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LONDON (Alliance News) - Landore Resources Ltd shares soared on Tuesday morning after the company said it believes there could be lithium prospects within its Junior Lake property in Canada, and said it plans to drill the main gold prospect within the project in late June.
Landore shares were trading up 7.6% at 1.91 pence per share on Tuesday morning, having jumped about 20% to 2.15p earlier.
The company, which recently said it is likely to conduct an equity raise in the near-term to fund its work planned for this year, has been focused on the gold prospects at the Junior Lake property lying in Ontario, but said Monday it is looking at the potential lithium prospects.
"In light of recent increased lithium exploration activity in north-western Ontario, Landore is currently reviewing its lithium prospects in the northern area of its highly prospective Junior Lake property," said the company.
There are several lithium occurrences in the vicinity of Junior Lake, and said there are three occurrences that are known to the company. One lies two kilometres east of the Western boundary of the project, another lies at Swole Lake in the centre of the property and the third occurrence was found five kilometres way from Swole Lake.
Notably, the Swole Lake occurrence has previous drill intersections of 1.12% lithium oxide over 3.1 metres and 1.14% lithium oxide over 8.8 metres. The third occurrence has returned grades of lithium oxide of 1.036%, 1.219% and 2.374%.
At the main focus, BAM East, Landore said it plans to drill the gold prospect in late June, specifically the last day of the month. Drilling to date on the prospect has delineated a gold zone that is over 30.0 metres wide and near-surface, and Landore hopes to expand this as it remains open in all directions.
In total, 15 drill holes will be completed over 2,600 metres alongside another eight holes totalling 1,400 metres.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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