(Sharecast News) - Landore Resources updated the market on its progress with its summer drilling and exploration programme on its BAM Gold Deposit on the Junior Lake Property in Ontario, Canada on Monday, reporting that all assay results with associated drilling information had now been received and forwarded to Cube Consulting of Perth, Australia.
The AIM-traded firm said those results would be included into an upgraded mineral resource estimate and preliminary economic assessment, which was scheduled for completion in the fourth quarter of 2019.
It said the latest drilling results continued to report similar gold mineralisation of widths and grade to the existing BAM Gold Deposit, with multiple instances of visible gold
Intersections included drill-hole 0419-713, reporting 12.87 metres at 3.23 grams of gold per tonne, including one metre at 28.60 grams per tonne.
The BAM mineralised zone now extended for 3,600 metres from 400E to 4000E, and remained open down dip and along strike to the east and the west.
Landore added that an "extensive" exploration campaign, including ground geophysics, geological mapping and soil sampling totalling 867 samples, had been completed along the highly prospective area between the BAM Gold Deposit and Lamaune Gold Exploration Target, approximately 8.5 kilometres to the west, with results pending.
"The 2019 drilling campaign on the BAM Gold Deposit is expected to increase the BAM Gold Resource with the conversion of Inferred to Indicated on the western portion of the deposit and the possible addition of inferred ounces of gold further to the west," said chief executive officer Bill Humphries.
"The higher confidence rating of the BAM Mineral Resource, together with the greatly improved gold price, will provide significant benefit to the PEA and further strengthen resource development economics."
Humphries said that in addition, the exploration activities completed this year in the area between the BAM Gold Deposit and the Lamaune Exploration Target had "clearly established" the continuance of similar geology and geophysics between those gold occurrences.
"The results from the extensive soil sampling are eagerly awaited for further proof that Landore's highly prospective Junior Lake Property is host to multi-million ounces of gold."
As at 0825 BST, shares in Landore Resources were up 2.05% at 0.64p.
Landore (LND)15 Feb 2024 15:43
IN BRIEF: Landore identifies gold zone at BAM gold project, Ontario
Landore Resources Ltd - Ontario, Canada-focused precious and base metal project explorer and developer - Says soil sampling identifies gold zone at it...