Junior Lake - Geophysics Review

RNS Number : 5856Z

Landore Resources Limited

21 September 2015

 



LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 

JUNIOR LAKE NICKEL-COPPER-PGE PROPERTY

GEOPHYSICS REVIEW

London, United Kingdom - 21^st September 2015 - Landore Resources Limited (AIM:LND) ("Landore" or "the Company") is pleased to report the completion of a Geophysics Review of the Junior Lake Nickel-Copper-PGE Property, Ontario, Canada.

Geophysics Review:

Landore retained the services of Alan King M.Sc., Professional Geophysicist, an independent geophysicist of Sudbury, Canada, to review and interpret all geophysical survey data acquired by Landore to date on the Junior Lake property with particular emphasis on the Quantec Orion 3-Dimensional 'Direct Current Induced Polarization' (DCIP) and Magnetotellurics (MT) survey. As part of this review targets for further exploration have been identified.

The full report is available on our website www.landore.com.

Extracts from Executive Summary:

"This report is a summary of a comprehensive review of geophysical work to date on the Junior Lake property, 100 per cent owned by Landore, located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay.  As part of this review, the 2-dimensional (2D) and 3-dimensional (3D) geophysical datasets were integrated with the geological and drilling data provided by Landore."

"All the historical and recent geophysical data was reviewed. In general, the regional and local geophysical surveys seem to be good quality and readily accessible in digital form.

All the earth science datasets for the project - geological, geochemical and geophysical - are very well organized and easy to assess which has made the data review and integration process much more efficient.

The property data was reviewed in both the context of the regional and local data.

Items to Note in Regional Data

-      The Landore property is on a regional positive gravity trend. This is considered favorable in general for larger scale nickel-copper (Ni-Cu) sulphide mineralization as it indicates the likely presence of larger volumes of mafic/ultramafic rocks at depth.

-      The Landore property is connected by a regional gravity anomaly to the nearby Proterozoic intrusive rocks of the Mid Continent Rift (MCR).  The possibility of MCR type mineralization in the Junior Lake area should not be ignored due to the proximity to the Nipigon arm of the MCR and the sulphur that would have been available in the greenstone belt that hosts the Junior Lake deposits.

-      Strong isolated negative (remnant) magnetic anomalies are characteristic of one of the early Ni-Cu mineralizing events in the MCR (i.e. Tamarack, Eagle - Baraga dykes). Strong negative magnetic anomalies such as the large negative in the western portion of the Landore property in the vicinity of Verall and North Lamaune Lakes and the smaller circular anomaly to the southwest of the B4-7 (smaller circular anomaly in property scale data) should be investigated to determine their source."

"Priority Targets Recommended for Further Follow-Up:

MCR type negative magnetic anomalies - possible sub volcanic feeders to overlying eroded basalts

-      Large negative magnetic anomaly adjacent to significant structure in the western portion of the Junior Lake property

-      Prominent isolated negative circular magnetic anomaly  to the southwest of the B4-7  deposit

Other Targets Highlighted in this Report

-      New AEM Picks in Junior Lake and Toronto Lake East AeroTEM surveys

-      Coincident high conductance Maxmin  and AEM targets in center of east block and to southeast of VW deposit

-      High conductance AEM anomaly groups around Toronto Lake on edge of mafic/ultramafic rocks that are mapped under the lake

From Quantec Orion 3D DC/IP/MT surveys

West Block (2012 survey): Local grid line 1300W to 300E, including western portion of B4-7 deposit

-      Down dip on the central and western portions of the B4-7 deposit, resistivity anomalies DC1W and DC2W

-      DC5W and associated north dipping magnetotelluric (MT) zone

East Block (2014 survey): Local grid line 300E to 3700E, including eastern portion of B4-7 deposit and VW deposit

-      Induced Polarization IP1 zone indicating possible down dip extension of  the VW zone to the north

-      IP7 and DC7 zones indicating possible down dip extension of the VW deposit to the west 

-      Borehole EM (BHEM) target and coincident DC6 zone and AEM anomaly indicating possible new conductive zone to the south of the VW deposit

Additional Targets:

There is an enormous amount of high quality geophysical data on the property and the 3D integration with geology and drill results has confirmed the geophysical response of the known mineralization and has helped prioritize the best remaining targets.  The targets above are the most obvious but there are additional targets in prospective geology that could be reviewed in more detail once these higher priority targets are evaluated."

End of extracts.

Mineral Potential Investigation:

The results of this Geophysical Review will be incorporated into the Mineral Potential investigation and report currently being finalised by of RPA Inc. (RPA) independent engineers of Toronto, Canada. The report will include results from the 2013-2015 drilling campaigns. As part of this investigation, a re-assessment will be conducted of the Alpha Zone and Exploration Target for inclusion into the B4-7 resource, and recommendations will be made for further exploration including drilling, geotechnical and metallurgical works. The report will be to Canadian National Instrument NI 43-101 standards.

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 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 B4-7 resource estimate and report, completed by RPA Inc. (RPA) of Toronto, Canada in January 2013, 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 VW resource estimate and report, completed in January 2010, 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.

Alan King, (P.Geo.), Principal Geologist of Geoscience North Ltd. Sudbury, Canada, a Qualified Person as defined in NI 43-101, and responsible for the preparation of the Junior Lake Geophysics Review, has reviewed and verified all scientific or technical disclosure relating to the geophysical interpretation and exploration potential.

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 Guernsey, UK, with an exploration office located in Thunder Bay, Ontario, Canada.

For more information please contact:

Bill Humphries, Chief Executive Officer    Richard Prickett, Finance Director Landore Resources Limited	Tel: [phone] Tel: [phone] www.landore.com
Angela Hallett / James Spinney Strand Hanson Limited Nominated Advisor/ and Broker	Tel: [phone]

 

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