Landore Resources Ltd (LON:LND) said drilling at the BAM gold deposit in Canada is proceeding as scheduled with results so far confirming the depth and length extensions of the west pit.
Drilling to the east and west of the deposit has also successfully intersected the favourable lithology and mineralized structures associated with the BAM gold deposit, the exploration company said.
Landore also said it is encouraged by the increased demand for 'battery metals', noting that its wholly owned and highly prospective Junior Lake property in Ontario is host to significant battery metals resources.
"The growing adoption of electric vehicles is driving the increasing demand for nickel, cobalt and lithium (battery metals) - which are each critical metals used as cathode materials for lithium-ion batteries in the automotive industry, as well as the energy and electronics industries," it said.
Landore has focused its efforts on advancing the BAM gold deposit since its discovery in late 2015.
"Before that, Landore had concentrated on advancing its Junior Lake nickel-copper-cobalt-PGE projects to pre-feasibility level. However, after the 2012 commodities price crash the development of these projects was placed on hold," said chief executive Bill Humphries.
"With the burgeoning demand and increase in world prices for Battery Metals, the board considers these projects to be viable once again, significantly adding to the overall value of Landore's highly prospective Junior Lake property," he said.