LANDORE RESOURCES
LIMITED
BAM Gold Project
Update
London, United Kingdom - 16 September 2024 - Landore
Resources Limited (AIM: LND) ("Landore Resources" or the
"Company"), is pleased to provide an update on current and planned
activities/work streams in relation to advancing its flagship BAM
Gold Project ("BAM" or the "Project"), located in Junior Lake,
Ontario, Canada.
Further to the appointment of
Alexander Shaw as Chief Executive Officer, Landore Resources has
commenced a full review of BAM, which currently has a National
Instrument 43-101 ("NI 43-101") compliant resource estimate of
1.5Moz of gold, and embarked on a number of technically focused
workstreams. These include an evaluation of the currently
available geological data and reinterpretation of existing assays
in order to implement more focused exploration and resource
definition programmes, designed to optimise further the prospective
economics of the Project and increase the Company's overall
understanding of the deposit.
Summary of key ongoing and planned
activities:
·
Appointment of a structural geologist to conduct
analysis and increase understanding of the controls on BAM's
mineralisation. He will be working in conjunction with TECT
Geological Consultancy, a leading South African-based structural
geology consultancy, who will be conducting onsite studies from 12
to 18 September 2024.
·
A soil sampling programme commenced in August
2024, focusing along strike to the east of the existing BAM
deposit. This will be completed ahead of winter's freezing
conditions.
·
Targeted channel sampling is planned to commence
in Q4 2024, focusing on known outcrops along strike to the east of
the currently identified BAM deposit.
·
Infill sampling of historical drill core in areas
of interest identified following reinterpretation of the existing
geological model.
·
The technical activities outlined above, are
designed to enhance BAM's existing geological model, identify
potential gaps and maximise understanding of the orebody
architecture.
·
Gold deportment studies and additional
metallurgical test work are also planned in order to build on the
work previously reported.
·
Review and refinement of the current geological
and mineralisation models is identifying new areas of interest and
high value drill targets within the existing ore body. A 3,500m
drilling campaign will therefore commence once optimised target
areas have been defined. These target areas
are highly prospective extensions of previously undrilled
mineralised domains and areas of interest identified within the
previous mineral resource estimate.
·
The planned forthcoming drilling campaign will
provide greater clarity on the structure of the orebody, prove the
validity of the block model and increase overall confidence in the
grade size and continuity of the resource. The Company will provide
a further detailed update on progress at BAM in Q4 2024, including
results from the abovementioned mapping, modelling and sampling
campaigns.
In addition, Landore Resources
announces that it will be hosting a webcast question and answer
session for shareholders with Alexander Shaw, CEO, on the Investor
Meet Company ("IMC") platform on 23 September 2024 at 10.00
a.m. (London time). Those investors interested in attending should
register on:
https://www.investormeetcompany.com/landore-resources-limited/register-investor.
Landore Resources' CEO, Alexander Shaw,
commented:
"I
am highly encouraged by our ongoing and planned activities at our
flagship BAM Gold Project. The findings of the planned technical
work will provide a far stronger guide as to how the Company can
best maximise the potential of this exciting and highly prospective
gold asset.
The technical workstreams, including soil and channel
sampling, will significantly contribute to our understanding of the
ore body and greatly assist the planned additional exploration
drilling. We aim to deliver value accretive results and further
optimise our understanding of BAM as an open pit as well as a
potential underground operation.
BAM is a valuable gold deposit and similar in size and
structure to many known deposits across the region, many of which
are currently being mined. We believe that even with much
lower spot prices than where gold sits today, the value upside in
BAM is highly significant.
As
such, we look forward to presenting regular updates on the results
of our ongoing exploration and definition programmes in due
course."
- ENDS -
For further
information, please contact:
Landore
Resources Limited
Alexander Shaw (CEO)
contact@landore.com
Strand Hanson
Limited (Nominated Adviser and Joint Broker)
James Dance/Matthew Chandler/Robert
Collins
Tel: 020 74093494
Novum
Securities Limited (Joint Broker)
Jon Belliss/Colin Rowbury
Tel: 020 73999402
Burson
Buchanan (Financial PR)
Bobby Morse
(landore@buchanancomms.co.uk)
Tel: 020 74665000
About Landore Resources
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's last
estimated NPV of US$333.6m @ US$1,800/oz spot (from 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.
