Landore Resources Ltd (LON:LND) has told investors that the drill programme at its BAM gold deposit, part of the Junior Lake project in Ontario, Canada, is progressing as planned.
Some 3,620 metres of diamond core drilling has so far been completed, comprising fifteen drill holes.
All drill holes have successfully intersected prospective mineralised zones associated with the BAM gold deposit, the company said in a statement.
READ: Landore kicks off new drilling at BAM
Core has been logged and processed, with 1,500 samples sent for analyst by ALS Minerals at Thunder Bay. The company is awaiting assay results though it noted that due to a significant increase in exploration activity in Canada, amid rising gold prices, there is presently a backlog in all laboratories. The expected time to receive full analysis results has doubled to 6-7 weeks.
Focusing on its operations, Landore noted that the present autumn-winter programme is for 14,000 metres of diamond drilling. It began in October and is expected to run until April. The aim is to extend the deposit’s presently defined 1.01mln ounce resource.
Some 7,500 metres are infill drilling, targeting the inferred portion of the existing gold resource whilst 3,000 metres of drilling will test potential extensions of the deposit at depth and 3,500 metres are aimed at exploration target definition, in identified highly prospective zones.
The company plans to update the project’s resource estimate following the completion of the programme and will feed a preliminary economic assessment of the deposit.