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Landore Resources plans new preliminary economic assessment of BAM gold deposit

The new PEA will be commissioned when the current drilling programme has concluded, with 17,070 metres out of 23,000 completed so far

Landore Resources Ltd -

Landore Resources Ltd (LON:LND) unveiled its final results for 2020 and said it is funded for the current exploration programme at the BAM gold deposit in Ontario, Canada.

The explorer finished last year with just over £1mln of cash and no debt after incurring a loss after tax of £2.55mln compared to £2.15mln the year before.

In February this year Landore raised £3.5mln in a share issue at a price of 30p.

“This will allow the continued development of the identified BAM gold resource, the completion of a further exploration programme along strike to other known gold prospects and the commission of a refreshed Preliminary Economic Assessment (PEA) and Resource Report,” the group said.

It added that shareholders have been very supportive of its financing requirements and the directors are confident of raising further funds as required for development plans when needed.

As of June 2021, a total of 17,070 metres of the current 23,000-metre drilling programme had been completed.

Once this programme has concluded later this year, the company said it is planning to commission an updated mineral resource estimate (MRE) and PEA for BAM.

The BAM gold deposit, which is within Landore's 100% owned Junior Lake property, has so far been proved to extend for over 3.5km, remaining open to the east and west and down dip.

Encouraged by burgeoning demand for battery metals such as nickel, cobalt and lithium, management has initiated an in-house economic analysis of its B4-7 deposit with the aim of its potential development.

The B4-7 deposit and Alpha Zone contains 3,292,000 tonnes at 1.20% Nickel Equivalent (NiEq) in the Indicated category and 568,000 tonnes at 1.26% NiEq in the Inferred category for a total of 46,661 tonnes of contained metal.

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Price: 23.75 GBX

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Landore Resources Ltd (AIM:LND) (LON:LND) Bill Humphries, Chief Executive Officer and Glenn Featherby, Finance Director join Proactive London's Katie Pilbeam to answer shareholder questions.  The team answer concerns on the share price, opportunities in the battery metals market as well as...

on 28/7/21

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