LONDON, March 17, 2025 /CNW/ - Landore Resources Limited (AIM: LND) ("Landore Resources" or the "Company") is pleased to announce the commencement of the 2025 drilling programme on its flagship BAM Gold Deposit ("BAM Gold" or "BAM") at the Junior Lake property, Ontario, Canada.
Highlights:
3,500-metre diamond drilling programme has commenced on BAM Gold, which is focused on providing greater clarity on the structure of the orebody, increasing overall confidence in the grade, size and continuity of the resource, as well as testing the considerable down-dip potential.
The programme will seek to upgrade BAM's Inferred resources to the Indicated category and test the considerable higher-grade mineralisation potential down-dip. The drilling results will be used to update BAM's existing Mineral Resource Estimate ("MRE"), expected to be received in Q3 2025. Additional infill sampling of existing BAM drill core, aimed to further inform the deposit mineralisation model, is scheduled to be completed concurrently with the drilling.
Results from the drill programme and additional infill drill core sampling, together with other studies including the BAM structural assessment completed by TECT Geological Consultancy, will be utilised to update the existing MRE and then subsequently to develop a Pre-Feasibility Study ('PFS') in 2026.
Commenting on today's update, Landore Resources' CEO, Alexander Shaw, said: "The commencement of our 3,500m drill programme is the first of several exciting developments anticipated for our flagship BAM Gold project in Ontario this year. The drill programme will help inform the preparation of an upgraded mineral resource estimate later this year and, subsequently, the development of a pre-feasibility study in 2026. The fast tracking of adding further value to this highly scalable gold asset, located in a proven mining district, with significant upside potential, underpins our strategy of seeking to deliver strong future returns to our stakeholders as a whole. We look forward to providing further updates as our exploration work progresses."
BAM Drilling
The majority of the 3,500-metre resource drilling campaign at the BAM Gold project will focus on the eastern portion of the deposit, seeking to upgrade Inferred resources to the Indicated category, as well as testing the considerable higher-grade potential down-dip within the central portion of the eastern pit area. Drilling to test both shallow and deep mineralisation zones will also be completed on the western portion of the deposit. The results from this drill programme will be used to update the existing BAM Gold Mineral Resource Estimate ("MRE"), anticipated to be received in Q3 2025.
BAM Infill Drill Core Sampling
Further infill sampling of select existing drill holes at BAM Gold will be completed concurrently with the drilling. The results of such sampling, together with the infill sampling results reported in the Company's announcement of 3 March 2025, will further support BAM's mineralisation model and the planned updated MRE.
Planned PFS
Results from the drilling and infill drill core sampling, as well as the recently completed technical studies, including the BAM Gold structural assessment by consultancy firm, TECT Geological Consultancy, will be used to update the existing MRE. This, in turn, will support the Company's plans to commence a pre-feasibility study in 2026.
Junior Lake Property
The Junior Lake Property, 100% owned by Landore Resources, together with the contiguous Lamaune Iron property (90.2% owned) (jointly the "Junior Lake Property"), consisting of 22,037 hectares, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay and is host to: the BAM Gold Deposit; the B4-7 Nickel-Copper-Cobalt-Platinum-Palladium Deposit; the VW Nickel-Copper-Cobalt Deposit; the Lamaune Gold Prospect and numerous other precious and strategic metal occurrences.
Michele Tuomi (P.Geo., BSc. Geology), Director/CEO of Landore Resources Canada Inc. and a Qualified Person as defined in the Canadian National Instrument 43-101 and with respect to the AIM Rules for Companies, has reviewed and verified all scientific and technical mining disclosures contained in this announcement.
Landore Resources (AIM: LND) is the 100% owner of the highly prospective BAM Gold Project, Northwestern Ontario, Canada, which has an NI 43-101 compliant resource estimate of 1.5m oz Au (Indicated: 1.03m oz from 30.96Mt @ 1.0g/t; Inferred: 467,000oz from 18.3M/t @ 0.8g/t). Ontario is Canada's largest gold producing province, and produced 3.9m oz, accounting for 41% of Canada's total gold production in 2023. Landore Resource's strategic objective is to crystallise value from BAM Gold's last estimated NPV of US$333.6m @ US$1,800/oz spot (from the May 2022 PEA), as well as generating additional value from its non-core portfolio of precious and battery metals projects in eastern Canada and the USA.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
