Update on BAM East Gold Prospect

RNS Number : 9463T

Landore Resources Limited

12 January 2017

 

LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 

PROGRESS REPORT

BAM EAST GOLD PROSPECT

JUNIOR LAKE PROPERTY

London, United Kingdom - January 12th 2017 - 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").

Highlights:

·     Drilling results continue to report wide zones of gold mineralisation including high grade intersections with drill-hole 0416-555 reporting 18.27 metres (m) at 3.69 grams/tonne (g/t) gold  including 2.00m at 21.49g/t gold and drill-hole 0416-557 reporting 30.00m at 2.27g/t gold including 5.00m at 4.17g/t.

·     The Central Zone of the BAM East Gold Prospect has now been extended to over 800 metres of strike length from 2100E to 2900E and to > 250m down dip. The Zone remains open down dip and to the east and west along strike.

·     Drilling and exploration on the BAM East Gold Prospect has concluded for the year with all results now received and submitted for inclusion towards the Maiden Resource and Technical Report due for release in Q1 2017.

Commenting on this report, Chief Executive Officer of Landore Resources, Bill Humphries, said:

"Since Landore's discovery of the BAM East Gold Prospect in late 2015 drilling has successfully delineated a significant gold occurrence in the Central Zone, over 800 metres in length and 250+ metres down dip, together with identifying other highly prospective gold occurrences with similar lithology along a potential 2.7 kilometre strike length.

Landore awaits with excited anticipation receipt of the Maiden Resource and Technical Report for the BAM East Gold Prospect in Q1 2017."

BAM East Gold Prospect:

This new 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 Resources in 2003. 

Since drilling commenced on the BAM East Gold project in December 2015, 44 (6HQ and 38NQ) diamond drill holes, for 8,539 metres, have been drilled, successfully delineating a significant gold occurrence in the Central Zone and identifying other highly prospective areas with similar lithology along the 2.7 kilometre potential strike length.

All results have now been received and submitted for inclusion towards the Maiden Resource and Technical Report due for release in Q1 2017.

Fall Drilling Campaign:

The fall drilling campaign has been completed with 15 (6-HQ and 9-NQ) diamond drill holes (0416-546 to 0416-560), for 3,682 metres, having been drilled to test the east, west and down dip extensions of the new gold zone.

Latest results received include the following.

Easting	Northing	Drill-hole	From	Interval*	Au
		No	Metres	Metres	g/t
1000E	500N	0416-550	15.50	1.10	2.37
1000E	400N	0416-551	107.70	6.10	1.25
		including	112.10	0.70	6.44
2100E	228N	0416-560	66.44	5.01	1.37
2100E	100N	0416-556	199.22	6.32	1.15
2200E	70N	0416-555	186.00	18.27	3.69
		including	202.27	2.00	21.49
2397E	00N	0416-557	126.71	9.45	0.74
		and	161.72	3.00	1.02
		and	172.72	30.00	2.27
		including	175.72	5.00	4.17
		including	193.72	1.00	11.70
2550E	10S	0416-558	149.00	8.16	1.39
		including	149.00	0.65	8.85

* Drill Holes 0416-557 and 558 were drilled north at 55 degrees with the remaining drill-holes 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 80-85% for 0416-557 and 558 and between 85-90% for the remaining drill holes for the intervals shown in the above table.

Drilling completed on lines 1000E and 1600E intersected similar lithologies to the Central Zone with gold mineralisation reporting up to 6.44g/t in drill-hole 0416-551 on line 1000E.

Studies in progress:  

Metallurgical Testing: Drill core material was submitted to ALS Metallurgy Kamloops of British Columbia for Gravity Concentration and Cyanidation Bottle Roll Testing. The preliminary report has been received and is currently being reviewed prior to results being released.

Borehole Surveying: DGI Geoscience of Ontario was engaged to conduct Borehole Surveying, using an Acoustic Televiewer, of selected drill-holes on the Central Zone to provide true orientation of features for structural studies and for future geotechnical studies. The report is scheduled for receipt in Q1 2017 and will be interpreted by a Consultant Structural Engineer.

Resource Estimate: Landore Resources has retained consulting engineers RPA Inc. ("RPA") of Toronto, Canada, in order to complete an initial Mineral Resource estimate and NI 43-101 Technical Report on the Bam East Gold Prospect, scheduled for completion Q1 2017.

Planned Works:

Future Drilling: Planning has commenced for a Winter/Spring drill programme in Q1/Q2 2017 along 400 metres to the west of line 2450E in the Ladle Flats which is highly prospective to contain the near-surface extension of the Central Zone, as well as further drilling to test down dip and East-West strike extension.

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 five 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 as defined in Article 7 of the Market Abuse Regulation No 596/2014.

 

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