Company Potential.......8 May 2021 09:03
Multi million ounce gold discoveries are few and far between, but that’s exactly what Landore Resources might just have on its hands at its Junior Lake property in Ontario, Canada.
On 20 April, the company reported a ‘bonanza’ gold grade as it updated investors on its ongoing 23,000 metre drilling campaign at the BAM gold deposit, aimed at further infilling and extending the defined resource of 1,015,000 ounces of gold and testing the depth potential of the previously delineated mineralisation.
In the announcement, Landore Resources reported that it had intersected 432g/t gold over 0.32m, a truly remarkable grade. While this is just one intersection, it is of particular interest given that another particularly high-grade intersection was reported just 200 metres away, on another drilling campaign back in May 2017. According to the announcement earlier this week, the presence of visible, bonanza grade gold, combined with the similarity in geology and position, being 200 metres apart, both in a deformation zone, “leads Landore to believe that there is a HIGH possibility of continuity between, and CONTINUING BEYOND, the above two bonanza occurrences.”
CEO Bill Humphries was confident enough to state that, “This significant Bonanza gold discovery in the footwall of the BAM Gold Deposit has further demonstrated its potential to become a multi-million ounce open pit resource with significant underground mining potential.”
CEOs don’t make these kinds of claims on a whim, so it appears that Landore could have something quite special on its hands. What’s more, this comes at a time when there have been very few multi million ounce gold discoveries in recent years, still fewer in jurisdictions as friendly as Canada, while gold prices are rising and demand is growing. Meanwhile, the major gold miners are looking to replenish their reserves and a company like Landore is bound to come up on their radar if and when it announces a major upgrade to its resource at Junior Lake.
With tantalising nuggets like the one released earlier this week becoming the order of the day at Landore Resources, a resource upgrade in due course is a done deal – the only question is by how much.
Landore drilled 37,540 metres to define its first million ounces and so the current 23,000 metre campaign should go a long way towards increasing this while also upgrading the classification of some of the ounces. Broker Cenkos believes that the prospects for BAM to keep growing are good with possible further upside from additional targets on the structure. “With such a solid growth potential and a significant land holding over 31km of greenstone belt Landore could be in a strong position ** to attract industry interest in the project and company,” ** argues the broker.
So folks....
Positive news flow, further infill as well as long awaited results due soon, gold price rising, MRE upgrade expected in July rolling straight into PFS September and Major interest very ve
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