LONDON (Alliance News) - Landore Resources Ltd on Wednesday said it will start a drill programme in Canada next month, as it slashed expenditure on exploration elsewhere and reduced company overheads to narrow its loss for the first half of 2016.
The company wholly-owns the Junior Lake property in the province of Ontario and the asset contains numerous exploration targets and prospects containing nickel, copper, cobalt and platinum group metals, but Landore's main focus is on the newly discovered BAM East gold prospect.
Since finding a significant new gold zone there, the miner has undertaken a substantial amount of exploration drilling, and a trenching and channel sampling programme has been completed. Results from the sampling are currently being received and collated and will be released when completed.
Landore Resources is planning a follow-up drilling programme, scheduled to commence in early October, to extend the new gold zone down dip and along strike to the east and west and to obtain material for metallurgical testing.
Landore reported a pretax loss in the half-year to the end of June amounting to GBP732,975 compared to the loss of GBP1.2 million a year earlier. That was after exploration expenditure dropped to GBP250,108 from GBP466,518 and administrative costs were reduced to GBP508,340 from GBP715,773.
Cash at the end of June stood at GBP944,544 compared to the balance of GBP208,304 a year earlier.
Landore shares were down 1.3% to 3.90 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Landore (LND)