Higher gold prices has Landore Resources rethinking the size and scale of a proposed open-pit gold mine near Armstrong in northwestern Ontario.
The United Kingdom company has designed a drill program next month to break out to the east and west from an established gold deposit that already contains more than a million ounces.
In a Sept. 1 news release, Landore said last winter’s preliminary economic assessment (PEA) for its BAM gold deposit was based on a US$1,560 gold price. Things have changed considerably with gold now hovering close to US$2,000.
That means reconsidering the five scenarios they’ve been mulling over through a pit optimization review.
The BAM gold deposit is on the company’s larger 30,500-hectare Junior Lake property, 75 kilometres northeast of Armstrong. Landore has been drilling there since 2015.