Pre-revenue mineral exploration company Landore Resources Limited (LON:LND) has another busy work programme lined up this year.
In a statement covering its 2016 results, the company said its work programme for 2017 would be aimed at expanding the existing resource, discovering further gold deposits along the Junior Lake Shear, progressing the BAM East gold project towards development and the initiation of a pre-feasibility study by the end of the year.
Drilling on the BAM East gold deposit recommenced on 1 April, with a total of 12,000 metres of drilling planned during this spring and summer.
WATCH: Landore Resources pushing BAM East development 'as quickly as they can'
One drill is currently focussed on further delineation of the deposit, with a second drill scheduled to commence exploration drilling along the highly prospective structural trend which hosts the BAM East Gold Deposit.
To date, 12 drill-holes have been completed in the Central Zone; initial results are encouraging and further results are pending, Landore said.
As the company is still in the exploration stage, the profit & loss numbers are not especially meaningful, but for the record, exploration costs rose last year to £1.13mln from £859,302 the year before.
The increase was largely responsible for a deepening of the loss to £1.72mln from £1.54mln.
Cash and cash equivalents at the end of the year stood at £148,532, compared to £368,475 at the end of 2015.
In a note to clients, Shore Capital analysts, Yuen Low said: “A very quick skim of the 2016 results revealed no surprises of note.
“The financials were essentially academic, having been overtaken by post-period events – notably, £2.1m has been raised in 2017 so far.
“However, this means that the company still needs to raise c.£1.0m to fund on-going operations this year, and a further £0.24m for administrative expenses in H1 2017.”
In late morning trading, Landore shares were 0.2p lower at 2.85p.
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