 SP Angel morning note:
Landore Resources (LND LN) 3.4p, Mkt Cap £10m – Historic drill core sampling results
• The Company announces results from the 2024 infill drill core sampling programme on selected historic drill holes at the flagship BAM Gold Deposit and Lamaune Gold Exploration Target at the Junior Lake property, Ontario.
• Infill sampling programme was carried late last year on 27 existing drill holes from BAM and two drill holes from Lamaune Gold, located ~8.5km along strike west north-west from BAM Gold.
• Results indicate significant gold potential within the gabbroic lithological unit, which comprises the southern flank of BAM Gold.
• Sampling of Lamaune Gold historic core identified anomalous gold values in previously unsampled core, indicating potential for additional mineralisation.
• The 3,500m drilling programme is expected to commence at BAM March 2025 focused on the overall confidence in the grade, size and continuity of the resource as well as testing down dip potential.
• Drilling will be followed by a MRE update later this year as well as reviewing the 2020 PEA to a PFS reflecting higher gold price environment.
• Separately, the Company reports this morning that it received ~£220k from 9.2m exercised warrants. |
Weekend thoughts from a respected holder on Telegram:
. Clear there is some upset around the current situation; not sure exactly why, but surmise that the fact the share price has not improved significantly just yet, allied to apparent sell down, has led to this. It is all very understandable but hopefully short sighted. Up to each individual I suppose but I am far from being down beat.
We have had but one set of firm results just yet, and they were excellent. Some say that geo chemical sampling will never set the world alight, no matter how the numbers for anomalous gold look, but we really need to see the bigger picture here. The results were positive all the way to near enough of the eastern extremity. This was NOT a given, although it was understood to be likely. My point is that if a drill or two, proves the gold, at grades similar to, or higher, as Bam, then our footprint has been extended by a massive 3 kilometres! And open in every direction.
Some may say that is not the point, as we are talking about development costs, and how this will be met. I understand that, but at this moment in time we must look at the big picture. And, so far, it is very positive.
We are all getting caught up in the ‘what if’s’, and to be honest, I have done it to death over the past weeks and months. We don’t yet know exactly what we are going to be told, but the phrase we should be interested in is this. Alex stated that the interest *was in areas not lithologically constrained, but associated. * I have posted this a couple of times, but perhaps not explained the concept. Apologies if so, but in fairness to me, no one has asked.
What it means is that this means that the technical review has revised the understanding of the ore body. In other words, it is not necessarily exactly how Bill understood it, and is why certain areas of core were never previously analysed as pretty much discounted as hosting gold. That understanding has changed. To what extent, we do not yet know. And we cannot guess.
Imagine, if you will, a stick of rock. You look at it, and identify the known gold hosting rock that the drill has passed through. Areas of that rock will be sampled. Further along the stick of rock, there may be another ‘interval̵7; of that same rock. Once again, small sections will be readied and assayed.
Now then, the lengths of rock inbetween the ‘tasty’ sections appears to have been discounted. These are the areas not previously believed to be prospective. Now, it seems, the review has found that gold, no doubt not visible at all, is in these areas that sit outside the understood lithology. These are lengths of core that could exceed the lengths previously. If positive , they are infill just as surely as it you stick a drill hole in between 2 previously drilled holes to build both resource and confidence.
Just imagine one 200m length. It doesn’t sound much, but if you go and pace 200m down your street, look how far you go. If you look back at results for 200m core, you will see detail about the gold. The grade, the length of the interval, and the depth it started from.
Imagine reviewing all of this. The question is simply how much of that untested core contains associated gold. And at what grade?
There are 70,000 metres of core in the sheds. 43 miles of ‘em. With this new understanding, they have been checked, identified, cut and prepped, despatched, and, by now, most likely assayed. The results will be analysed, and conclusions drawn. A massive piece of work.
Exactly WHERE the core for the infill sampling has come from (it may be relevant across all areas??) is not yet confirmed.
The other area is why this was not done in the first place. I hope I have answered that, but to clarify, whilst most big companies test all core so as to avoid this situation, smaller expo companies do not. The reasons are:
1. |
SP Angel morning note, with gold pushing to new ATH territory:
Gold ($2,944/oz) pushes past record highs amid escalating calls for a US audit
• Gold prices are pressing higher, breaking through recent record highs of $2,942/oz.
• There is increased discussion of revaluing the US gold reserves, from the current $42/oz to today’s spot prices.
• We note that gold climbed >180% over the two years since it was revalued in 1973.
• There is suggestion of this enabling the Treasury’s ability to borrow under the debt ceiling, pushing the ‘Xdate’ of debt renegotiation back.
• Elon Musk is calling for an audit into the Fort Knox gold reserves, currently stated at 4,580t.
• Scott Bessent, Treasury Secretary, has also been a vocal advocate of gold.
• Increased awareness of the potential value of gold is likely supporting inflows to the metal.
• ETF inflows are ticking up as gold continues to gain traction with retail investors, but remain well below 2020 levels.
• Meanwhile, central banks continue to buy, amid sustained geopolitical tensions, and rising expectations of tariffs.
• China boosted holdings again in January, with India and Poland both buying |
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