Landore Resources Ltd (AIM:LND, OTC:LNDLF) said the presence of gold and other strategic and precious metals has been confirmed by further soil sampling carried out on the Junior Lake property in Ontario, Canada last year.
Drill targets have been identified, the company said, as the soil sampling confirmed and infilled the presence of “highly anomalous gold occurrences and trends” at the Felix prospect, while also extending the soil sampling further to the south of Felix and to the west into the Lamaune Gold area, with “highly anomalous strategic and precious metals occurrences and trends” generally running parallel to and to the south of the above gold trends.
Almost 1,700 samples were taken from an area of 13 square kilometres, nearly doubling the total number of samples collected on the property after sampling in previous years.
Chief executive Bill Humphries said the soil sampling and exploration drilling last year “have identified new targets for both gold and strategic metals which have the potential of being advanced into additional resources”.
He noted that it further supports the directors' opinion that Junior Lake has “the excellent potential to host significant volumes of both gold and the highly sought-after strategic metals for battery production”.
The current high gold price is encouraging Landore to “concentrate its resources“ on advancing the BAM Gold project, with the completion of a pre-feasibility study, Humphries said, adding that the company is reviewing alternative ways of advancing its strategic metals assets, “including investigating possible JV partnership, a strategic partner or potential sale”.