Landore Resources (LON:LND) has identified another potentially significant deposit of nickel, platinum, palladium and other metals at its Junior Lake prospect in Ontario.
The find, in the Alpha Zone target, is immediately adjacent to the B4-7 deposit and far more significant than previously determined.
It provides the potential to add significant tonnage to the existing resource, Landore said.
Re-working of drill cores from a 67 hole programme carried out in 2012 at B4-7 has now begun to identify the Alpha Zone mineralisation that may have been overlooked previously due to low sulphide content.
A 3,000 metre diamond drill programme will also get underway next month on the eastern section of the B4-7 to explore depth and if high grades of palladium and platinum continue into the Alpha Zone.
An electromagnetic survey is also underway at B4-7 in the VW north area to identify further potential targets.
Junior Lake in Ontario is a huge prospect that comprises the Scorpion Zone, which contains the B4-7 nickel/copper/cobalt/PGMs resource, the recently-identified Exploration Target and the Alpha Zone, which was first identified in 2001.
Junior Lake also contains the VW nickel target.
B4-7 currently has a resource 33,248 tonnes of nickel indicated at a grade of 1.24%, while the exploration target has a possible further 20,000 tonnes.
VW has indicated and inferred resources of 21,700 tonnes of nickel at 0.49%.
Landore shares rose 5.66% to 1.40p.