LONDON (ShareCast) - (Sharecast News) - Landore Resources updated the market on the progress of its 2020-2021 drilling programme at the BAM Gold Deposit on the Junior Lake Property in Ontario on Monday.
The AIM-traded firm said drilling results from below and to the east of the BAM East defined pit between 2600E and 2900E reported wide zones of ore grade gold mineralisation within the gabbro 'hanging wall' unit, with drill hole 0421-789 intersecting 53.37 metres at 1.35 grams of gold per tonne, including 13.14 metres at 2.99 grams per tonne.

It said there were frequent sightings of visible gold in the drill core.

To date, 4,938 metres, comprising 19 drill holes, have been completed to test for depth and length extension of the East defined pit from 2000E to 3000E.

All drill holes had intersected typical BAM Gold Deposit lithology and mineralisation, including some with visible gold.

The board said five additional drill holes had been completed at 25 metre centres, to test the zone around the bonanza gold intercept on line 2850E.

Assay results were pending.

Landore said the drilling programme, consisting of a total of 23,000 metres of high-quality diamond core drilling, began on 15 October, and was designed to further infill and extend the defined BAM Gold Deposit resource of 1,015,000 ounces.

To date, a total of 17,070 metres of high-quality diamond core drilling, comprising 73 drill holes, has been completed.

The drilling programme was scheduled for completion in August, after which the data would be collated in preparation for a resource and preliminary economic assessment update.

Drilling was continuing on the Eastern and Western exploration areas, aimed at defining additional inferred resource and exploration targets.

In addition, more drilling was planned for further extension and expansion of the east defined pit of the BAM Gold Deposit.

At the conclusion of the drilling programme, the company said it planned to commission an updated mineral resource estimate and preliminary economic assessment on the BAM Gold Deposit.

"These encouraging results from relatively shallow intersections in the hanging wall of the extended East pit, together with the recently reported high grade drill intersections in the footwall, give promising indications of a substantial increase in the resource of the BAM Gold Deposit," said chief executive officer Bill Humphries.

At 1421 BST, shares in Landore Resources were down 0.59% at 32.56p.

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