Landore posts maiden resource estimate for BAM
(ShareCast News) - Landore Resources posted the maiden mineral resource estimate and report for the BAM East Gold Deposit on its Junior Lake Property, Ontario, Canada on Friday.
The AIM-traded company confirmed a 301,000 ounce gold maiden resource estimate for the deposit, with a time frame of one year from discovery to estimate.
Discovery drill-hole 0415-517 was drilled in December 2015, and the resource cut-off was 3 January 2017.
It reported a $5 per ounce of gold discovery cost with the drill success rate at 36 ounces of gold per metre drilled, on 8,436 metres total.
Landore also claimed a 98% combined gold recovery success by gravity concentration followed by cyanidation leach extraction of the gravity tail.
It also pointed to a review by RPA as being successful in outlining the favourable BAM sequence along a strike length of approximately five kilometres.
"I am delighted to announce Landore's Maiden resource of 301,000 ounces of gold for our exciting BAM East Gold Deposit, which has been rapidly taken from discovery to resource in just one year," said chief executive Bill Humphries.
"Our remarkably low discovery cost further underlines the significant growth potential of the BAM East Gold Deposit.
"In addition, exploration drilling has succeeded in establishing the potential for the highly prospective Junior Lake Shear, which traverses Landore's Junior Lake Property from east to west, to host other gold occurrences."
Humphries said the company's work programme in the current year was aimed at further growth of the existing resource, discovery of further gold deposits along the Junior Lake Shear and progressing the BAM East Gold Deposit towards development by initiating a pre-feasibility study by year end.
"This gold discovery and its advancement is a remarkable achievement by Landore's exploration team and is a testament to their dedication and perseverance in the exploration of the Junior Lake Property."