Landore Resources Limited
09 May 2006
LANDORE RESOURCES LIMITED
('Landore')
PROGRESS REPORT
Highlights:
•Junior Lake VW zone:-Infill drilling has commenced on the VW zone nickel
discovery located at the southeastern end of the Junior Lake property.
•Lessard Property: -V.T.E.M. deep penetrating airborne electromagnetic and
magnetic survey has been completed over Landore's Lessard property.
Junior Lake properties:
Drilling: The Junior Lake properties are located in the province of Ontario,
approximately 235 kilometres north-northeast of Thunder Bay and are situated
within the Caribou-O-Sullivan Greenstone Belt in the Wabigoon Subprovince.
Two drilling campaigns, completed in 2005, successfully identified numerous
nickel occurrences, including the significant discovery at the VW zone, which
reported grades of up to 3.7% nickel and 1.18% copper with gold of up to 0.68g/t
in separate intersections.
A diamond drilling campaign, totalling 8,100 metres of NQ sized core has
commenced on the Junior Lake properties comprising 5,000 metres of infill
drilling on the recently discovered VW zone and 3,100 metres of exploration
drilling to test prospective trends along strike from the VW zone and other
favourable targets. In addition, several holes will be drilled at the VW and
B4-7 zones for metallurgical testing. Chibougamau Drilling has been selected to
carry out the drilling contract.
Lessard property.
The Lessard property, comprising 91 claims for 1,456 hectares is located
approximately 107 kilometers north of the town of Chibougamau, in the province
of Quebec. Access is by an all weather gravel road that passes through the
property.
The property hosts a copper-zinc-silver deposit with a historic resource
reported in a feasibility study in 1975 by Selco Mining Corporation Ltd of
1,463,835 tons at 1.73%Cu, 2.96%Zn, 1.1oz/t Ag and 0.019oz/t Au after allowance
for dilution. (The resource is not compliant with National Instrument 43-101).
Using metal prices of the day (copper US$0.73/lb and zinc US$0.38/lb), the
deposit was considered to be sub-economical with prices required to be 20% to
make development viable. Prices of copper and zinc are currently 400% higher
thus the deposit merits revisiting.
Landore intends to engage an independent consultant to prepare a NI 43-101
compliant technical report on the Lessard deposit.
During late April, Landore Resources Canada Inc. completed a Geotech Ltd. VTEM
deep-penetrating time-domain airborne electromagnetic and magnetic survey over
the Lessard copper-zinc-silver property. The survey was flown at 50 and 100
metre line spacing over the entire property for a total of 316 line kilometres.
The objectives of the survey are to cover the known Cu-Zn-Ag deposit, highlight
possible strike extensions of the deposit and develop new targets for follow-up
exploration. Results are pending.
Landore has three properties containing delineated mineral deposits of
substance: The B4-7 nickel/copper zone on Junior Lake; the nickel deposit on the
West Graham property (optioned to First Nickel Inc) and the copper/zinc deposit
on the Lessard property, all of which have been considered, in the past,
sub-economical due to: the low price of metals; size of deposit; low
metallurgical recoveries and remoteness.
The three-fold increase in the price of metals, which coupled with the
significant advances in metallurgical recoveries over the past 20-30 years and
the improved access could see these properties developed into mineral resources
in the near future.
James Garber, (BSc. Hons. Geology, member of APGO) a Director of Landore
Resources Ltd and a qualified person as defined in National Instrument 43-101,
has reviewed and verified all scientific or technical mining disclosure
contained in this press release.
- ENDS -
For more information please contact:
Bill Humphries, Chairman Tel: 07734 681262
Richard Prickett, Chief Executive Tel: 07775 651421
Landore Resources Limited
Simon Raggett
Strand Partners Limited Tel: 020 7409 3494
David Bick Tel: 07831 381201
This information is provided by RNS
The company news service from the London Stock Exchange
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