Junior Lake Update

RNS Number : 8973R

Landore Resources Limited

14 March 2016

 

LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 

DRILLING INTERSECTS SIGNIFICANT NEW GOLD ZONE

JUNIOR LAKE PROPERTY

London, United Kingdom - March 14 2016 - Landore Resources Limited (AIM:LND) ("Landore Resources" or "the Company") is pleased to report on gold results from the fall 2015 drilling campaign completed on the Junior Lake Property, Ontario, Canada.

Highlights:

·     Drilling in December 2015 intersected a wide zone of gold mineralisation close to surface including 31.29 metres at 1.12 grams per tonne (g/t) in drill-hole 0415-517. Higher grade intersections within the zone include 3.70 metres 4.21g/t gold in drill-hole 0415-518.

·     Landore completed a follow up drill program in February 2016 consisting of 5 NQ diamond drill holes for a total of 564 metres (0416-519 to 523) as 50 metres step-outs to the above drill holes, all of which have intersected similar lithological units. Results are pending and will be reported when available.

·     This new gold zone is located approximately midway along a 2.7 kilometre long, east-west 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.

Landore completed a drilling campaign in the fall of 2015, consisting of 8 diamond drill holes for a total of 2,223 metres. Six holes were drilled on Landore's B4-7 Deposit with the last two holes, 0415-517/518, drilled to test a geophysical target located 2 kilometres to the east of the B4-7 deposit. Results for the first 6 holes were reported 18 February 2016.

                                      Results for drill holes 0415-517/518 include:

NS Line	Drill-hole	From	Interval*	Au
	No	Metres	Metres	g/t
2500E	0415-517	48.00	31.29	1.12
	including	48.00	7.00	2.66
	including	50.00	1.00	5.64
2500E	0415-518	20.30	30.60	0.82
	including	20.30	3.70	4.21
	including	22.50	0.50	12.05
	including	48.00	1.00	3.20

* Both 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.

Landore remobilised to site in mid-February to carry out additional sampling on the above holes and to complete a follow up drill program consisting of 5 NQ diamond drill-holes for a total of 564 metres (0416-519 to 523) on lines 2450E, 2500E, and 2550E to test the east, west and down dip extension of the new gold zone.

All five drill-holes intersected similar lithological units to drill-holes 0415-517/518. Results are pending and will be reported as soon as available.

See attached plan "Junior Lake Property - New Gold Zone".
http://www.rns-pdf.londonstockexchange.com/rns/8973R_-2016-3-11.pdf

Planned Works:

New Gold Zone: A trenching and channel sampling program will be carried out along the 2.7 kilometre, east-west trending, MaxMin geophysical anomaly (MM-7) in Q2.

Subject to positive results from the winter 2016 drill program, further drilling will be planned to extend the new gold zone down plunge and along strike to the east and west.

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 Q1.

Geotechnical Studies: In December 2015, Landore engaged WSP Canada Inc. for the completion of a geotechnical study to pre-feasibility standards for rock mechanics and open pit slope angles for the proposed B4-7 starter pit.

The full study has been received and is available on Landore's web site www.landore.com 

Results of the study has given an inter-ramp angle of 59 degrees. This will allow the pit to be substantially deepened from the original 2013 design capturing far more of the ore whilst retaining the same stripping ratio.

Landore is currently seeking quotations for the completion of a pre-feasibility standard pit design. This study will incorporate the afore-mentioned pit design parameters and optimize the existing pit shell.

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, the recently-identified Exploration Target and the Alpha Zone. Junior Lake also contains the VW Nickel resource and numerous other highly prospective mineral occurrences including the BAM gold zone.

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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