Landore Resources Limited (LON:LND) is expecting an increased gold resource from its BAM deposit at the Junior Lake project in Ontario, Canada, following a drilling campaign at the site this year.
Bill Humphries, chief executive of the AIM-listed miner, said the increase was expected following the conversion of an inferred resource to an indicated resource (reflecting a higher degree of certainty) in the western portion of the BAM deposit, as well as the further addition of inferred ounces of gold further west.
He added that the higher confidence rating of the BAM resource as well as a “greatly improved gold price”, would provide significant benefits to the project’s preliminary economic assessment, which is expected to complete in the fourth quarter of 2019.
The company is also expecting results from an exploration and soil sampling campaign along what it says is a “highly prospective area” between the BAM deposit and the Lamaune gold target, which is around 8.5 kilometres further west.
“The results from the extensive soil sampling are eagerly awaited for further proof that Landore's highly prospective Junior Lake Property is host to multi-million ounces of gold”, Humphries said.
In early trading on Monday, Landore’s shares were 2.2% higher at 0.6p.