LONDON (Alliance News) - Landore Resources Ltd's shares rose on Wednesday as the firm said it has found "widespread" gold in between its BAN and BAM East deposits in Canada.
Shares were up 10% on Wednesday at a price of 1.60 pence each.
Landore has been drilling between BAM, its original deposit, and BAM East to look for further gold mineralisation. The site is located on the Junior Lake property in Canada's Ontario province.
Landore said the mineralisation had similar lithological characteristics to the two deposits, with "multiple" instances of visible gold.
Results include near-surface intersections of up to 41.3 metres at 1.10 grammes of gold per tonne of ore, and 24.90 g/t gold in another hole.
Chief Executive Bill Humphries said: "The current infill drill programme shows the gold mineralisation continues between the two deposits, almost doubling the overall length of the combined deposits to approximately 2,000 metres with excellent potential to add considerable ounces to the resource.
"The fact that the BAM gold mineralisation delineated to date remains open both to the East and West and down dip/plunge clearly demonstrates this discovery's huge potential."
Landore (LND)