geological Survey of Finland.

The collaborative effort seeks to develop advanced exploration technologies and strategies for deep mineral deposits.

This research aims to foster a responsible supply of raw materials essential for the EU.

Latitude 66’s Managing Director, Grant Coyle, stated, "Latitude 66 is pleased to announce the successful grant funding awarded through the EU’s Horizon Europe research and innovation program."

The project will focus on integrating new geophysical technologies that are economically viable and environmentally friendly, transforming the mineral systems concept for deeper exploration.

This aligns with the EU's goals for sustainable raw material sourcing through innovative research and development.

The initiative is expected to benefit Latitude 66's exploration activities at the Kuusamo Schist Belt.

Enhanced funding and research will contribute to the systematic exploration and potential development of the critical mineral resources.

At the time of reporting, Latitude 66's share price was $0.069.