Drilling Update

RNS Number : 3920J

Landore Resources Limited

23 August 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 PROJECT

JUNIOR LAKE PROPERTY

London, United Kingdom - 23 August 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

· Additional step out and infill drilling within the exploration area for 800 metres to the east and along strike of the BAM Gold Deposit has continued to intersect widespread ore grade gold. The results of this drilling, together with the earlier drilling in this area (Reported 17^th May 2021), will now be modelled aimed at identifying possible new shoots.

· Due to the unprecedented severe fire hazard in Northern Ontario, with over 150 fires burning in the Province, on July 24th the Provincial Government issued an Implementation Order of the Fire Prevention Act impacting industrial operations including drilling. Accordingly, Landore suspended drilling on the 1^st August after completing drill-hole 0421-818. Landore will resume drilling at Felix, its highly prospective exploration area to the west and along strike of the BAM Gold Deposit, in October 2021.

BAM Gold Deposit:

10 drill holes (0421-798 to 0421-807) for 1,997.75 metres have been drilled along the eastern exploration area from 3100E to 3700E as step back and infill holes to further define this potential extension of the BAM Gold Deposit.  Assay results for these have been received. They include:

Easting	Northing	Drill-hole	From	Interval*	Au
		No	Metres	Metres	g/t
3100E	100S	0421-806	53.10	2.02	2.52
		and	105.00	0.65	2.53
3300E	200S	0421-805	79.95	25.55	0.41
		including	104.50	1.00	1.75
		and	161.00	1.03	1.95
3300E	150S	0421-804	85.20	1.00	2.56
3400E	205S	0421-803	15.91	1.00	1.01
3400E	305S	0421-802	190.80	5.15	0.43
3500E	375S	0421-801	217.80	1.02	1.43
		and	238.15	2.05	1.46
		and	257.08	3.71	0.58
3600E	410S	0421-800	269.41	0.83	3.20
3685E	300S	0421-798	75.83	7.09	1.11
		and	97.30	2.00	1.02

*   The drill holes were drilled north at 45 degrees into a lithological package dipping approximately 60 to 50 degrees to the south.   The actual true thickness of mineralisation is estimated to represent 75% to 85% of the intervals shown in the above table

Step out drilling from the BAM East Resource

6,042 metres have been completed to date through 30 drill holes to test the potential strike extension of the existing BAM Gold Deposit for 1,100 metres to the east from 3000E to 4100E, at 100 metre spacing.  Drill holes have intersected typical BAM Gold Deposit lithology and mineralisation.

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 21,733 metres of HQ diamond core drilling, comprising 94 drill holes, (0420-725 to 0421-818), have been completed.

The programme consists of four sections:

1) Extension and Exploration from 3100E to 5000E.

Completed 6,042 metres of HQ diamond core for 30 holes.

2) Extension and Exploration from 200W to 950E

Completed 5,562 metres of HQ diamond core for 23 holes. Assays are outstanding for 3 holes.

3) Deepening and Extending the West Pit from 1,000E to 2000E

Completed 4,093 metres of HQ diamond core for 19 holes. Assays are outstanding for 3 holes.

4) Deepening and Extending the East Pit from 2100E to 3,000E

Completed 6,036 metres of HQ diamond core for 22 holes. Assays are outstanding for 5 holes.

The Drilling Programme, on the BAM Gold Deposit and immediate exploration to the east and west, concluded on the 1^st August with the completion of drill-hole 0421-818 on the West pit extension. Sample preparation is now complete and assay results are expected to be received by mid-September after which the data will be collated and forwarded to the Engineers for the Resource Update.

Planning:

Drilling will re-commence in mid-October at 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 scheduled for completion in Q3 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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