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Landore pushes gold resource at BAM over the one million ounce mark

Landore's summer drilling campaign has also significant boosted the indicated resource

Landore Resources Ltd -

Landore Resources Ltd (LON:LND) has boosted the NI 43-101 resource at the BAM Gold project to just over 31mln tonnes of ore grading 1.02 grams per tonne gold.

That gives a total of 1.015mln ounces of gold in the ground.

747,000 ounces is in the indicated category.

The BAM Gold deposit now extends for 3,700 metres, but remains open down dip and along strike to the east and the west.

In addition, a recently completed soil sampling program has identified widespread gold mineralisation along strike to the west for a further seven kilometres.

 “The directors believe that the continued growth of the BAM Gold deposit together with the possible future development of new discoveries along this highly prospective 31 kilometre long Archean greenstone belt has further enhanced the likelihood of the Junior Lake Property hosting a multi-million ounce gold deposit,” said Landore chief executive Bill Humphries.

In February 2019 a preliminary economic assessment established a post-tax net present value of US$123.71mln for the project. At the current gold price of US$1,560 that post tax NPV is elevated to US$227.37mln.

Quick facts: Landore Resources Ltd

Price: 1.104 GBX

AIM:LND
Market: AIM
Market Cap: £15.28 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

2 min read