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

 

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