REG - Landore Resources Ld - Drilling Programme Commences on BAM

Landore ResourcesAnnouncement

17/03/2025 07:15

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RNS Number : 9009A  Landore Resources Limited  17 March 2025

17 March 2025

 

Landore Resources Limited

2025 Drilling Programme Commences on the BAM Gold Deposit

 

London, United Kingdom - 17 March 2025 - 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.

 

- ENDS -

 For further information, please contact:

 Landore Resources Limited                                   contact@landore.com

 Alexander Shaw (CEO)

 or engage with the company directly                         https://investors.landore.com/s/051b30
                                                             (https://investors.landore.com/s/051b30)
 Strand Hanson Limited (Nominated Adviser and Joint Broker)

 James Dance/Matthew Chandler/Robert Collins                 Tel: 020 7409 3494
 Hannam & Partners (Joint Broker)

 Andrew Chubb / Matt Hasson                                  Tel: 020 7907 8500
 Burson Buchanan (Financial PR)

 Bobby Morse/ Oonagh Reidy                                   landore@buchanancomms.co.uk

                                                             Tel: 020 7466 5000

 

Subscribe to our news alert service: https://investors.landore.com/auth/signup

 

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 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.

 

 

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