TIDMLND
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: 07734 681262
Richard Prickett, Finance Director Tel: 07775 651421
Landore Resources Limited www.landore.com
James Spinney / Jack Botros Tel: 020 7409 3494
Strand Hanson Limited
Nominated Advisor and Broker
This announcement contains inside information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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