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Landore Resources targeting big gold resource at BAM

Snapshot

  • Landore own the Junior Lake polymetal prospect in Ontario
  • BAM Gold is current focus at Junior Lake
  • Landore wants to prove a multi-million oz gold resource
  • Scoping study indicates value at US$175.3mln at a price of US$1,430 per oz
Landore Resources Ltd. -

Quick facts: Landore Resources Ltd

Price: 0.715 GBX

AIM:LND
Market: AIM
Market Cap: £9.32 m
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What it owns

In November, Landore 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 is it doing

Landore Resources Ltd (LON:LND) 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 623,000 ounces of gold, including 486,000 ounces of gold in the indicated category.

Currently, the deposit remains open along strike, down-dip and to the east and west, so there’s plenty more potential.

The most recent immediate upside estimate reckoned that there are at least another 24mln tonnes of ore grading 0.88 grams per tonne for an additional 686,000 ounces.

New mineralisation is also being identified, most recently in one location a kilometre to the east of the existing deposit and in another 400 metres to the west.

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.

The plan now is to move the official resource above the one million ounce mark. 

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.

Inflexion points

  • In late-October, the company said it was expecting an increased gold resource from the BAM deposit following a drilling campaign
  • Inferred resource in the western portion of the deposit was converted to an indicated resource (reflecting a higher degree of certainty), in addition to more inferred ounces of gold further west
  • In September the company raised £470,000 through a share subscription to fund exploration at BAM
  • The firm completed 3,966 metres of drilling at BAM in early September

 

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Watch

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

3 min read