Canadian mining junior Landore Resources Limited (LON:LND) has highlighted the sensitivity of its BAM Gold project in Ontario to a rising gold price.
A value of US$123.7mln was placed on BAM using on an extended mining case in a preliminary economic assessment (PEA) in February.
Landore says at a price of US$1,430 per oz, BAM’s estimated value rises to US$175.5mln.
However, the spot price of gold currently is almost US$100 higher at US$1,523 per oz.
Landore added it expects to update the PEA and resource at BAM Gold by the end of the year with drilling currently underway.
This is designed to establish BAM as a multi-million-ounce gold deposit.
Losses in the half-year to June dropped to £697,000 (£1.26mln).