Landore Resources Ltd. updated the NI 43-101-compliant mineral resource estimate for the BAM gold deposit, part of the Junior Lake project in Ontario.
The deposit hosts 31.1 million tonnes of ore at 1.02 g/t of gold containing 1.0 million ounces, including 21.9 Mt at 1.06 g/t containing 747,000 ounces in the indicated category, above a gold cut-off grade of 0.3 g/t.
The BAM deposit now extends for 3,700 meters and remains open down dip and along strike to the east and the west, the company said Jan. 7.
The resource was estimated following completion of a diamond drilling campaign of 24 holes for a total of 3,966 meters.
A preliminary economic assessment in February 2019 for the BAM deposit estimated an after-tax net present value of US$69.2 million with an internal rate of return of 22.4%, based on a resource of 12.7 Mt at 1.26 g/t of gold containing 515,000 ounces.