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Landore Resources reported a narrower annual loss on lower costs as operating expenses met expectations.
For the year ended 31 May, pre-tax losses narrowed to £2.78m from £3.3m a year earlier as administrative expensive fell to £0.75m from £1.15m a year earlier.
The company continued to tout growth of the BAM Gold Deposit and other known gold prospects such as Lamaune, insisting that the likelihood of new discoveries along this highly prospective 31 kilometre long Archean greenstone belt 'bodes well for the future of the Junior Lake Property hosting a multi-million ounce gold deposit.'
Following the year end, in May 2019 the group raised a further £1m at a price of 0.7p a share, and was now funded for its planned operational expenses for at least six months, the company said.
Looking the, the company said an extensive exploration campaign, including ground geophysics and soil sampling followed by selected line drilling, would be carried out on the highly prospective seven kilometres along strike between the BAM Gold Deposit and Lamaune Gold Exploration Target.
A drilling programme, consisting of 4,500 metres of diamond core, had commenced on the BAM Gold Deposit aimed at further infilling and extending the defined resource of 951,000 ounces of gold, the company added.
At 9:14am: (LON:LND) Landore Resources Ltd share price was 0p at 0.69p