Junior Lake drilling results

RNS Number : 3340X

Landore Resources Limited

19 November 2014

 



LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 

DRILLING INTERSECTS HIGH GRADE PALLADIUM AND PLATINUM

JUNIOR LAKE NICKEL-COPPER-PGE PROPERTY

London, United Kingdom - 19 November 2014 - Landore Resources Limited (AIM:LND) ("Landore Resources" or "the Company") today announces a drilling update on the Junior Lake Nickel-Copper-PGE Property, Ontario, Canada.

Highlights:

The recently completed drill programme, targeting several prospective areas identified by geophysics, has successfully intersected highly promising mineralisation including:

·     A down dip extension of the main B4-7 massive sulphide zone 140 metres below the existing resource on line 00 with drill-hole 0414-503 reporting 0.6 metres at 1.01% Nickel (Ni), 0.09% Copper (Cu), 0.06% Cobalt (Co), 0.41g/t Palladium (Pd), and 0.03g/t Platinum (Pt).

·     High grade Alpha zone platinum group element (PGE) mineralisation, also on drill-hole 0414-503, reporting 0.56 metres at 10.90g/t Pd and 11.50g/t Pt and 0.72 metres at 12.85g/t Pd and 2.50g/t Pt.

·     Shallow, high grade nickel as well as Alpha zone PGEs on line 275E, with drill-hole 0414-504 reporting 0.58 metres at 1.77% Ni, 0.20% Cu, 0.08% Co, 3.27g/t Pd, and 0.09g/t Pt.

·     Exploration drilling southwest of the VW Nickel deposit has discovered significant near-surface precious metal mineralisation with drill-hole 0414-495 reporting 0.34 metres at 1.21g/t gold, 280g/t silver and 2.25% Zinc.

Significant intersections:

Drill-hole	From	Width*	Ni	Cu	Co	Pd	Pt	Au
No	Metres	Metres	%	%	%	g/t	g/t	g/t
0414-495	7.34	0.34	0.02	0.06	0.04	0.06	-	1.21
0414-503	378.57	20.15	0.11	0.04	0.01	1.54	0.64	0.01
Including	378.57	0.55	0.02	0.00	0.00	3.39	1.56	0.02
Including	385.44	0.56	0.08	0.01	0.01	10.90	11.50	0.08
Including	398.00	0.72	0.06	0.04	0.01	12.85	2.50	0.05
And	514.96	3.46	0.62	0.18	0.05	0.29	0.04	0.01
Including	517.82	0.60	1.01	0.09	0.06	0.41	0.03	0.01
0414-504	18.46	2.90	0.78	0.14	0.04	1.54	0.06	-
Including	20.78	0.58	1.77	0.20	0.08	3.27	0.09	0.02
And	74.90	0.93	0.68	0.22	0.04	2.25	0.70	0.02
And	81.69	0.89	0.72	0.81	0.16	0.34	0.04	0.05
And	87.91	9.32	0.98	0.50	0.08	0.96	0.24	0.02
Including	97.23	3.29	0.35	1.59	0.17	0.15	0.13	0.13

*The actual true thickness of mineralisation is estimated to represent between 60-70% of the intervals shown in the above table.

A fall drill programme conducted during September and October 2014, consisting of 12 drill-holes (0414-493 to 0414-504) for 2,673 metres, has been successfully completed over several target areas within the highly prospective area spanning from the B4-7 Nickel-Copper-Cobalt-PGE deposit to the VW Nickel-Copper deposit. This drilling, together with the summer drilling programme, was designed to test geophysics targets identified by the 2012 and the 2014 3D DCIP+MT survey by Quantec Geoscience of Toronto, Canada.

Both drill programmes identified numerous highly promising mineralised areas that warrant follow up work.

B4-7 Nickel-Copper-Cobalt-PGE Deposit:

The drilling on line 00 intersected the down dip extension of the main B4-7 massive sulphide zone with drill-hole 0414-503 returning 0.60 metres at 1.01% Ni. The zone was intersected approximately 140 metres below the last drilled B4-7 main zone intercept and into one of the five geophysical resistivity anomalies identified in the 2012 Quantec survey.

Due to the pinch and swell nature of the B4-7 main vein, there is significant potential for a blowout of nickel mineralisation in the intervening 140 metres. The planned winter drill programme will target this area for infill and extension with the aim of expanding the existing 'Exploration Target' located west along strike and down dip from the B4-7 resource containing a potential 1.5 Mt to 2.0 Mt of sulphide mineralisation of similar grade range to that which has been outlined to-date.

Alpha Zone:

The Alpha zone, identified by drilling in 2001, consists of stringers, net-textured and disseminated sulphides containing significant palladium with elevated nickel, copper, cobalt, platinum and gold mineralisation and is found in both the open pit and the underground portions of the B4-7 deposit.

The Alpha zone mineralisation is interpreted to be a zone or zones located along the southern margin of the Grassy Pond Sill, a succession of inter-fingered sills composed of rocks ranging from coarse anorthosite to fine grained gabbro with a strike length of over 7 kilometres occurring through the B4-7 deposit to the VW deposit.

The Alpha zone mineralisation has not been included in the B4-7 National Instrument 43-101 (NI 43-101) compliant resource due to its complexity along strike.

Recent drilling and a review of existing data have established that the Alpha zone is far more significant than previously determined. Drilling on line 00 intersected significant Alpha zone mineralisation with drill-hole 0414-503 reporting 20.15 metres at 0.11% Ni, 1.54g/t Pd, and 0.64g/t Pt including 0.56 metres at 10.90g/t Pd and 11.50g/t Pt, and also including 0.72 metres at 12.85g/t Pd and 2.50g/t Pt. These platinum results are the highest reported on the Junior Lake property to-date, and the palladium results are among the highest, all of which are located within the B4-7 deposit.

Infill drilling on line 275E further established the continuity of near-surface Alpha zone polymetallic mineralisation with drill-hole 0414-504 returning 2.9 metres at 0.78% Ni, 0.14% Cu, 0.04% Co, 1.54g/t Pd, and 0.06g/t Pt including 0.58 metres at 1.77% Ni, 0.20% Cu, 0.08% Co, 3.27g/t Pd, and 0.09g/t Pt.

Landore has initiated an in-house review of existing drilling on the B4-7 deposit to identify potential Alpha zone mineralisation previously not sampled due to low sulphide content. PGE mineralisation is not necessarily tethered to sulphide content, as is the case with the recent high-grade PGEs intersected in drill-hole 0414-503.

Development of the Alpha zone can supply significant credits for the B4-7 deposit and form an integral part of the B4-7 Resource.

VW Deposit-Southwest:

The fall drilling campaign intersected highly encouraging near-surface precious metal mineralisation with drill-hole 0414-495 reporting 0.34 metres at 1.21g/t gold, 280g/t silver and 2.25% Zinc. This mineralisation, intersected in a sulphide-dominated vein located against a mafic dyke cutting through carbonate facies iron formation, represents a very similar mineralisation setting as the Lamaune Iron property located approximately 10 kilometres to the west-northwest. The Lamaune Iron property, owned by Lamaune Iron Inc., contains an initial 'exploration target' of between forty to fifty thousand ounces of gold at a cut-off grade of 0.3g/t.

Further exploration work is required to ascertain scope and continuity of this mineralisation.

Planned works:

Follow-up drilling is required to further establish continuity of the high grade Alpha PGE zone, and to determine the scope of B4-7 main massive sulphide mineralisation at depth. Geophysics results indicate high potential for further B4-7 massive sulphide and Alpha zone disseminated sulphide mineralisation at depth and along strike to the east and west of the drilled deposit, adding considerable tonnage and value to the deposit.

In addition, there are other highly promising areas identified in the recently completed drill campaigns together with several other high ranking targets as yet untested that are better accessed in winter.

To facilitate further drill targeting on the Junior Lake Nickel project, Landore has sent a full geophysical data package to an independent geophysicist for in-depth analysis. Results from this investigation will be utilized in a winter drilling programme.

A drilling campaign is currently being planned to commence in February 2015 to test these areas. The campaign is fully funded.

The Junior Lake property:

The Junior Lake property, 100% owned by Landore Resources, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay, and is host to; the Scorpion Zone, which contains the B4-7 Nickel-Copper-Cobalt-PGEs resource, the recently-identified Exploration Target and the Alpha Zone. Junior Lake also contains the VW Nickel resource and numerous other highly prospective mineral occurrences.

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

RESOURCE CLASS	VOLUME (tonnes)	GRADE (% NiEq)	Contained Metal (tonnes NiEq)
Indicated	2,695,000	1.24	33,248

Exploration Target

1,500,000 to 2,000,000

~1.24

~20,000

The report is compliant with the requirements of National Instrument 43-101 (NI 43-101). The resource remains open down plunge at depth and along strike to the west.

VW Nickel Resource:

RESOURCE CLASS	VOLUME (tonnes)	GRADE (% NiEq)	Contained Metal (tonnes NiEq)
Indicated	3,730,000	0.49	21,760
Inferred	720,000	0.49

The report is to NI 43-101 standards. The deposit remains open down plunge at depth and along strike to the east and to the west.

Works completed on the Junior Lake property to date have clearly demonstrated the existence of a geological environment that is favourable for the deposition of magmatic nickel-copper sulphide mineralisation. Based on geological signatures and available geological knowledge, this favourable environment is believed to exist along a strike length of approximately 10 kilometres. At its widest, the favourable rock sequences are in the order of 1,000 to 1,500 metres in thickness.

QAQC:

Landore has in place a stringent quality assurance and quality control programme to ensure best practices in sampling and assaying. All samples from the B4-7 project were collected by employees of Landore and shipped directly to ALS Laboratories, Thunder Bay, (ISO 9001 Certified) for preparation and assay in sealed bags. All samples are assayed for gold, platinum and palladium by fire assay, and nickel, copper, and cobalt by aqua regia digestion with AA finish, according to ALS's procedures PGM-ICP23, Ni Cu AA46, and Co AA45. Inductively-coupled plasma ("ICP") analyses for a suite of multi-elements (35 elements, including base metals and silver) were performed by procedure ME-ICP41.

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, 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 Nickel Project. Landore Resources has mineral rights to 6 properties in eastern Canada.  The Company is headquartered in London, UK, with an exploration office located in Thunder Bay, Ontario, Canada.

For more information please contact:

Bill Humphries, Chairman                                              Tel: [phone] Richard Prickett, Chief Executive Officer                      Tel: [phone] Landore Resources Limited                                            www.landore.com

Angela Hallett / James Spinney                                      Tel: [phone] Strand Hanson Limited Nominated Advisor

Jon Belliss                                                                      Tel: [phone] Hume Capital Securities plc

David Bick                                                                     Tel: [phone]

 

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