Landore Resources Ltd (AIM:LND) said it will re-evaluate its B4-7 and VW nickel-copper-cobalt-PGEs deposits on its Junior Lake Property in Canada as escalating prices for metals used in batteries have substantially increased the value of the resources.
"Whilst Landore continues to be focused on advancing the BAM gold deposit towards a multi-million-ounce target, the increasing interest in Battery Metals worldwide, accompanied by rapidly escalating prices, is encouraging the company to re-evaluate its highly prospective B4-7 and VW nickel-copper-cobalt-PGEs deposits together with the numerous identified prospects along the 31 kilometre long highly prospective Junior Lake Property," said chief executive Bill Humphries.
Based on a January 2018 resource estimates, the B4-7 deposit and Alpha Zone has 46,661 tonnes of contained metal and the VW Deposit a total of 8,920 tonnes of contained metal.
Burgeoning demand for metals used in batteries has pushed nickel prices up 15.6% by mid-October 2021 compared with the price used in the 2018 resource estimate, while copper and cobalt prices are up around a third and palladium has almost doubled.
The AIM-quoted company also announced that drilling has re-started at the BAM gold deposit, also part of Junior Lake Property in Ontario. The drilling programme will initially target the down plunge extension of the newly discovered Western Extension, before moving on to the Felix Prospect to test the numerous targets.
READ: Landore Resources extends BAM gold deposit with drill-bit
Landore has engaged Cube Consulting of Perth Western Australia to complete a mineral resource estimate and preliminary economic assessment update on the BAM deposit, which is currently scheduled for completion in the fourth quarter of 2021.