Drilling Update - Junior Lake Nickel Project

RNS Number : 5178B

Landore Resources Limited

18 April 2012

 



LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

DRILLING UPDATE

JUNIOR LAKE NICKEL PROJECT

 B4-7 DEPOSIT

Highlights: 

·     The current drilling campaign on the eastern section of the B4-7 deposit has significantly enhanced the volume of B4-7 massive sulphide mineralisation within the upper 150-metre portion of the deposit along 475 metres of strike.

·     Drilling has consistently intersected massive sulphide mineralisation, including drill-hole 0412-378 reporting 23.97 metres with grades of 0.80% Nickel, 0.57% Copper, 0.07% Cobalt, 737ppb Palladium, and 124ppb Platinum.

·     The drilling has also successfully established continuity on the adjacent polymetallic zone ('alpha zone') along 375 metres of strike to date, including drill-hole 0412-370 reporting 3.00 metres at 2,134ppb Palladium, 171ppb Platinum, and 0.29% Nickel.

The current drilling campaign started in February 2012 is aimed at expanding the B4-7 deposit and providing adequate drill density to bring inferred portions of the deposit to indicated status. To date, 40 diamond core NQ size holes and 2 re-entered holes (0412-367 to 0412-406 and 0409-237/238) for 6,938 metres, have been completed. Assays are outstanding for 27 drill-holes and will be reported as they become available.

B4-7 mineralised intersections include:   

Drill-hole	From	Width*	Ni	Cu	Co	Pd	Pt	Au
No	Metres	Metres	%	%	%	ppb	ppb	ppb
0409-238	116.00	19.83	0.61	0.59	0.049	593	122	41
including	129.30	5.75	0.94	0.51	0.07	750	151	18
0412-371	57.50	17.38	0.79	0.43	0.06	816	176	15
including	57.50	7.50	0.97	0.52	0.06	1,033	215	22
0412-372	191.36	8.30	0.75	0.39	0.07	518	205	16
including	191.36	2.14	0.78	0.27	0.05	1,321	459	21
0412-374	96.60	13.96	0.71	0.61	0.07	591	98	31
0412-375	191.00	13.72	0.69	0.41	0.05	533	126	15
0412-378	46.90	23.97	0.80	0.57	0.07	737	124	22
including	61.5	7.50	0.93	0.69	0.06	1,055	198	20
0412-379	153.00	3.00	0.46	0.37	0.04	4,327	454	181

*The actual true thickness of mineralisation is estimated to represent between 75-80% of the intervals shown in the above table.

This campaign is also targeting the adjacent polymetallic zone (Alpha zone) located up to 70 metres to the north of the B4-7 main mineralized zone at 75W and merging with the main zone at approximately 350E. The Alpha zone consists of a series of sub-vertical contacts within metamorphosed gabbros, contains significant palladium and platinum, in addition to elevated nickel, copper and cobalt. Previously there were insufficient intersections of the Alpha zone for its inclusion into the resource. However the current drilling is successfully establishing continuity along strike.

Polymetallic alpha zone mineralised intersections include:

Drill-hole	From	Width*	Pd	Pt	Ni	Cu	Co	Au
No	Metres	Metres	ppb	ppb	%	%	%	ppb
0409-237	33.00	3.00	6,139	1,381	0.33	0.06	0.02	20
including	34.00	1.00	13,100	2,580	0.49	0.04	0.02	48
and	59.16	0.59	5,180	1,321	1.45	0.31	0.06	29
0412-369	90.95	1.85	1,557	331	0.53	0.09	0.03	3
0412-370	171.00	3.00	2,134	171	0.29	0.06	0.02	11
and	205.37	6.48	1,263	200	0.14	0.13	0.01	6

*The actual true thickness of mineralisation is estimated to represent between 75-80% of the intervals shown in the above table.

The Junior Lake property:

The Junior Lake property, 100% owned by Landore, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay, and is host to; the VW Nickel deposit; the B4-7 Nickel-Copper-Cobalt-PGMs deposit; the B4-8 prospect and numerous other highly prospective mineral occurrences.

The combined resources (Canadian National Instrument (NI) 43-101 compliant) of the VW and B4-7 deposits delineated to date, total 48,281 tonnes of nickel equivalent (NiEq), 82 per cent of which is in the Indicated category.  Both deposits remain open down dip and along strike to the east and west.

Landore believes that for the Junior Lake Nickel projects to be economically viable, the above tonnage needs to be increased by 20 to 30 %.  Accordingly, Landore's exploration effort is now focused on the discovery of additional mineralisation in the vicinity of the two main deposits.

B4-7 Nickel-Copper-Cobalt-PGEs deposit:

The B4-7 deposit is located approximately 3 kilometres to the northwest of the VW deposit. The B4-7 deposit mineralisation is hosted within a sub-vertical massive sulphide vein with stringers, net-textured and disseminated sulphides in the immediate hanging wall. In Q1 2010, an NI 43-101 compliant report and resource estimate upgrade for the B4-7 deposit was completed. The resource reported 26,521 tonnes NiEq, at a 0.25% Nickel cut-off.

The B4-7 deposit, so far delineated over 650 metres of strike, remains open to the east and west along strike and down plunge to the northwest. A previously completed airborne electromagnetic survey suggests the conductive horizon hosting the B4-7 deposit persists for an additional 800 metres to the west.

2012 Planned Works:

The results of the current drilling campaign on the B4-7 deposit are highly encouraging having significantly increased the potential tonnage amenable to open pit development.  Landore will utilize these drilling results to produce an updated resource estimate, anticipated for completion in Q3, 2012. Pre-feasibility studies on the combined B4-7 and the VW deposits will be initiated in Q4 2012.   

Michele Tuomi, (P.Geo., BSc. Geology),  a Senior Geologist of Landore Resources Canada Inc. and a qualified person as defined in the Canadian National Instrument 43-101, has reviewed and verified all scientific or technical mining disclosure contained in this announcement.

- ENDS -

For more information please contact:

Bill Humphries, Chairman Richard Prickett, Chief Executive Officer     Landore Resources Limited	Tel: [phone] Tel: [phone] www.landore.com
Simon Raggett /Angela Peace Strand Hanson Limited Nominated Adviser/ Broker	Tel: [phone]
David Bick	Tel: [phone]

 

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