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LONDON (Alliance News) - Landore Resources Ltd said Tuesday an updated mineral resource estimate for its BAM gold deposit in Ontario, Canada increased gold estimates to 623,000 ounces.
Previous estimates put the gold resource at 400,000 ounces, meaning the new resource represents a 56% improvement.
"The modelled BAM Gold resource of 623,000 ounces of gold has provided a significant uplift from the resource of 400,000 ounces of gold we reported in December 2017 without including any results from the already successful 2018 drilling programme," Chief Executive Officer Bill Humphries said.
"Management is confident that this current programme will provide a further significant uplift towards achieving our targeted one million ounces gold," he added.
Landore shares were trading down 1.3% at 1.56 pence each on Tuesday.
