Company
LON:LND
Landore Resources Ltd is an exploration/development company that seeks to grow shareholder value through the acquisition, exploration and development of precious, base and battery metals projects in eastern Canada. The company is primarily focused on the development of its 100% owned BAM Gold Project, located on the Junior Lake Property.
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The strategic review, which commenced in May, is considering a number of options, including the sale of all or a part of its wholly owned subsidiary, Landore Resources Canada Inc, or the Junior Lake Project, potential joint venture arrangem
Landore has also started drilling at the Felix-Lamaune areas at Junior Lake in Ontario
The drilling will further test the scope of the BAM deposit
Landore has had considerable exploration success over the years at Junior Lake
Junior Lake is host to several mineralised occurrences, including the million ounce BAM gold deposit
"These results further support Landore's belief that the highly prospective Junior Lake Property has the potential to host multi-million ounce gold resources," said boss Bill Humphries
Landore has already established a sizeable resource at BAM
Drilling has re-started at the BAM gold deposit, also part of Junior Lake Property in Ontario
The results further demonstrate potential for a multi-million ounce open pit resource with significant underground potential, says chief executive Bill Humphries
BAM now boasts a resource of over a million ounces of gold
A mineral resource estimate is scheduled for completion in the fourth quarter
Landore has suspended drilling at Felix, an area to the west and along strike of the BAM deposit, until October 2021 because of government restrictions due to local fires in Ontario
Grades as high as 29.40g/t were intercepted over 0.61 metres
The new PEA will be commissioned when the current drilling programme has concluded, with 17,070 metres out of 23,000 completed so far
The company said drilling results from below and east of the BAM East defined pit have reported wide zones of ore-grade gold mineralisation, adding that there have also been frequent sightings of visible gold in the drill core
The 2020-21 drilling programme is expected to be completed in June
A grade of 432.0 g/t gold was recovered over 0.32 metres
The company said it will sell its 30% stake in the project to SPC Nickel in return for C$250,000 in cash, a 1% net smelter return royalty and 1mln warrants
“Results received to date on the Western step out drilling are highly encouraging,” the company said
Developer also said it is encouraged by the increased demand for nickel, cobalt and lithium helped by demand for electric vehicles
