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Landore raises £1mln to boost resource base at BAM gold deposit

Expanding the resource base will enhance the economics of any potential mine

1559544789_Gold-bar-plus-nugget.jpg
BAM East is located on Landore's mineral-rich Junior Lake project

Landore Resources Ltd (LON:LND) has raised £1mln (C$1.72mln) through a placing and subscription of shares at 0.7p each.

The new shares represent approximately 11.87% of the company's enlarged issued ordinary share capital.

READ: Landore Resources beginning to turn extensive mineralisation at Junior Lake to account

The proceeds will allow Landore to complete a 4,500 metre drilling programme at the BAM gold deposit.

The idea is to advance the base case in-pit mineralisation of 515,000 ounces gold to in-pit mineralisation of over 800,000 ounces gold.

The company will also undertake ground geophysics and geochemistry testing to define exploration targets along the strike from the BAM gold deposit.

 

Quick facts: Landore Resources Ltd

Price: 0.715 GBX

AIM:LND
Market: AIM
Market Cap: £9.32 m
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Landore Resources confident of publishing PEA on its BAM gold project this month

Richard Prickett, finance director at Landore Resources Ltd (LON:LND), tells Proactive London's Andrew Scott they've completed the first phase of a detailed metallurgical assessment of the BAM gold deposit on the Junior Lake property in Ontario. Landore engaged Allard Engineering Services...

on 5/2/19

2 min read