Landore Resources said an ongoing strategic review should be complete by the end of September with mining companies currently being solicited to provide expressions of interest and participate in the initial due diligence period.
Any remaining participants will be invited to advance to the next stage of the process, a statement from the exploration company said.
Landore added it has started drilling at the Felix-Lamaune areas at Junior Lake in Ontario, Canada, to identify potential deposits of gold and battery metals.
The programme will target previously identified mineralisation over a distance of 12 kilometres to the west along strike from the BAM Gold and B4-7 deposits.
Soil sampling has been extended to help identify drill targets while warrants have been exercised to raise £2.47mln.
Bill Humphries, chief executive, added: "Landore has already advanced the BAM Gold deposit, together with the adjacent B4-7 and VW Nickel-Copper-Cobalt-Platinum-Palladium deposits, to enable the company to commence pre-Feasibility studies.
“Landore will now commence drilling to advance the highly prospective Lamaune Gold deposit, together with the adjacent Carrot Top Ni-Cu-Co-PGEs prospect, located eleven kilometres to the west along strike, to defined deposit stage.
“In addition, this programme is designed to upgrade the Zap Zone, Grassy Pond, Felix, B4-8 prospects, spaced along strike in between the above two areas, towards possible deposit status."