Update on BAM East Gold and Junior Lake Lithium

RNS Number : 3896Y

Landore Resources Limited

17 May 2016

 

LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 

UPDATE ON BAM EAST GOLD PROSPECT AND LITHIUM PROSPECTS ON THE JUNIOR LAKE PROPERTY

London, United Kingdom - May 17 2016 - Landore Resources Limited (AIM:LND) ("Landore Resources" or "the Company") is pleased to report on its gold and lithium prospects, Junior Lake Property, Ontario, Canada.

Highlights

·     Drilling TO COMMENCE LATE JUNE on BAM East Gold Prospect: Preparations are well advanced for the extension drilling of the newly discovered gold zone, scheduled to commence on 30^th June 2016. Drilling to date has delineated the near surface, +30 metres wide gold zone, for 100 metres along strike and 100 metres down dip remaining open in all directions.  

·     Junior Lake Lithium Prospects: Landore is currently reviewing its lithium prospects on the highly prospective Junior Lake property, including the historic Despard pegmatite, the Swole Lake pegmatite and the Tape Lake pegmatites both of which were discovered by Landore.

BAM East Gold Zone:

This new gold zone is located approximately midway along a 2.7 kilometre long, east-southeast to west-northwest trending MaxMin geophysical anomaly (MM-7), at the western end of which is located the historical BAM gold zone discovered by Landore in 2003.  MM-7 has not been historically drill tested.

Drilling on the new discovery (reported 4^th April 2016), established the presence of a wide, near surface, gold mineralised zone, with drill hole 0416-519 intersecting 40.75 metres (m) at 1.82 grams/tonne (g/t) including 2.25m at 10.28g/t and 3.00m at 5.74g/t. The zone has been delineated by drilling for 100 metres along strike and 100 metres down dip and remains open in all directions.

Preparations are well advanced for a follow up drill program, scheduled to commence on 30^th June 2016, consisting of 15 diamond core NQ drill holes for 2,600m to extend the existing zone along strike and down dip, together with 8 drill holes for 1,400m to test further along the geophysical anomaly MM7.   

The exploration team is currently completing an intensive campaign of trenching and sawn cut channel sampling along the 2.7 kilometre geophysical structure upon which the BAM East Gold prospect is located.

Junior Lake Lithium prospects:

In light of recent increased lithium exploration activity in northwestern Ontario, Landore is currently reviewing its lithium prospects in the northern area of its highly prospective Junior Lake property.

There are several lithium occurrences in the vicinity of Junior Lake, extending from the Seymour Lake Lithium project located approximately 25 kilometres west of Landore's Junior Lake western boundary, 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 historical 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.

·     The Swole Lake Spodumene 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, 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 area in between these occurrences has not been explored by Landore and there is little evidence of historical exploration activity.

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 plus the Exploration Target and the Alpha Zone, the VW Nickel resource and numerous other highly prospective mineral occurrences including three lithium prospects, the BAM gold zone and the newly discovered BAM East Gold Prospect.

B4-7 Nickel-copper-cobalt-PGE Deposit: Landore has retained RPA Inc. (RPA) of Toronto, Canada, to conduct a review of the borehole EM (BHEM) geophysical information and drilling results from the recently-completed exploration program on the B4-7 deposit area with the aim of ascertaining the works required to bring the newly identified potential B4-7 mineralisation into the formal resource. The results from this review are expected by the end of Q2.

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.

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, Chief Executive Officer           Tel: [phone]

Richard Prickett, Finance Director                   Tel: [phone]

Landore Resources Limited                              www.landore.com

Angela Hallett / James Spinney                        Tel: [phone]

Strand Hanson Limited

Nominated Advisor and Broker

 

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