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TORONTO - Landore Resources Ltd (AIM:LND) announced Monday the completion of a 3,549-meter diamond drilling program at its BAM Gold Project in Ontario, Canada, with results confirming potential for resource expansion.
The 14-hole drilling program, which commenced in March 2025, focused on the eastern portion of the BAM deposit and successfully extended mineralization eastward while identifying high-grade intercepts at depth, according to a company press release.
The drilling results are expected to inform an updated independent mineral resource estimate scheduled for the fourth quarter of 2025.
During the first half of 2025, Landore also acquired additional mineral rights adjacent to its existing BAM Project from 1491205 B.C. Ltd., potentially expanding the resource footprint.
The company reported receiving a scheduled option payment from Storm Exploration Inc. (TSX-V:STRM) in March 2025 related to the sale of Landore’s interest in the Miminiska Lake and Keezhik Lake Properties in Northern Ontario. The payment, comprising new shares valued at C$275,000, increased Landore’s stake in Storm to approximately 15.8%.
The final option payment in this C$4 million staged transaction is due in March 2026.
Landore’s Chairman Huw Salter noted that gold prices rose approximately 25% during the first half of 2025, closing at just over US$3,300 at the end of June, which he described as "the second-strongest six-month rally in 50 years."
The company indicated plans to commence a further drilling program at BAM in the near future, building on results from the Spring 2025 campaign.
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