Landore Resources Ltd (AIM:LND) confirmed that an updated regulatory-compliant mineral resource estimate has been delivered on the BAM Gold Project, Junior Lake Property in Canada, increasing the estimated gold in situ by 47%.
The MRE indicated an in-situ resource 49.23mln tonnes at 1.0 grams/tonne, equating to 1,496,000 ounces of gold, compared with the 2019 MRE of 1,015,000 ounces of gold that was reported just over two years ago.
The new MRE includes 30.965mln tonnes at 1.0g/t for 1,029,000 ounces gold in the indicated category and 18.266mln at 0.8g/t for 467,000 ounces of gold in the inferred category.
Up to December there have been a total of 353 diamond drill holes, adding up to roughly 69,857 metres, completed at BAM, from which a total of 309 holes for a total of 62,719 metres have been used in the MRE.
The project now extends for 4,300 metres from grid line 200W to 4100E and remains open down dip and along strike to the east and the west, Landore said.
Soil sampling has also identified widespread gold mineralisation along strike to the west for a further 7 kilometres.
Chief executive Bill Humphries said: "The directors are delighted with the outstanding results of the latest drilling campaign on the BAM Gold Project, which has significantly increased the resource from 1 million ounces to 1.5mln ounces of gold whilst maintaining the highly successful discovery rate of 21 ounces of gold for every metre drilled.
"These results further support Landore's belief that the highly prospective Junior Lake Property has the potential to host multi-million ounce gold resources.
"The 2020-2021 drilling programme was completed against a particularly challenging backdrop, which required implementing and maintaining a high COVID-19 protocol and awareness throughout. The success of the program is once again a testament to the skill and high standards of Landore's exploration team."