Huge upside potential to build on existing 1.5Moz resource, grades & scale
BAM Gold Project
Located on the Junior Lake Property, with 30+km potential strike length over highly prospective Archean greenstone belt, in the flourishing gold mining jurisdiction of Ontario in Eastern Canada
History of BAM
2003
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100% owned subsidiary, Landore Canada, discovered the BAM Zone while prospecting
2005-10
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Drilled 8 holes ; geologic mapping and trenching over the BAM Zone
2015
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The BAM East deposit (now BAM Gold Deposit) was discovered
2016
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Landore drilled 42 diamond drill holes totalling 8,319 m
2017
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Landore drilled 65 diamond drill holes totalling 11,056 m
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Completed updated Mineral Resource Estimate (“MRE”)
2018
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Landore drilled 61 diamond drill holes totalling 12,673m
2019
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Drilled 38 diamond drill holes totalling 5,946 m, regional soil sampling and MaxMin, VLF, and magnetic geophysical surveys
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Completed Preliminary Economic Assessment (“PEA”)
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Completed updated MRE
2020-21
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Drilled 102 diamond drill holes totalling 24,171 m, regional soil sampling
2022
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Completed MRE of 1.5Moz Au and PEA
2023
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Regional soil sampling showed highly prospective areas for gold/strategic metals & anomalies representing potential new gold zone in Grassy Pond/Felix Lake area
2024
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June
Raised £4.28m to advance BAM; commenced geological work to increase understanding of BAM’s mineralisation ahead of drilling programme
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July
Alexander Shaw appointed as CEO of Landore
2025
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March
Results of 2024 Infill drill core sampling programme indicate gold upside at Junior Lake
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3,500m diamond drilling programme commences at BAM
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Acquisition of a number of mineral claims known as BAM Extensions adjacent to BAM
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June
Spring 2025 drilling programme confirms additional mineralisation to east and west of existing resource and grade consistency at BAM
February 2022 NI143-101 Mineral Resource Update
At 0.3 g/t cut off
Indicated
Inferred
Indicated
Inferred
BAM Gold Mineralisation
Since BAM was discovered, extensive exploration work has been completed by the development team on the ground in Ontario including over 70,000m of drilling and geological studies.
Our team delineated a 1.5Moz Resource Estimate (NI43-101) for BAM in January 2022, including approximately 1.0Moz gold in Indicated and 0.5Moz gold in the Inferred Category at 0.3 g/t cut off.
The new Mineral Resource Estimate (MRE) modelling has increased the BAM Gold Project’s In-Situ resource to: 49,231,000 tonnes (t) at 1.0 grams/tonne (g/t) for 1,496,000 ounces of gold; an increase of 481,000 ounces of gold (47%) compared with the 2019 MRE of 1,015,000 ounces of gold, (reported 6th January 2020).
| Res Cat | Au g/t cut off | Tonnes (kT) | Grade (g/t Au) | Contained Metal (kOz Au) |
|---|---|---|---|---|
| Indicated | >0/0 >0.3 | 33,201 30,965 | 1.0 1.0 | 1,045 1,029 |
| Inferred | >0.0 >0.3 | 21,254 18,266 | 0.7 0.8 | 488 467 |
| TOTAL | >0.0 >0.3 | 54,455 49,231 | 0.9 1.0 | 1,533 1,496 |
BAM Gold Project, Ontario
BAM Exploration
Landore’s exploration team, led by new CEO Alexander Shaw, has created a new, highly targeted approach to the development of BAM.
Our team is currently engaged in technical studies to increase the understanding of BAM’s geological model ahead of a highly targeted 3,500m drilling programme which commenced in early 2025
Following this, our aim is to upgrade BAM’s resource estimate and the PEA to reflect the increasing attractive economics of BAM due to the heightened gold price environment.
Our new geological team is utilising the data already collated on BAM to build a clearer picture of the geological model and increase understanding of where the high-grade mineralisation is located. The focus is along strike to the east of the existing BAM deposit, with the aim of adding to the existing knowledge base of the geological profile.
This will help to increase the confidence associated with the ore body and lay the foundation for adding ounces to the current 1.5Moz NI 43-101 resource in the Measured, Indicated and Inferred categories at a 0.3g/t cut off.
Technical work underway at BAM includes
Soil Sampling Reports
High-Grade Potential
This BAM Gold Deposit has the potential for the initial development to be progressed as a low cost, bulk tonnage, open pit operation.
Works to-date have brought the BAM Gold Project’s In-Situ NI 43-101 compliant resource to 49,231,000 tonnes at 1.0 grams/tonne for 1,496,000 ounces of gold including 30,965,000t at 1.0g/t for 1,029,000oz Indicated.
There is significant potential for higher grades at BAM – as much as 3-4 g/t – including at shallow depths, which could potentially add high-grade ounces to an updated resource estimate, with a target release of completion by Q3 2025.
There is lot of potential along strike and down dip at BAM and our soil and channel sampling will be an important step to exploring this potential along strike to the East of BAM.
Plan to Fast Track BAM
New management team implement revised plan for BAM and conduct GAP Analysis
Soil sampling & technical studies at BAM underway
Targeted 3,500m drilling programme at BAM East starts
Updated Mineral Resource Estimate (MRE) due in late 2025
- Additional resource drilling
- Additional metallurgical testwork
- Geotechnical assessment
- ESIA
- Commencement of PFS in 2027
Preliminary Economic Assessment (PEA)
Our team also completed a highly attractive Preliminary Economic Assessment (PEA) on BAM in May 2022, using a gold price of US$1800/oz – far lower than today’s buoyant gold price of around $2500/oz.
Highlights
- Pre-Tax: NPV at US$1,800 gold = US$333.6m; IRR = 87.4%
- Post-Tax: NPV at US$1,800 gold = US$231.2m; IRR = 66.7%
- After-tax payback of 1.25 years from start of production/ 2.25 yrs from project start
- Capex of US$85.4m
- Total production of 200,800Koz
- All in Sustaining Costs of $1177/oz
| Parameter | Units | Base Case |
|---|---|---|
| Project Life (Total) | Years | 11.50 |
| Mine Life (Total) | Years | 10.75 |
| Ore Mined | kt | 22,388 |
| Waste Mined | kt | 178,168 |
| Total Mined | kt | 200,555 |
| Gold Grade | g/t | 1.16 |
| Contained Au Mined and fed | oz | 832,620 |
| Plant feed (total) | Mt | 22.4 |
| Plant feed (p.a) | Mt | 2.2 |
| Au Recovery | % | 0.98 |
| Au Recovered | oz | 815,967 |
| Parameter | Units | Base Case |
|---|---|---|
| Gold Price (Average LOM) | USD/oz | 1,800 |
| Net Gold Revenue (Ex Site) | USD M | 1,464.66 |
| Initial Capex | USD M | 85.45 |
| Sustaining Capex and Mine Development costs | USD M | 2.24 |
| AISC including Ontario Provincial Mining tax | USD / oz | 1,177 |
| Project NPV (Pre-Tax) | USD M | 333.15 |
| Project NPV (Post Tax) | USD M | 231.28 |
| Project IRR (Pre-Tax) | % | 87.4 |
| Project IRR (Post-Tax) | % | 66.7 |
| Project Break-Even Gold Price | USD / oz | 1,289 |
| Breakeven Au Price at 30% IRR | USD / oz | 1,433 |
| Project Payback Period from Construction Start | Years | 2.25 |
Ontario
The Ontario region of Canada is home to the country’s largest producing gold mine – Agnico Eagle’s Detour Lake along with some of Canada’s top producing gold mines – both underground and open pits.
One of the World’s top 10 mining jurisdictions
| 1 | Red Lake Gold |
| 2 | Musselwhite Gold |
| 3 | Rainy River Gold |
| 4 | Lac des Iles PGEs |
| 5 | Hemlo Gold |
| 6 | Detour Lake Gold |
| 7 | Porcupine Gold |
| 8 | Macassa Gold |
| 9 | Young-Davidson Gold |
| 10 | Greenstone Gold |
Top producing gold mines in Ontario
| Mine | Prod Oz/pa | Ownership | Notes | |
|---|---|---|---|---|
| 1 | Red Lake Gold | 112,700oz | Evolution Mining | UG |
| 2 | Musselwhite Gold | 173koz | Newmont | UG |
| 3 | Rainy River Gold | 20kpa Au/Cu/Ag | New Gold | OG/UG |
| 4 | Lac des iles PGEs | 291koz | Impala | UG/OG |
| 5 | Hemlo Gold | 141koz Au | Barrick | UG |
| 6 | Detour Lake Gold | 678koz | Agnico Eagle | O/P |
| 7 | Porcupine Gold | 223koz Au | Newmont | U/G |
| 8 | Macassa Gold | 228koz | Agnico Eagle | U/G |
| 9 | Young-Davidson Gold | 180koz Au | Alamos | UG/OG |
| 10 | Greenstone Gold | 390koz Au | Equinox Gold | OG |
Proven gold jurisdiction of Ontario
BAM, our flagship gold project is located in a proven and supportive gold mining jurisdiction of Ontario, with benefits including a stable government and economy, a skilled workforce and a supportive mining code.
The Project won 2016 Discovery of the Year Award from the North-West Ontario Prospectors Association.
BAM Gold Deposit was discovered in 2015 by Landore Canada’s exploration team, located around 2 kilometres to the east of our B4-7 deposit and 1 km north of the VW deposit, within our Junior Lake Property.
Geology
The BAM Gold Deposit is interpreted as an Archean-aged mesothermal gold deposit.
Findings from drilling to-date on the BAM Gold deposit revealed a lithological sequence consisting of leucogabbro and gabbro of the Grassy Pond Sill to the south, metasedimentary rocks of the BAM Sequence in the central portion, to mafic volcanics to the north.
All lithological units have been subjected to variable shearing and deformation, markedly the metasedimentary unit.
The deposit consists of gold mineralisation that is hosted by sheared and altered rocks of the Grassy Pond Sill and the BAM Sequence.
The gold mineralisation is commonly observed in drill core to exist as visible gold that is hosted by very thin, foliation-parallel quartz-rich veinlets, hosted by highly fissile ultramafic sediments of the BAM Sequence, or by foliated rocks of the Grassy Pond Sill.
Metallurgy
Metallurgical studies completed to-date indicate that 98% extraction of gold is achievable with conventional milling, grinding to 100% passing 212 micron followed by gravity separation (+65%) and cyanide leaching.
Reagent consumption was very low with cyanide consumption at ±0.40 kg/t and lime consumption at ±0.60 kg/t.
The BAM Gold Project is envisaged as a low cost, bulk tonnage, open pit operation as a ‘string of pearls’ type mine with a series of small pits.