LONDON (Alliance News) - Landore Resources Ltd on Tuesday announced an increase in its mineral resource estimate for the BAM Gold Deposit in Ontario, Canada.
Following the 2018 drilling campaign on the deposit, the BAM Gold resources has been increased to 28.8 million tonnes at 1.03 grams per tonne for 951,000 ounces of gold.
In addition, the estimation work has modelled potential mineralisation in target areas adjacent to the current deposits for a possible 14.8 million tonnes at 0.93 grams per tonne for 441,000 ounces of gold, in the 'Unclassified' category.
The mineral resource estimate will be integrated into a preliminary economic assessment, expected to be completed 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 Chief Executive Officer Bill Humphries.
Shares in Landore Resources were up 7.7% at 1.05 pence on Tuesday.
Landore (LND)