Latitude Uranium (CSE: LUR)(OTC: LURAF) CEO John Jentz on Drilling & Catalyst Rich Second Half of 2023
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of Latitude Uranium, Mr. John Jentz. John, it's great to have you back on. The last time we spoke we talked about the name change, we talked about the district scale land packages, and we talked about what an exciting time the second half of 2023 was going to be for the company. You have hit the ground running, as the newly appointed CEO of Latitude – formerly, of course, Labrador Uranium. How are things going?
John Jentz: Gerardo, thanks for having me. And things are going great in Nunavut. We are ahead of schedule in terms of drilling, in terms of time and meterage, so that's good. We should have some results out maybe second week in August, so a couple of weeks from now, so people can see what we've been doing. We should probably done by that time a good chunk of our five to 6,000 meters, probably 4,500 meters of that. So ahead of schedule that way. Logistics are good, it looks like our thesis on the ground is proving out, so everything is great in Nunavut.
Gerardo Del Real: Well, I mentioned the name change, and I mentioned the district-scale land packages. For those that may be new to the Latitude Uranium story, I think there's an opportunity, or there is, I should say, a sector-wide uranium consolidation that led to all of the equities, whether it was producers or the juniors, the explorers, to pull back pretty considerably. And the summer doldrums coinciding with that didn't do any favors for share prices. I think there's a pretty compelling opportunity in Latitude. For those that aren't familiar with the company, can you please outline for us the targets that you're drilling right now and what it is that you're looking for? I caught the nugget there that you mentioned that it's going how you wanted it to go, so I'm assuming you're at the very least seeing the right kind of rocks. But what targets are you drilling right now?
John Jentz: At Angilak in Nunavut what we're doing is we're concentrating on the existing historical resource of 43 million pounds. And our plan is fairly simple, it's just to expand that. It's already world-class in terms of the grade, the grade of uranium is 0.69. And for those in the uranium world world, Gerardo, that's a fairly high grade. Not quite like the Athabasca, but the global uranium grade is 0.1, 0.15 or so, depending on who you include, who you don't include. We're at 0.69, so that's very high grade. For those that don't know uranium as much, and are more familiar with something, say gold, in a gold equivalent on a rock value, at today's prices it's something in the order of a 16, 17 gram equivalent gold deposit. So very high grade. And our shareholders, although the market has been challenging, as you point out, I'd say stick with it. It's world-class in terms of grade, let's make it world-class in terms of size, and everything else will figure itself out.
Gerardo Del Real: Excellent, excellent. You have quite a few targets. I know that prioritizing those targets has had to be on one hand fun, but on the other side challenging. How have you gone about prioritizing the targets that you're drilling now?
John Jentz: Well, we've got a list of about 25 at any one time. And we had a radiometric survey that we did that we press released three, four weeks ago. It gave us some additional information. The team's been up at site about six weeks now. And as we continue to get results in, we jiggle around the priorities, but without doing any more reconnaissance drilling or reconnaissance work, we could have exploration targets, drilling targets, for the next three years without doing a single thing, there's so many targets there. As you said, it's a good thing in the sense that we have a lot of choice, and the opportunity is great, but it's also a challenge because we have to prioritize and really focus on the ones that are going to, we believe, give us the biggest bang for our buck and add the resource. Because drilling up there is expensive, so we want to take that to heart and really maximize those dollars and those drilling meters.
Gerardo Del Real: Excellent. Speaking of dollars, how's the treasury looking?
John Jentz: Treasury now, we're still fully funded for both programs. We're spending $8 million in Nunavut. We're spending four... We spent one of that in the C&B in Labrador, and we've got about $15 in the bank. So after we spent all our programs this year, we should have as we think of it, pro-forma today, if we spent all money on the program, we've got about $3.5 million to keep us going.
Gerardo Del Real: There's a lot to like, there's a lot of catalysts. I'm excited for results in a couple of weeks, excited to have you back on here soon. Anything to add to that, John?
John Jentz: No, other than in Labrador we're going to be going on our ground survey. It's a little challenging with the plane companies these days, like everything in the post-COVID world they slot you around a little bit. But we should be getting going that and that should be interpreted and we should have that in Q4 sometime.
Gerardo Del Real: Looking forward to all of it, John. Thank you for your time. I appreciate the update, sir.
John Jentz: Excellent. Thank you, Gerardo.Click here to see more from Latitude Uranium