Cashed up Landore Resources ready for a truly Bonanza period
“…We’ve done it before. This is going to be a proper mine. Someone will come in and assist Landore to that level or take us out…”
Bill Humphries has spent a career proving up resources, building mines and as MD at gold explorer Brancote Holdings he saw that stock go from 14p to circa 200p a share when the 2002 merger with Meridian Gold was announced.
He’s been chief executive of Landore Resources since 2015, the chairman before that, and he’s now overseeing the development of the Junior Lake and Lamaune Iron property projects in Ontario.
The major excitement came in April when Landore announced the presence of bonanza grade gold on the BAM Gold Deposit at Junior. And that had the larger mining companies, located in north eastern Canada, salivating. ‘They’ whoever ‘they’ are have been talking to Humphries about their ‘involvement’ once the resource was a definite two million ounce possibility.
Humphries is confident that what Landore actually now is a four million ounce prospect and that’s even before ‘Lookalike’ Lamaune has been factored in.
“We’ve made a major discovery and we’re pretty confident of that. We will take it forward and we’ll either sell it or we’ll take it into production. We’ve done it before. This is going to be a proper mine. Someone will come in and assist us to that level or take us out,” says Humphries.
He references free gold and the potential for multiple open pits which will pay for underground mining, but the decision to go it alone or take up the larger boys’ offers of assistance will come at the end of this year. Drilling will be finished by August, data collected and analysed with a new PEA (Preliminary Economic Assessment) published by November.
And what the data yields may be the catalyst for a listing on the TSX which was previously scuppered by Covid.
Humphries wants what’s best for all investors existing and potential. “For the benefit of the shareholders, we’ll do a dual listing in Canada when the time is suitable.”
Admittedly veteran gold stock investor and 10% plus shareholder Eric Sprott doesn’t care where Landore hosts its stock. He’s location agnostic and Humphries says will continue to invest in the explorer wherever Landore’s listing is domiciled.
As Bill explains to Sarah Lowther, events and opportunities are presenting themselves at pace including “The option to buy the Miminiska property which is going to bring in good money over the next two years.”
Access the company’s latest presentation which outlines the multiple opportunities at the Junior Lake property.
@TMSreach also recently covered Landore Resources in this article
Watch Bill talk to Proactive London’s Katie Pilbeam about the latest drilling programme at the BAM gold deposit
Follow the company on Twitter @Landore_plc
The author was remunerated but does not hold shares in the company