What it owns
In November, Landore Resources Ltd (LON:LND) converted exploration permits into mining leases at two huge licences next to its Junior Lake property in Ontario.
The two licences are held by 90% subsidiary Lamaune and cover an area of 4,133ha adjacent to four leases at Junior Lake.
In total, Landore’s mining leases now cover an area of 7,862ha, extend for 22 kilometres and encompass the BAM gold deposit, B4-7 nickel-copper-cobalt-PGEs deposit; VW nickel-copper deposit; the Lamaune Gold exploration target; and the Lamaune iron deposit.
How's it doing?
Landore has been steadily building up a comprehensive body of data on the mineralisation on its ground at Junior Lake in Ontario, Canada.
This mineralisation is varied and diverse, and includes, in separate and overlaying parts of Junior Lake gold, copper, nickel, several platinum group elements, and cobalt.
Gold resource at BAM East
The BAM East gold deposit on Junior Lake is a relatively new discovery, but Landore has nonetheless made great strides with it in a short time.
Already the NI 43-101 resource amounts to just over 1mln ounces of gold.
Currently, the deposit remains open in several directions, so there’s plenty more potential.
What’s more, metallurgical test work has indicated that gold recoveries are likely to run at between 97% and 99%, which is very high and is likely to make for a very efficient operation.
Nickel, platinum and other metals at B4-7
In addition to the BAM East project, Landore has undertaken significant work on the B4-7 deposit, which also lies on the Junior Lake property.
At the last count, the resource at B4-7 amounted to 3,292,000 tonnes of ore grading 1.2% nickel equivalent in the indicated category, with an additional 568,000 tonnes grading 1.26% inferred.
That works out at a total of 46,661 tonnes of contained metal, with more than 21,000 tonnes of that available in a conceptual open pit.
economic assessment on the project using the data gained from the drilling campaign, which will be released in the first quarter of 2019.
- Further economic work could increase the likelihood of development at BAM
- In January the company raised £225,000 through a share subscription
- Longer-term, renewed strength in nickel will see work re-start in a serious way across the wider portfolio