Update on BAM East Gold Prospect

RNS Number : 0324G

Landore Resources Limited

03 August 2016

 

LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 

LATEST DRILLING EXTENDS THE EXCITING

BAM EAST GOLD PROSPECT

JUNIOR LAKE PROPERTY

London, United Kingdom - August 3^rd 2016 - Landore Resources Limited (AIM:LND) ("Landore" or "the Company") is pleased to provide this progress report on extension drilling of the BAM East gold prospect on its Junior Lake Property, Ontario, Canada ("BAM East Gold Prospect").

Following the positive results from drilling on the BAM East Gold Prospect, announced by the Company on 4^th April 2016, Landore remobilised to site on the 30^th June 2016 to undertake a 3,500m drill programme to test the east, west and down dip extensions of the new gold zone. To date, 15 NQ diamond drill holes (0416-524 to 0416-538), for 2,613m, have been completed with results received for the first 4 drill holes.

Highlights:

·     Drilling continues to report wide zones of gold mineralisation including high grade intersections with drill hole 0416-526 reporting 38.50 metres (m) at 3.42 grams/tonne (g/t) gold including 1.94m at 34.69g/t gold, 3m at 8.84g/t gold and 3m at 6.61g/t gold.

·     VISIBLE GOLD: 10 of the 15 drill holes completed to date have multiple instances of visible gold (VG) up to 2 millimeters long occurring as singular pieces or in clusters contained in or adjacent to quartz veinlets.

·     Drilling at 50m stations has extended the BAM East Gold Prospect lithology to 400m along strike and up to 150m down dip. The prospect remains open along strike to the east and west and down dip.

Results received include the following.

Easting	Northing	Drill-hole	From	Interval*	Au
		No	Metres	Metres	g/t
2600E	50N	0416-525	51.50	24.5	0.98
		including	70.00	4.00	3.61
2550E	50N	0416-526	56.50	6.70	1.79
		and	76.50	38.50	3.42
		including	76.50	1.94	34.69
		"	84.50	3.00	8.84
		"	100.00	3.00	6.81
2550E	00N	0416-527	126.57	11.43	2.23
		including	128.50	0.75	9.68

* Holes were drilled north at 45 degrees into a lithological package dipping approximately 40 degrees to the south. The actual true thickness of mineralisation is estimated to represent between 90-95% of the intervals shown in the above table.

Since there are multiple instances of visible gold as well as high grade gold in current drilling, core samples from intervals of interest will be re-submitted for screen metallic gold analysis to obtain better reproducibility of gold results.

The Junior Lake Property:

The Junior Lake Property, 100% owned by Landore, 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 the BAM gold zone and the newly discovered BAM East Gold Prospect.

BAM East Gold Prospect:

The BAM East Gold Prospect 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 previously been drill tested.

Findings from exploration drilling on the BAM East Gold Prospect has revealed a lithological sequence consisting of leucogabbro to the south, metasedimentary rocks in the central portion, to mafic volcanics to the north. All lithological units have been subjected to variable shearing and deformation, markedly the metasedimentary unit.

The gold mineralisation revealed to-date is predominantly contained in the metasediments, with some gold mineralisation occurring in the leucogabbro rocks. Visible gold occurs within or near quartz veinlets which are controlled by a shear system.

Landore's Mineral Exploration Consultant Chris Cooper. B.Sc. ARSM. FGS. Comments that:

"BAM East gold mineralisation is a typical shear-hosted gold-bearing system in an Archaean greenstone belt. The local intensity of the quartz-gold veins focussed by shear style deformation is such that potentially economic mineralisation could be present with a zone up to at least 38m true thickness, possibly more. The mineralisation is structurally lead and not bound to any one lithology. Ultimately the style of the shear induced fractures will determine the width of the prospective vein zones.

The mineralisation is open to the East and West and to current drill depth. Mineralisation is open to surface, below the overburden. The prospective area under consideration is also big enough to host other similar gold mineralisation or could host a much larger deposit.

The gold is from sub-visible size to large, 2mm, pieces and is free gold and not thought to be encapsulated in sulphides or bound to sulphides."

"The style of mineralisation has many corollaries with similar commercial gold deposits in the Canadian Shield, noteworthy are those also in the Superior Province such as Kirkland Lake, Hollinger-McIntyre, Kerr-Adison and Sigma-Lamarque"

Planned Works:

BAM East Gold Prospect:

Landore is planning a follow-up drilling programme at the BAM East Gold Prospect during Q4 2016 to extend the new gold zone down dip and along strike to the east and west. Due to the presence of visible gold Landore will be changing to HQ size drill core which, at 77.9 millimetre (mm) inside diameter as against 60mm diameter for NQ core size, provides an additional 40% core for analysing.

The trenching and channel sampling programme will be continued along the 2.7 kilometre, east-southeast to west-northwest trending MM-7 in H2 2016.

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 Limited

Landore 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 Property. Landore has mineral rights to 6 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:

Bill Humphries, Chief Executive Officer         Tel: [phone]

Richard Prickett, Finance Director                  Tel: [phone]

Landore Resources Limited                              www.landore.com

James Spinney / Jack Botros                          Tel: [phone]

Strand Hanson Limited

Nominated Advisor and Broker

This announcement contains inside information.

 

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