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Landore Resources targeting big gold resource at BAM


What it owns

The focus of recent attention has been BAM, a gold deposit on the company’s wider portfolio of assets in Ontario

In total, Landore’s mining leases now cover an area of 7,862ha, extend for 22 kilometres and encompass the BAM gold deposit, B4-7 nickel-copper-cobalt-PGEs deposit; VW nickel-copper deposit; the Lamaune Gold exploration target; and the Lamaune iron deposit.

How’s it doing?

Landore has been steadily building up a comprehensive body of data on the mineralisation on its ground at Junior Lake in Ontario, Canada.

This mineralisation is varied and diverse, and includes, in separate and overlaying parts of Junior Lake gold, copper, nickel, several platinum group elements, and cobalt.

In October, the company began an autumn-winter drilling programme on the BAM gold deposit in Ontario, Canada.

The company said it will drill 14,000 metres aimed at further infilling and extending the defined resource of 1,015,000 ounces of gold, and to test the depth potential of the previously delineated mineralisation.

An extensive soil sampling programme, commenced in July 2020, has also been completed on the highly prospective areas along strike from the existing BAM gold deposit, infilling and extending the successful soil sampling campaign completed in 2019. A total of 1,015 samples with controls have been submitted to the laboratory for analysis with the final results and report expected in November.

The company also reported a GBP695,000 loss for the six months to end June 2020, almost exactly level with the loss booked for the corresponding period a year ago.

In July the company raised GBP2.8mln to allow for further exploration over the following months. This fundraise included a significant investment from Eric Sprott, who now owns more than 9% of the company.

Gold resource at BAM East

The BAM East gold deposit on Junior Lake is a relatively new discovery, but Landore has nonetheless made great strides with it in a short time.

Already the NI 43-101 resource amounts to just over 1mln ounces of gold.

Currently, the deposit remains open in several directions, so there’s plenty more potential.

What’s more, metallurgical test work has indicated that gold recoveries are likely to run at between 97% and 99%, which is very high and is likely to make for a very efficient operation.

Nickel, platinum and other metals at B4-7

In addition to the BAM East project, Landore has undertaken significant work on the B4-7 deposit, which also lies on the Junior Lake property.

At the last count, the resource at B4-7 amounted to 3,292,000 tonnes of ore grading 1.2% nickel equivalent in the indicated category, with an additional 568,000 tonnes grading 1.26% inferred.

That works out at a total of 46,661 tonnes of contained metal, with more than 21,000 tonnes of that available in a conceptual open pit.

Economic assessment on the project using the data gained from the drilling campaign, which will be released in the first quarter of 2019.

Inflexion points

  • Further economic work could increase the likelihood of development at BAM
  • In July the company raised GBP2.8mln
  • Longer-term, renewed strength in nickel will see work re-start in a serious way across the wider portfolio

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