Landore Resources Ltd (AIM:LND, OTC:LNDLF) said it has dropped plans for a sale of any of its assets after a strategic review concluded it would not get fair value in current difficult market conditions.
Going forward, the focus will be on developing the value within the company's existing assets, it added, though discussions are still ongoing with several parties over some lithium assets on its Junior Lake property.
Any other expressions of interest would be assessed if they arise, Landore said.
In October 2022, Landore sold its Root Lake property for a total consideration of C$3mln in cash and that has left it “well-funded” for 2023, the company noted.
Work on the strategic review indicated that the gold resource at the BAM deposit at Junior Lake needs to be in the region of 2mln ounces to attract large industry participants and hitting that target is now the focus. A drilling campaign is now being prepared for BAM with that target in mind, Landore added.
Analysis of the drilling from the recently completed programme at the Felix-Lamaune prospects will be completed shortly with results expected later this month, it said.
In a statement, Bill Humphries, Landore chief executive, commented: "It is the board's view that Landore is in a strong position to advance the BAM gold project and the company's base metals projects this year."
Humpries noted that Landore has a 1.5mln ounce NI43-101 compliant gold resource, two NI43-101 compliant nickel equivalent resources, and a farm-in agreement with Storm Exploration for the Miminiska properties, while discussions are ongoing regarding the Junior Lake lithium prospects.