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BAM Gold Deposit Mineral Resource Estimate Update
BAM Gold Deposit Mineral Resource Estimate Update.
About this update from Landore Resources Limited
[{"type":"text","content":"\n \nRNS Number : 8998Y Landore Resources Limited 07 January 2020 \n\nLANDORE RESOURCES LIMITED\n(AIM Ticker: LND.L)\n \n \n \nMINERAL RESOURCE ESTIMATE UPDATE\nBAM GOLD DEPOSIT\nJUNIOR LAKE PROPERTY\n \nLondon, United Kingdom - 7 January 2020 - Landore Resources Limited (AIM:LND) (\"Landore Resources\" or \"the Company\") is pleased to confirm that Cube Consulting Pty Ltd has now completed an updated, National Instrument 43-101 (\"NI 43-101\") compliant, Mineral Resource Estimate on the BAM Gold Project, Junior Lake Property, Ontario, Canada (\"BAM Gold Deposit\").\n \nHighlights:\n \n· The new Mineral Resource Estimate (MRE) modelling has increased the BAM Gold resource to: 31,083,000 tonnes (t) at 1.02 grams/tonne (g/t) for 1,015,000 ounces of gold including 21,930,000t at 1.06g/t for 747,000 ounces gold in the Indicated Category.\n \n· The February 2019 Preliminary Economic Assessment (PEA) for the BAM Gold project provided a price sensitivity analysis of the 'Extended case' which, at a gold price of US$1,300, would produce a Post Tax, Net Present value (NPV) of US$123.71m. At the current gold price of US$1,560 that Post tax NPV would be elevated to US$227.37m.\n \n· The BAM Gold Deposit now extends for 3,700 metres from 400E to 4100E and remains open down dip and along strike to the east and the west. In addition the recently completed Soil sampling program has identified widespread gold mineralisation along strike to the west for a further 7 kilometres.\n· The BAM Gold Deposit is located approximately mid-way along a highly prospective Archean greenstone belt which traverses the Junior Lake Property from east to west for approximately 31 kilometres. The favourable greenstone belt ranges from 0.5 to 1.5 kilometres wide and hosts multiple known gold occurrences including the Lamaune Gold Prospect. \n \nCommenting on this report, Chief Executive Officer of Landore Resources, Bill Humphries, said:\n \n\"Landore's exploration effort for 2019 concentrated on establishing the potential growth of the BAM Gold Project along strike towards the existing Lamaune Gold project through the highly successful Soil Sampling campaign together with exploration drilling. Whilst the above infill drillin...