Landore Resources (LND.L:AIM)
Announced a Maiden Mineral Resource Estimate for the BAM East Gold Deposit on its Junior Lake Property, Ontario, Canada. The resource estimate was 301,000 oz consisting of an indicated resource of 193k oz at 1.35 g/t Au and an inferred resource of 108k oz at 1.23 g/t Au. The estimated cost to establish the resource was US$5 per ounce of gold discovery cost with the drill success rate at 36 oz of gold per metre drilled (8,436 metres total).
CEO Bill Humphries commented: 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.
ALS Metallurgy Americas performed a preliminary assessment for gold recovery which showed 98%-99% of the feed gold was recovered through combined gravity concentration and cyanidation leaching of gravity tails for the two composites tested. Gold leach kinetics were fast with most of the gold extraction taking place within the first 6 hours.
RPA has advised on recommendations for a work program and budget to advance the project to the next stage and initiation of a pre-feasibility study by the end of the year.