TIDMLND
RNS Number : 3137J
Landore Resources Limited
28 June 2017
LANDORE RESOURCES LIMITED
("Landore Resources" or "the Company")
(AIM Ticker: LND.L)
PROGRESS REPORT
BAM EAST GOLD PROJECT
JUNIOR LAKE PROPERTY
London, United Kingdom - June 28, 2017 - Landore Resources
Limited (AIM:LND) ("Landore Resources" or "the Company") is pleased
to provide this progress report on extension and infill drilling of
the BAM East Gold Project on its Junior Lake Property, Ontario,
Canada ("BAM East Gold Project").
Highlights:
-- Drilling results continue to report wide zones of gold
mineralisation including high grade intersections with drill Hole
0417-574 reporting 18.79 metres (m) at 3.65 grams per tonne gold
(g/t) including 2.99 metres at 12.25 g/t gold and 4.2 metres at
5.08 g/t gold.
-- The BAM East Gold Deposit, Central Zone, has now been
confirmed over 1,000 metres of strike length from 2000E to 3000E
and remains open down dip, to the east and to the west along
strike.
-- Drilling has also confirmed the BAM East Gold lithology over
2,550m of strike length from 950E to 3,500E along the highly
prospective east-southeast to west-northwest trending MaxMin
geophysical anomaly (MM-7), also remaining open to the east and
west along strike.
Spring/Summer Drilling Campaign:
The Spring/Summer drilling campaign is nearing completion with
59 HQ and NQ diamond drill-holes (0417-561 to 0417-619), for a
total of 9,920 metres (m), drilled to date. Drilling has proceeded
as planned on time and within budget. The processing of the core,
including logging, sampling and assaying, is ongoing and results
will be reported when received and collated.
Commenting on this report, Chief Executive Officer, Bill
Humphries, said:
"I am very pleased with the results to date from this current
drilling campaign steadily advancing the Inferred resource to
Indicated Category together with extending the delineated resource
to the east and west to 1,000 metres in length. Indications are
that the BAM East Gold deposit has the potential for substantial
growth.
.
In addition, over the past 6 months Landore has completed a
review of all previously discovered gold occurrences along the 30
kilometre, east to west, highly prospective, Greenstone belt which
traverses Landore's flagship Junior Lake Property and the
neighbouring Lamaune Iron Inc. property. The reviews concluded that
several of these gold prospects, including the Lamaune Gold Deposit
were similar in geology and mineralisation to the BAM East Gold
Deposit highlighting the potential for other similar deposits along
this trend.
Landore will commence an extensive exploration and Geophysics
campaign along this trend upon completion of the drilling programme
aimed at identifying additional gold prospects.
To date results have been received for 14 drill holes.
Results not previously reported include the following:
Easting Northing Drill-hole From Interval* Au
No Metres Metres g/t
--------- ----------- ------- ---------- ------
2200E 20N 0417-565 231.61 2.0 2.19
--------- ----------- ------- ---------- ------
and 254.61 9.00 2.14
--------- ----------- ------- ---------- ------
2150E 75N 0417-566 167.53 8.17 1.42
--------- ----------- ------- ---------- ------
and 206.33 15.37 1.05
--------- ----------- ------- ---------- ------
2000E 170N 0417-570 166.00 5.36 0.95
--------- ----------- ------- ---------- ------
2000E 120N 0417-571 203.64 17.36 1.82
--------- ----------- ------- ---------- ------
including 214.00 1.00 22.20
--------- ----------- ------- ---------- ------
2400E 75S 0417-572 234.00 5.00 1.54
--------- ----------- ------- ---------- ------
2450E 10S 0417-574 106.74 5.76 1.25
--------- ----------- ------- ---------- ------
and 166.61 18.79 3.65
--------- ----------- ------- ---------- ------
including 166.61 2.99 12.25
--------- ----------- ------- ---------- ------
including 168.60 1.00 23.80
--------- ----------- ------- ---------- ------
including 181.20 4.20 5.08
--------- ----------- ------- ---------- ------
* Holes 0416-572 and 574 were drilled north at 56 and 52 degrees
respectively with the remainder 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
80-90% of the intervals shown in the above table.
BAM East Gold Resource:
Discovered in December 2015, the BAM East Gold resource contains
301,000 ounces of gold (February 2017 National Instrument (NI)
43-101 Mineral Resource Estimate and Technical Report). This
resource 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.
BAM East gold mineralisation is a typical shear hosted gold
bearing system in an Archaean greenstone belt. Findings from
exploration drilling on the BAM East Gold Prospect have revealed a
lithological sequence consisting of leucogabbro rocks of the Grassy
Pond Sill 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.
Spring/Summer Drilling Campaign:
Drilling on the BAM East Gold Project re-commenced April 1 2017
focussing on the further delineation and extension of the defined
resource together with targeting potential deposits on the highly
prospective geophysical trend MM-7, host to the BAM East Gold
Deposit.
Drilling has included 35 HQ and 11 NQ diamond drill holes, for
6329 and 1536 metres respectively, aimed at advancing the Inferred
portion of the existing resource zone to Indicated status to extend
it to the east and west and down dip.
In addition, 13 NQ diamond drill holes for 2,055 metres have
been drilled further to the east and west along strike from the
resource to test the highly prospective geophysical trend MM-7.
All drill-holes completed to date have successfully intersected
similar lithology to the Central Zone Resource with visible gold
(VG) frequently seen in the core.
There are 5 more holes to drill before the completion of this
program after which all data will be collated for the preparation
of a resource update scheduled for completion in Q4 2017.
Exploration Potential:
Gold mineralisation has been reported in drilling and rock
sampling by Landore's exploration teams or from historical findings
from a multitude of sites within the greater Junior Lake property
generally contained within the east-west Archaean greenstone belt
which traverses the property for 19 kilometres (km) though the
Landore property and for an additional 11 km to the west through
the adjacent Lamaune Iron property in which Landore holds a
significant interest.
From 2007 to 2011 Landore conducted a property wide exploration
program of reconnaissance mapping, prospecting, trenching and
drilling which identified several prospective gold occurrences in
various locations along the east west belt including; Toronto Lake
prospect 10km east of the BAM East Gold deposit reporting up to
2.62 g/t Au over 0.78m from trench sampling and 71.69g/t grab
sample from a blast pit; The Whale Zone prospect located 1km west
of the BAM East deposit reporting 26.1g/t over 0.75m in drill hole
0409-252; Felix Lake prospect located 5km to the west of the BAM
East deposit where drilling intersected similar lithology with
anomalous gold.
In 2008 Landore reported a gold discovery on its then-owned
Lamaune property located approximately 10 kilometres to the west of
the BAM East Gold Deposit in the vicinity of the Lamaune Iron
Deposit. Landore subsequently drilled 11,644 metres on the gold
occurrence during 2009/10 with drilling intersecting narrow vein
high grade gold and wide zones of lower grade mineralisation. The
broad zone was intersected over 500 metres of strike extent and to
a depth of 200 metres. The zone remains open at depth and to the
east along strike.
A conceptual model defined an initial exploration target of
1,350,000 to 1,650,000 tonnes of mineralised material containing
between forty to fifty thousand ounces of gold at a cut-off grade
of 0.3 grams per tonne gold. Petrographic analysis showed the gold
to be "free gold".
Landore subsequently de-merged Lamaune Iron and Gold properties
into a separate unlisted Company "Lamaune Iron Inc." in which
Landore has retained a significant interest.
Following the successful discovery of the BAM East Gold prospect
in late 2015, Landore initiated a review of the geology and
mineralisation on several of Landore's earlier gold findings
including the re-interpretation of the Lamaune Gold Deposit. The
reviews concluded that several of these gold prospects, including
the Lamaune Gold Deposit, were similar in geology and
mineralisation to the BAM East Gold Deposit.
The review has encouraged Landore's belief that the favorable
geological lithology containing the BAM East Gold Deposit has the
potential to continue along the 30 kilometre east west extent of
the greenstone belt traversing the Landore-Lamaune properties.
Planned Works:
Following the completion of the current drilling campaign
Landore will commence an extensive field exploration programme
including geophysics to locate the highly prospective northern
extent of the Grassy Pond Sill to the east and west of the BAM East
Gold Deposit.
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 and the AIM Rules for
Companies, 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 5 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 as defined in
Article 7 of the Market Abuse Regulation No 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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