Lithium Zone - Junior Lake Property Update

RNS Number : 0238I

Landore Resources Limited

12 April 2022

 

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)

  LITHIUM ZONE

 JUNIOR LAKE PROPERTY

UPDATE

London, United Kingdom 12th April 2022 - Landore Resources Limited (AIM: LND) ("Landore Resources" or "the Company") is pleased to provide a review of its Lithium Zone together with an update on the Junior Lake Property, Ontario, Canada ("BAM Gold Deposit").

· Lithium Zone Field Exploration Programme:- In light of the significant increase in the demand for Battery Metals, and in particular Lithium, Landore is planning to recommence exploration of the highly prospective northern zone of the Junior Lake property, host to the Landore discovered, Swole Lake and Tape Lake pegmatites together with the historic Despard occurrence (Drill hole 1 reporting up to 1.68% Li₂O over 6.1 metres). A field exploration programme is planned to commence in June 2022.

· Felix Drill programme: Extreme winter conditions have delayed the commencement of drilling in the Felix Lake area until after the 'spring thaw', with operations now expected to begin in early July 2022.

· BAM Gold Deposit-MRE & Technical report: Landore engaged Cube Consulting Pty Ltd. ("Cube") to complete a Mineral Resource Estimate ("MRE") and prepare an Independent Technical Report on the BAM Gold Deposit. The completion and publication of the report is now anticipated in May.

· Junior Resource-Exploration: Landore has produced a 'compilation' plan of a 16 kilometre stretch of the Junior Resource-Exploration area showing drill-assay results brought to surface for Gold, Nickel, Copper, Cobalt and Palladium minerals. The results clearly show trends and potential targets as well as the delineated resources.

Note: see website www.landore.com   for plans of 1) Lithium Exploration Zone 2) Junior Resource-Exploration Area.

Junior Lake Lithium prospects:- In the past few years there has been a significant increase in the demand for Battery Metals, and in particular Lithium which has led to a corresponding increase in lithium exploration in north western Ontario.

Landore is planning to undertake the Lithium Zone Field Exploration programme, at the highly prospective northern zone of the Junior lake property covering some 14,000 hectares, for additional Lithium occurrences.

There are several mineral projects to the immediate west of the Junior Lake property which are highly prospective for Lithium, including the Seymour Lake Lithium project, currently being drilled and explored, located approximately 25 kilometres to the west of Junior Lake, through to the Falcon Lake Lithium property located adjacent to the north western corner of the Junior Lake property.

Landore has three known lithium occurrences:

· The Swole Lake Spodumine bearing pegmatite: Discovered by Landore and located in the center of the Junior Lake property, 10 kilometers to the east of the Despard Lithium occurrence. With drill hole 0411-304 returning intersections of 1.12% Li₂O over 3.1m and 1.14% Li₂O over 8.8m.

· The Tape Lake pegmatites, Discovered by Landore and located 5 kilometres north of Swole Lake, with rock chip samples from one pegmatite dyke returning 1.036%, 1.219% and 2.374% Li₂O.

· The Despard Lithium deposit. (Ontario Department of Mines, Geological Report No. 55, Crescent lake Area, by E.G. Pye. 1968). Located approximately 2 kilometres east of the Western boundary of Junior Lake, with drill hole 1 intersecting 1.68% Li₂O over 6.1 metres and drill hole 2 intersecting 1.70% Li₂O over 2.01 metres and 1.53% Li₂O over 2.74 metres.

Note: Landore also retains a 3% Net Smelter Return on The Root Lake Lithium Project located in Central North Western Ontario approximately 300 kilometres north west of Thunder Bay and is host to the McCombe Pegmatite containing a historic resource of 2.3 million tonnes grading 1.3% Lithium (Li20).

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 new Mineral Resource Estimate (MRE) modelling reported 8^th February 2022 has increased the BAM Gold Project's In-Situ resource to: 49,231,000 tonnes (t) at 1.0 grams/tonne (g/t) for 1,496,000 ounces of gold; an increase of 481,000 ounces of gold (47%) compared with the 2019 MRE of 1,015,000 ounces of gold, (reported 6^th January 2020).

The updated MRE includes 30,965,000t at 1.0g/t for 1,029,000 ounces gold in the Indicated Category and 18,266,000t at 0.8g/t for 467,000 ounces of gold in the Inferred Category.

Mineral Resource Estimate Upgrade: Cube was engaged by Landore Resources Canada Inc. (Landore) to update the MRE and prepare an Independent Technical Report, in compliance with the requirements of the Canadian National Instruments 43-101 Standards of Disclosure for Mineral Projects (NI43-101) on the BAM Gold Project, in Ontario, Canada.

The completion and publication of the report is now anticipated in early May

Landore is planning to commence Pre-Feasibility studies in H2 2022 on the BAM Gold Project now that the Indicated portion of the resource has passed the one million ounce target.

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 33,029 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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