Landore Resources Limited (LON:LND) has increased the mineral resource estimate for the BAM East Gold Deposit on its Junior Lake Property, Ontario, Canada to 400,000 ounces of gold at 1.37 grams/tonne (g/t) of which 326,000 ounces gold is in the Indicated category.
In a statement, the AIM-listed firm said its summer drill campaign successfully infilled much of the Inferred portion of the existing mineral resource and has extended the defined resource length from 700 metres to approximately 1,100 metres and from surface to 350 metres depth.
It added that the BAM East Gold Deposit remains open along strike to the east, west, and down dip.
Landore said metallurgical testing completed to-date yields between 97% and 99% combined gold recovery by gravity concentration followed by cyanidation leach extraction of the gravity tail.
Leach kinetics were rapid with most of the gold extraction completed within 2 to 6 hours.
The BAM East Gold Deposit is located approximately mid-way along the 31 kilometre corridor traversing Landore Resource's Junior Lake Property from east to west of favourable greenstone belt hosting multiple known gold occurrences including the Lamaune Gold Prospect.
Season’s drilling campaign “has been extremely successful”
Bill Humphries, Landore’s chief executive officer commented: "We are delighted with the rapid growth of the BAM East Gold Resource, all potentially extractable by low cost open pit mining method which together with the exceptional metallurgical results reporting up to 99% recovery of gold, further enhances this exciting project and supports our high expectations that it can be developed with low capex/opex costs amongst the lowest quartile of gold mining producers.”
He added: “This seasons drilling campaign has been extremely successful in both increasing the size of the resource and improving the confidence level. In addition exploration has established numerous targets along trend that with drilling have the potential to become additional resources.”