Landore extends BAM Gold Project buy acquiring adjacent rights
By Josh White
Date: Wednesday 26 Mar 2025
(Sharecast News) - Landore Resources announced on Wednesday that it has expanded its flagship BAM Gold Project in Ontario through the acquisition of adjacent mineral rights, bolstering its exploration potential along the highly prospective Junior Lake shear zone.
The AIM-traded firm said the newly acquired claims, referred to as the BAM Extensions, were secured via the purchase of 1491205 BC Ltd, a holding company owned by Halyard Consulting, in an all-share transaction.
It said consideration included the issue of 13 million new shares in Landore at an implied price of 3.05p each.
Under the terms of the deal, 75% of the consideration shares would be subject to a lock-up, with staged releases every six months.
The BAM Extensions would also be subject to an existing 2% net smelter return royalty in favour of a third party.
Landore said the newly-acquired mineral rights extended over 15 kilometres east of the Junior Lake property, which already hosted the 1.5 million-ounce NI 43-101-compliant BAM gold resource, as well as other deposits including B4-7 nickel-copper-cobalt-PGE.
The extension encompasses the eastern strike of the Junior Lake shear zone, a key structural corridor believed to control gold mineralisation in the area, offering multiple new exploration targets and potential for resource expansion.
Following the acquisition, Landore said its Junior Lake property now covered over 45 kilometres of highly prospective ground.
The company said it was currently conducting a 3,500-metre drill programme at BAM, with results expected to inform an updated mineral resource estimate in the third quarter of 2025.
Admission of the new shares to trading on AIM was expected on 27 March, taking Landore's total issued share capital to 335,024,832 ordinary shares.
"This acquisition marks an important additional strategic rights holding to augment our existing BAM Gold Deposit area, where we are developing our flagship asset," said chief executive officer Alexander Shaw.
"It also provides substantial future exploration upside potential as we seek to move BAM towards the pre-feasibility stage and create long term value for our stakeholders."
At 0800 GMT, shares in Landore Resources were down 3.23% at 3p.
Reporting by Josh White for Sharecast.com.
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