Latitude 66 (ASX:LAT) has confirmed the sale of its remaining 17.5% interest in the Greater Duchess copper gold joint venture in Queensland to Carnaby Resources (ASX:CNB), after Carnaby exercised its right of first refusal to match a competing offer, according to a Thursday filing with the Australian bourse.

The company will receive AU$2 million in cash and AU$4 million in Carnaby shares, priced at the 30-day volume-weighted average price before July 31, upon completion of the sale, the filing said.

The parties will begin preparing formal documentation to finalize the sale, with completion expected within the current quarter, the filing added.