Gold explorer Landore Resources Limited (LON:LND) expects the ongoing drilling programme at BAM to establish its Junior Lake property as a multi-million-ounce gold deposit.
BAM’s existing resource extends over 1.7km within a 3.1km strike length and the in-fill drilling will take place along the outstanding 1.4km in order to bring that section up to a defined resource level.
A preliminary economic assessment in February valued the BAM project at US$69.2mln on a base case of 951,000 contained ounces of gold.
For the year to December, Landore lost £2.78mln (£3.3mln).
In May, the company raised £1mln at of 0.7p per share, which will fund planned operational expenses for at least six months.