Landore Resources (LND) has significantly increased the BAM Gold Deposit Mineral Resources Estimate by 53% to 951,000 ounces of gold at its property in Ontario, Canada.
The drilling campaign maintained a strike rate of approximately 30 ounces of gold per metre for the 31,594 metres drilled on the deposit to date.
Mineral Resources Estimate modelling puts the BAM gold resource at 28,826,000 tonnes at 1.03 (g/t) and an Indicated Category resource of 20,198,000 tonnes at 1.08 (g/t), classified in accordance with the JORC code.
The estimation work also modelled a potential mineralised material adjacent to the current delineated deposits for a possible non JORC compliant additional 441,000 ounces of gold.
Shares in Landore rose 10% to 1.075p each following the announcement
Chief Executive Officer of Landore Resources, Bill Humphries, said: “The continued rapid growth of the BAM Gold Deposit together with the possible future development of the other known gold prospects such as Lamaune plus the likelihood of new discoveries along this highly prospective 31 kilometre long Archean greenstone belt bodes well for the future of the Junior Lake Property hosting a multi-million ounce gold deposit.”
The company has scheduled a Preliminary Economic Assessment of the project for February 2019, which will incorporate the new Mineral Resource Estimate and ongoing metallurgical and geotechnical studies.
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