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(Sharecast News) - Landore Resources updated the market on progress of the drilling programme for 2020-2021 on the BAM gold deposit at the Junior Lake property in Ontario, Canada on Monday.
The AIM-traded firm said drilling below the BAM East defined pit had consistently intersected the deposit's typical lithology and mineralisation, including the frequent sighting of visible gold.
Bonanza-grade gold was intersected in drill hole 0421-785, reporting 432 grams of gold per tonne over 0.32 metres.
Additional drill holes were planned to test for continuity of the zone around and between the two high-grade intercepts on lines 2650E and 2850E.
Step out drilling from the BAM Gold Deposit, to the east for 1,100 metres and to the west for 1,200 metres at 100 metre spacing, had intersected lithology and mineralisation similar to the BAM Gold deposit.
Modelling had started to determine the next round of drilling in those areas.
Landore said the planned 23,000 metre drilling programme was scheduled to restart on 19 May, following the pause for the spring thaw.
To date, a total of 15,903 metres of 'HQ' diamond core drilling, comprising 68 drill holes, has been completed.
"Interpretive work and conceptual modelling conducted by Landore's senior geological consultant and independent engineers has indicated the gold mineralization resides within a series of tabular shaped zones oriented in a roughly en-echelon configuration, generally parallel to the overall strike of the host rock units," the board said in its statement.
"Shoots of significant gold mineralization within the BAM gold deposit's east pit and west pit zones are interpreted to dip approximately 30 degrees to the west.
"Preliminary interpretation of drilling results has indicated the potential for repeating shoots of significant gold mineralisation along strike east and west of the defined BAM gold deposit resource."
It said results from the 2019-2020 soil-till sampling programs conducted west along strike for about seven kilometres and east for around two kilometres from the BAM deposit further supported the potential for "significant" gold mineralisation in those areas.
"Soil-till sampling has established the presence of widespread anomalous gold and multiple gold trends, confirming the potential of this area to contain extensions of the BAM gold deposit.
"Exploration drilling currently in progress will follow up on these encouraging results to confirm the presence of repeating gold-bearing shoots along strike east and west of the defined BAM gold deposit."
At 0942 BST, shares in Landore Resources were down 2.66% at 32.51p.
7 Jul 2014 11:00