Guernsey, U.K.-based junior Landore Resources (LON-AIM: LND) has tallied a new resource estimate for the Bam gold deposit on its 100%-owned Junior Lake gold property, located 235 km northeast of Thunder Bay, Ontario.
The estimate was completed by independent Australian consulting firm CUBE Consulting, using data that included drilling carried out by Landore in 2015-2017.
The Bam resource has climbed to 18.6 million indicated and inferred tonnes grading 1.04 grams gold per tonne for 623,000 oz. gold, including 13.8 million indicated tonnes at 1.09 grams gold for 486,000 oz. gold.
Landore says the work also modelled “potential mineralized material in target areas adjacent to the current delineated deposits” for a possible 24.2 million tonnes at 0.88 gram gold for a further 686,000 oz. gold. Landore is targeting this area in its 2018 drilling program, which is due to wrap up in the fourth quarter.
CUBE will update the resource again to incorporate this year’s drilling and then prepare a technical report for the Bam gold deposit, leading to the completion of a preliminary economic assessment scheduled for completion in the first quarter of 2019.
Landore interprets Bam as an Archaean mesothermal gold deposit in which gold mineralization is hosted by sheared and altered rocks of the Grassy Pond Sill and the Bam volcano-sedimentary sequence, with gold mineralization remaining open along strike to the east and west, and down-dip.
Up to September 2017, a total of 117 diamond drill holes for 20,310 metres had been completed at the Bam East gold deposit, delineating a strike length of 1,100 metres and from surface to a vertical depth of 380 metres.
Drill testing along strike has intersected mineralization over a total strike length of 3,000 metres covering both the Bam zone and Bam East mineralization, with widths ranging between 3 and 50 metres.
Landore is led by CEO William Humphries, with vice-president of exploration Michele Tuomi working from Landore’s exploration office in Thunder Bay.