Landore Share News (LND)

(Sharecast News) - Landore Resources reported its updated mineral resource estimate on the BAM Gold Deposit on its Junior Lake Property in Ontario, Canada on Tuesday, saying the new modelling had "significantly increased" the resource to 28,826,000 tonnes at 1.03 grams per tonne, for 951,000 ounces of gold.The AIM-traded firm said that included 20,198,000t at 1.08g/t for 701,000 ounces of gold in the indicated category.In addition, the estimation work had also modelled potential mineralised material in target areas adjacent to the current delineated deposits, for a possible 14,761,000t at 0.93g/t ounces of gold for a further 441,000 ounces of gold, in the 'unclassified' material category.The BAM East Gold Deposit is located about mid-way along a "highly prospective" Archean greenstone belt, Landore said, which traverses the Junior Lake Property from east to west for around 31 kilometres.It said the "favourable" greenstone belt ranged from 0.5 to 1.5 kilometres wide, and hosted multiple known gold occurrences, including the Lamaune Gold Prospect.The mineral resource estimate, together with ongoing metallurgical and geotechnical studies, would be incorporated into a preliminary economic assessment scheduled for completion in February. "The 2018 drilling campaign on the BAM Gold Deposit has increased the mineral resource estimate by 53% to 951,000 ounces of gold, whilst maintaining the outstanding strike rate of approximately 30 ounces of gold per metre for the 31,594 metres drilled on the deposit to date, together with the excellent conversion rate of Inferred to Indicated and unclassified material into inferred ounces of gold," said Landore Resources chief executive Bill Humphries."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."