viewLandore Resources Ltd

Landore Resources now funded to complete preliminary economic assessment at BAM East and to take the resource up to a million ounces of gold

BAM East will be the focus in 2018, after Landore completed a £3.15mln funding

Landore is funded to take BAM East through to a preliminary economic assessment

Over the past few years, Landore Resources Ltd (LON:LND) has been steadily building up a comprehensive body of data on the mineralisation on its ground at Junior Lake in Ontario, Canada.

This mineralisation is varied and diverse, and includes, in separate and overlaying parts of Junior Lake gold, copper, nickel, several platinum group elements, and cobalt.

Experienced management team

This highly prospective ground is in safe hands with Richard Prickett and Bill Humphries, two veterans of the resources sector who enjoyed considerable success in the early part of the last decade with the creation and sale of Brancote Resources.

Both were also key figures at Patagonia Gold.

Gold resource at BAM East

The BAM East gold deposit on Junior Lake is a relatively new discovery, but Landore has nonetheless made great strides with it in a short time. Already the NI 43-101 resource amounts to 623,000 ounces of gold, including 486,000 ounces of gold in the indicated category.

Currently, the deposit remains open along strike, down dip and to the east and west, so there’s plenty more potential. The most recent immediate upside estimate reckoned that there are at least another 24mln tonnes of ore grading 0.88 grams per tonne for an additional 686,000 ounces.

New mineralisation is also being identified, most recently in one location a kilometre to the east of the existing deposit and in another 400 metres to the west.

What’s more, metallurgical test work has indicated that gold recoveries are likely to run at between 97% and 99%, which is very high and is likely to make for a very efficient operation.

Landore’s aspiration is that this project can be developed at a low capital cost and that operating costs will be in the lowest quartile in the industry.

The plan now is to move the official resource above the one million ounce mark. 

Nickel, platinum and other metals at B4-7

In addition to the BAM East project, Landore has undertaken significant work on the B4-7 deposit, which also lies on the Junior Lake property.

At the last count, the resource at B4-7 amounted to 3,292,000 tonnes of ore grading 1.2% nickel equivalent in the indicated category, with an additional 568,000 tonnes grading 1.26% inferred. That works out at a total of 46,661 tonnes of contained metal, with more than 21,000 tonnes of that available in a conceptual open pit.

The deposit remains open along strike and at depth, and a new exploration target has been identified down dip which may contain as much as between 1.5mln tonnes and 2mln tonnes of new ore.

WATCH: Landore Resources 'couldn't be happier' with results from summer drill programme

“We are very pleased with the significant increase in the B4-7 Deposit resource and its potential for continued growth,” says Bill Humphries.

The strengthening world prices of all of the B4-7 deposit's contained metals, nickel-copper-cobalt-platinum-palladium and gold, together with the deposit's proximity to the BAM East gold deposit with its obvious development synergies, has further highlighted the prospectivity of the Junior Lake Property.  

For now at least, though, BAM East will remain the priority.

New funding in place to support extensive development work

In early April 2018, Landore shareholders approved Landore’s conditional raising of £3.15mln via a placing and subscription of shares and associated warrants.

The money raised has allowed Landore to undertake a 12,000-metre drilling campaign at BAM East over the summer. It will also enable the company to complete a preliminary economic assessment on the project using the data gained from the drilling campaign, which will be released in the first quarter of 2019.

Quick facts: Landore Resources Ltd

Price: 1.15 GBX

Market: AIM
Market Cap: £15.92 m

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Landore Resources pushing BAM East development 'as quickly as they can'

Richard Prickett, finance director of Landore Resources Limited (LON:LND) discusses the firm's results to the end of December 2016 and says they have another busy work programme lined up for 2017.

on 31/5/17

3 min read