Update on BAM East Gold Prospect

RNS Number : 3689K

Landore Resources Limited

21 September 2016

 

LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 

DRILLING PROGRESS REPORT

BAM EAST GOLD PROSPECT

JUNIOR LAKE PROPERTY

London, United Kingdom - September-21st 2016 - Landore Resources Limited (AIM:LND) ("Landore Resources" 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").

Final results have been received from the recently completed drilling campaign on the BAM East Gold Prospect:

Highlights:

·     Drilling results have reported wide zones of near surface gold mineralisation with drill-hole 0416-541 reporting 56.86 metres (m) at 1.60 grams/tonne gold (g/t) including 4.00m at 5.17g/t gold.

Latest results include the following.

Easting	Northing	Drill-hole	From	Interval*	Au
		No	Metres	Metres	g/t
2200	175	0416-544	51.28	15.22	1.07
		including	51.28	0.72	6.47
2300	00	0416-539	204.29	18.71	1.42
		including	212.00	3.00	5.74
		including	212.00	1.00	11.65
2350	00	0416-540	177.00	42.00	2.55
		including	192.00	4.00	4.26
		and	211.00	8.00	5.53
		including	211.00	1.00	27.80
2350	50	0416-537	127.00	38.00	1.45
		including	160.00	1.00	10.00
2400	00	0416-541	147.00	56.86	1.60
		including	147.00	4.00	5.17
		and	202.83	1.03	8.43
2400	50	0416-536	114.00	30.66	2.55
		including	114.00	5.00	4.40
		and	125.00	6.00	6.44
		including	127.00	1.00	28.70
2600	00	0416-542	118.90	14.10	1.41
2650	00	0416-543	103.83	23.17	1.40
		including	108.48	2.00	10.34

* 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 85-90% of the intervals shown in the above table.

The recently completed summer drilling campaign consisting of 22 NQ diamond drill holes (0416-524 to 0416-545), for 4,077m, was drilled to test the east, west and down dip extensions of the new gold zone.

The above drilling has successfully extended the BAM East Gold Prospect for a distance of 500 metres along strike from 2200E to 2700E and to a vertical depth of 150 metres. The prospect remains open along strike to the east and west and down dip. 

Quality Control and Quality Assurance ("QAQC") has been completed on all drilling results, sections have been plotted and are currently being interpreted to provide further information on mineralisation geometry. Information gained will be used to assist planning of the follow up drill programme. 

Since there are multiple instances of visible gold as well as high grade gold in current drilling, core samples from intervals of interest have been re-submitted for screen metallic gold analysis to check reproducibility of gold assays. Results have now been received and are being verified (QAQC) and will be reported when complete.

A trenching and channel sampling programme has been completed along the 2.7 kilometre, east-southeast to west-northwest trending MaxMin geophysical anomaly ("MM-7") and along the parallel geophysical anomaly ("MM-18") located approximately 200 metres to the north of MM-7. Results from the sampling are currently being received and collated and will be released when completed.

BAM East Gold Prospect:

This new gold prospect is located approximately midway along MM-7, at the western end of which is located the historical BAM gold zone discovered by Landore Resources in 2003. 

Mineralisation at the BAM East Gold Prospect is a typical shear-hosted gold-bearing system in an Archaean greenstone belt. 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.

Planned Works:

BAM East Gold Prospect:

Landore Resources is planning a follow-up drilling programme, scheduled to commence in early October, to extend the new gold zone down dip and along strike to the east and west and to obtain material for metallurgical testing.

Consulting Engineers RPA Inc. ("RPA") of Toronto, Canada, have been retained by Landore Resources with the view of completing an initial Mineral Resource estimate on the Bam East Gold Prospect.

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 Project. Landore Resources 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.

 

END

 

 

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