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Landore keeps costs tight in the half year to end June; acquires half of the 2% NSR on Lamaune

iTs highly prospective Canadian portfolio includes the BAM gold deposit on the Junior Lake project which holds a resource of over a million ounces of gold

Landore Resources Ltd -

Landore Resources Ltd (LON:LND) turned in a £695,000 loss for the six months to end June 2020, almost exactly level with the loss booked for the corresponding period a year ago.

The company spent £102,750 on exploration at its highly prospective Canadian portfolio, which includes the BAM gold deposit on the Junior Lake project.

Cash at the period end was £79,000. However, the company raised £2.9mln on June 29, 2020, and took delivery of the new funds after the period end.

As well as BAM, Landore has a 90.2% controlling interest in Lamaune Iron Inc, which owns the property adjacent to Junior Lake, and a 30% interest in the West Graham property located in the Sudbury Nickel Belt.

It also has the rights to 99 claims in the state of Nevada.

Separately, the company said it is also to acquire half of the 2% net smelter returns royalty held on the Lamaune Lake property for C$150,000 in cash and shares.

Quick facts: Landore Resources Ltd

Price: 24.25 GBX

AIM:LND
Market: AIM
Market Cap: £21.87 m
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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

2 min read