Drilling Update

RNS Number : 4451N

Landore Resources Limited

30 September 2021

 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014

LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

  DRILLING UPDATE

BAM GOLD DEPOSIT

JUNIOR LAKE PROPERTY

London, United Kingdom - 30^th September 2021 - Landore Resources Limited (AIM: LND) ("Landore Resources" or "the Company") is pleased to provide an update on the progress of the drilling programme for 2020-21 (the "Drilling Programme") on the   BAM Gold Deposit, Junior Lake Property, Ontario, Canada ("BAM Gold Deposit").

Highlights:

· BAM GOLD DEPOSIT WESTERN EXTENSION: Step-out drilling has confirmed the extension of the BAM Gold Deposit along strike to the west with drill hole 0421-814 intersecting 17.45 metres at 4.13 grams per tonne gold, including 5.98 metres at 9.80 grams per tonne gold. Mineralisation remains open to the west and down dip.  

· DRILLING PROGRAMME EXTENDED: An additional 2,500 metres of drilling has been allocated to further target the newly discovered Western Extension mineralisation. These activities are to be carried out in conjunction with the upcoming Felix drill programme and will be fully funded from the Company's existing cash resources.

BAM GOLD DEPOSIT:

The 2020/21 drilling programme included 6,100 metres of HQ diamond core for 24 holes drilled along strike from the defined BAM Gold Deposit from 200W to 950E. Drilling intersected typical BAM lithology and mineralisation. Initial in-house modelling suggests an extension of the BAM Gold western shoot plunging approximately 30% to the west with widths and grades improving at depth.

Results not previously reported include:

Easting	Northing	Drill-hole	From	Interval*	Au
		No	Metres	Metres	g/t
800E	350N	0421-813	220.80	20.55	1.10
		including	227.75	1.15	7.76
		and	251.62	1.00	3.30
900E	335N	0421-814	222.12	17.45	4.13
		including	232.74	5.98	9.80
		and	236.80	1.02	47.20
950E	350N	0421-815	160.52	1.76	4.25
		and	170.77	7.35	0.84
1000E	290N	0421-816	238.92	1.92	1.78
		and	284.04	2.78	4.24

*   The drill holes were drilled north at 45 to 52 degrees into a lithological package dipping approximately 80 to 70 degrees to the south.   The Company estimates that the actual true thickness of mineralisation represents 75% to 85% of the intervals shown in the above table.

Commenting on this report, Chief Executive Officer of Landore Resources, Bill Humphries, said:

"The confirmation of the western extension of the BAM Gold Deposit with intersections containing high grade gold over significant widths together with our expectation that the shoot continues further to the west, is a just reward for Landore's perseverance with its systematic exploration of the highly prospective Junior Lake Property and further demonstrates its potential to host a multi-million ounce open pit resource with significant underground mining potential."

2020-2021 Drilling Programme:

The Drilling Programme, consisting of a total of 23,000 metres of HQ diamond core drilling, commenced on October 15^th, 2020 and was designed to further infill and extend the defined BAM Gold Deposit resource of 1,015,000 ounces.   To date a total of 21,933 metres of HQ diamond core drilling, comprising 94 drill holes, (0420-725 to 0421-818) has been completed.  

BAM Geology and Mineralisation :

Interpretive work and conceptual modelling conducted by Landore's senior geological consultant and independent engineers has indicated the gold mineralization resides within a series of tabular shaped zones oriented in a roughly en-echelon configuration, generally parallel to the overall strike of the host rock units (east-southeast direction).

Shoots of significant gold mineralization within the BAM east pit and BAM west pit zones are interpreted to dip approximately 30º to the west. Preliminary interpretation of drilling results has indicated the potential for repeating shoots of significant gold mineralization along strike west and east of the defined BAM resource.

Planning:

Drilling will re-commence in mid-October 2021 on further delineation of the newly discovered western extension shoot together with commencement of drilling on the highly prospective Felix area along strike and to the west of the BAM Gold Deposit.

Landore has engaged Cube Consulting of Perth Western Australia to complete a Mineral Resource Estimate ("MRE") and Preliminary Economic Assessment ("PEA") update on the BAM Gold Deposit, which is currently scheduled for completion in Q4 2021.

BAM GOLD DEPOSIT:

The BAM Gold Deposit is located approximately mid-way along a highly prospective Archean greenstone belt which traverses the Junior Lake Property from east to west for approximately 31 kilometres. The favorable greenstone belt ranges from 0.5 to 1.5 kilometres wide and hosts multiple known gold occurrences including the Lamaune Gold Prospect .

The Junior Lake Property:

The Junior Lake Property, 100% owned by Landore Resources, together with the contiguous Lamaune Iron property (90.2% owned) (jointly the "Junior Lake Property"), consisting of 30,507 hectares, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay and is host to: The BAM Gold Deposit; the B4-7 Nickel-copper-cobalt-Platinum-Palladium-gold Deposit; the VW Nickel-Copper-cobalt Deposit; Lamaune Gold Prospect and numerous other precious and base metal occurrences.

Covid-19

The Company is following Government Covid-19 guidelines in its operations in Canada.

Michele Tuomi, (P.Geo., BSc. Geology), Director/VP Exploration of Landore Resources Canada Inc. and a Qualified Person as defined in the Canadian National Instrument 43-101 and the AIM Rules for Companies, has reviewed and verified all scientific or technical mining disclosure contained in this announcement.

- ENDS -

About Landore Resources

Landore Resources is an exploration company that seeks to grow shareholder value through the acquisition, exploration and development of precious and base metal projects in eastern Canada. The Company is primarily focused on the development of the Junior Lake Project. Landore Resources has mineral rights to 5 properties in eastern Canada. The Company is headquartered in Guernsey, with an

Exploration office located in Thunder Bay, Ontario, Canada.

For more information, please contact:

Landore Resources Limited
Bill Humphries, Chief Executive Officer	Tel: [phone]
Glenn Featherby, Finance Director	Tel: [phone]
Cenkos Securities (Nominated Advisor and Broker)
Derrick Lee / Peter Lynch	Tel: [phone]

 

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