TIDMLND
RNS Number : 5364V
Landore Resources Limited
06 November 2017
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
JUNIOR LAKE + LAMAUNE
31 KILOMETRES OF HIGHLY PROSPECTIVE GREENSTONE BELT
CONTAINING
GOLD-NICKEL-COPPER-COBALT-PLATINUM-PALLADIUM
London, United Kingdom - November 6 2017 - Landore Resources
Limited (AIM:LND) ("Landore" or "the Company") is pleased to
provide a review on the recent combination of the Junior Lake and
Lamaune properties, Ontario, Canada.
Landore's acquisition of the contiguous Lamaune property (90.2%
owned by Landore Canada) has increased the size of the Junior Lake
property from 22,497 hectares to 26,593 hectares, extending the
coverage of the highly prospective Archean greenstone belt,
traversing the property from east to west, and from 19 kilometres
to approximately 31 kilometres in length.
Landore's prime asset is the Junior Lake property situated in
the heart of the world class mining jurisdiction of Northern
Ontario, Canada. As such, the Directors are considering a secondary
listing on the Toronto Stock Exchange (TSX or TSX-V) as they
believe that this would prove beneficial for the advancement of
Landore's significant mineral discoveries on its Junior Lake
property. A further announcement in connection with the potential
dual listing on the TSX will be provided in due course as
appropriate.
To support any application to the TSX, Landore will be required
to submit an updated NI 43-101 Technical Report on Landore's Junior
Lake property to include all of the previously reported mineral
resource estimates as well as the BAM East Gold Deposit.
Accordingly Landore has engaged Roscoe Postle Associates Inc.
("RPA") of Toronto, Canada to complete the Landore Junior Lake
Technical Report which is scheduled to be finalised during Q4
2017.
The Technical Report will include resource upgrades on the
following:
-- The BAM East Gold Deposit: February 2017 Mineral Resource
Estimate of 301,000 ounces gold plus upgrade to include 11,060
metres of additional drilling in 2017.
-- The B4-7 Nickel-Copper-Cobalt-Platinum-Palladium Deposit:
January 2013 Mineral Resource Estimate of 2,695,000 tonnes at 1.24%
Nickel equivalent (NiEq) in the Indicated category for 33,248
tonnes of contained metal, plus upgrade to include 16,910 metres of
additional drilling in 2013/2015.
-- The VW Nickel-Copper-Cobalt Deposit: January 2010 Mineral
Resource Estimate of 3.73 million tonnes at 0.49% NiEq in the
Indicated category, and 0.72 million tonnes at 0.49% NiEq in the
Inferred category giving a combined total 21,760 tonnes of
contained NiEq metal.
The Technical Report will also include a review on the
following:
-- The Lamaune Gold Prospect: Exploration Potential of 40-50,000 ounces gold.
-- The Lamaune Iron Project: Exploration Potential of 300-500 million tonnes at 25% to 35% Fe.
Information on the above mentioned Mineral Resource estimates
and other associated reports can be found on Landore's website
www.landore.com.
The Junior Lake Property:
The Junior Lake Property, 100% owned by Landore Resources,
together with the contiguous Lamaune Iron property (90.2% owned) (
"Junior Lake Property"), consisting of 26,593 hectares, is located
in the province of Ontario, Canada, approximately 235 kilometres
north-northeast of Thunder Bay.
A highly prospective Archean greenstone belt traverses the
Junior Lake Property from east to west for approximately 31
kilometres. The greenstone belt ranges from 0.5 to 1.5 kilometres
wide and contains all of Landore's stated mineral resources and
prospects. However, the greater proportion of this belt remains
unexplored.
See Link for PDF plan of the Junior Lake Property:
http://www.rns-pdf.londonstockexchange.com/rns/5364V_1-2017-11-3.pdf
Landore's Corporate Strategy for the Junior Lake Property is
to:
-- Advance the newly discovered BAM East Gold Deposit to +1
million ounce gold resource and commence pre-feasibility studies in
2018.
-- Expansion of the existing B4-7 and VW compliant resources to
+100,000 tonnes of Nickel Equivalent with the objective to either
develop in JV Partnership or sell outright.
Since the discovery of the BAM East Gold Deposit in December
2015, Landore has focused all of its exploration efforts and funds
on advancing the BAM Gold resource towards the 1 million ounce
target.
The Board believes that there are now a number of positive
reasons for reassessing the B4-7 and VW Nickel Deposits, which will
be able to be reflected in the upgrade of all deposits on the
Junior Lake Property that is required for a possible TSX/TSXV
listing. These are:
Proximity: The three deposits, BAM Gold, B4-7 and VW are all
located within three kilometres of each other providing significant
cost saving synergies for their development either together or in
sequence with the possibility of sharing infrastructure, machinery,
plant etc.
Open Pit Mining: The BAM Gold Deposit is, at this stage,
intended to be an open pit operation. Both the B4-7 and VW Deposits
will be a combination of open pit and underground operations.
Landore has recently completed geotechnical studies on the B4-7
open pit which has allowed a significant steepening of its wall
slopes with the consequential increase of the material extracted by
low cost, bulk mining open pit method, improving the overall
economics of the project.
Additional tonnage: Since the last NI 43-101 Resource upgrade on
the B4-7 deposit prepared in January 2013, a further 16,910 metres
of drilling has been completed on the B4-7 and VW deposits aimed
at:
-- Increasing the tonnage of both deposits.
-- Upgrading the B4-7 defined Exploration Target of +- 20,000 tonnes at 1.24% NiEq.
-- Confirming the continuity of the "Alpha Zone", a
palladium-platinum rich vein adjacent and sub parallel to the main
B4-7 deposit. (The Alpha zone mineralisation was not included in
the 2013 Resource estimate).
The drilling was successful in all cases including intersecting
B4-7 type material with similar grades down plunge for a further
350 metres from the defined resource together with confirming the
continuity of the Alpha Zone for 700 metres alongside the B4-7
deposit.
Improving metal prices: This past year has seen a marked
improvement in all of the metals contained in the B4-7 and VW
deposits, in particular cobalt and palladium:
-- COBALT: With the increased interest for electric battery
driven cars throughout the world, the demand for cobalt is rapidly
increasing. Each vehicle requires from 5 to 15 kilos of cobalt,
depending on size. The production of cobalt is dominated by one
country: Democratic Republic of Congo.
The B4-7 2013 resource upgrade reported a significant cobalt
content credit averaging 0.07%, equivalent to 1.5 pounds of cobalt
per tonne of ore for a total content of +4 million pounds for the
deposit to date. The current LME price for Cobalt is approximately
$27 per pound.
-- PALLADIUM: The recent increase in demand for petrol as
against diesel powered vehicles has seen an upsurge in the demand
for palladium. The B4-7 2013 resource upgrade reported a palladium
content credit averaging 0.55grammes/tonne of ore, which in itself
is a sound credit. However the Alpha Zone, which has yet to be
included in the resource, is palladium rich with drilling reporting
intersections of 1.5 metres at 10.15g/t Pd in drill hole 0415-507
and 20.15 metres at 1.54 g/t Pd. in drill-hole 0414-503 including
0.72 metres at 12.85 g/t Pd. The current LME price for Palladium is
approximately US$972/oz.
Lamaune Gold Prospect:
The Lamaune Gold prospect, located 11 kilometres to the west
along trend from the BAM East Gold Deposit, contains an Exploration
Target of 40-50,000 ounces of gold. Drilling intersected narrow
vein high grade gold and wide zones of lower grade gold
mineralisation, including:
0.60 metres @ 118.66 g/t Au in drill hole 1110-88
21.50 metres @ 0.99 g/t Au in drill hole 1109-83
In 2017, Landore initiated a review of the geology and
mineralisation on several of the Company'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 above review has encouraged the Company's belief that the
favorable geological lithology containing the BAM East Gold Deposit
has the potential to continue along the full 31 kilometre east-west
extent of the Archean greenstone belt traversing the Junior Lake
Property.
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
Angela Hallett / 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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