TIDMLND
RNS Number : 8062U
Landore Resources Limited
17 July 2018
LANDORE RESOURCES LIMITED
("Landore Resources" or "the Company")
(AIM Ticker: LND.L)
PROGRESS REPORT
BAM GOLD DEPOSITS
JUNIOR LAKE PROPERTY
London, United Kingdom - 17 July 2018 - Landore Resources
Limited (AIM:LND) ("Landore Resources" or "the Company") is pleased
to provide this progress report on the BAM Gold Deposits on its
Junior Lake Property, Ontario, Canada ("BAM Gold Deposits").
Highlights:
-- The current drilling campaign, concentrating within the 900
metre gap between the existing BAM Gold deposits, has successfully
intersected widespread gold mineralisation of similar grade to
these two deposits with multiple instances of visible gold ("VG").
Drilling has been completed for every 100 metres along strike from
1100E to 1900E, from near surface to approximately 125 metres
vertical depth.
-- Drilling is continuing in this area with 50 metre step back
holes on each 100 metre line to test the potential depth extension
to 250 metres below surface. The BAM Gold Deposits remain open to
the east, west and down dip, providing additional exploration
potential to target for future drilling on Junior Lake.
-- Engineering consultants have been appointed to complete a
Mineral Resource Estimate update at the conclusion of the current
drilling programme, scheduled for completion in Q3 2018. The
updated Estimate will form the basis for a Preliminary Economic
Assessment for completion Q1 2019.
Commenting on this report, Chief Executive Officer of Landore
Resources, Bill Humphries, said:
"The success of the current drilling programme extends the
mineralisation of the BAM Gold Deposits along strike having the
potential of significantly enlarging the size of the preliminary
open pit.
Landore Resources has appointed a team of technical consultants
to complete a Mineral Resource Estimate update followed by a
Preliminary Economic Assessment."
Summer Drilling Campaign:
The summer drill programme of 12,000 metres is progressing on
schedule with 23 NQ diamond drill holes (0418-626 to 0418-648) for
3,731 metres and 13 HQ diamond drill holes (0418-649 to 0418-661)
for 3,372 metres completed to date. Results have been received for
24 drill holes with results pending for the remainder. Results will
be reported when received and collated.
Results not previously reported include:
Easting Northing Drill-hole From Interval* Au
No Metres Metres g/t
--------- ----------- ------- ---------- ------
1100E 300N 0418-627 209.04 3.81 1.94
--------- ----------- ------- ---------- ------
1200E 300N 0418-648 164.88 6.33 1.88
--------- ----------- ------- ---------- ------
and 184.52 9.63 0.93
--------- ----------- ------- ---------- ------
and 208.05 7.55 1.17
--------- ----------- ------- ---------- ------
1300E 400N 0418-630 21.00 17.65 0.71
--------- ----------- ------- ---------- ------
1300E 300N 0418-632 143.07 6.15 1.32
--------- ----------- ------- ---------- ------
1400E 375N 0418-633 108.57 2.43 3.99
--------- ----------- ------- ---------- ------
1400E 325N 0418-634 84.50 10.58 2.03
--------- ----------- ------- ---------- ------
including 90.47 1.00 16.15
--------- ----------- ------- ---------- ------
1400E 275N 0418-647 133.12 12.82 1.12
--------- ----------- ------- ---------- ------
1500E 340N 0418-635 57.40 5.55 1.55
--------- ----------- ------- ---------- ------
1500E 290N 0418-636 128.51 3.72 1.63
--------- ----------- ------- ---------- ------
1600E 340N 0418-637 49.77 4.87 1.41
--------- ----------- ------- ---------- ------
1700E 325N 0418-639 60.78 5.62 0.95
--------- ----------- ------- ---------- ------
* The above drill holes were drilled north at 45 degrees into a
lithological package dipping approximately 80-70 degrees to the
south. The actual true thickness of mineralisation is estimated to
represent between 70-80% of the intervals shown in the above
table.
BAM Gold Deposits Update:
Previous drilling delineated gold resources at the BAM East Gold
Deposit and the original BAM Gold deposit. However the area between
the two deposits of approximately 900 metres length remained
largely untested.
The current in-fill drilling programme has drilled every 100
metres within the above area from 1200E to 1900E, from near surface
down to approximately 125 metres vertical, and has intersected
widespread gold mineralisation of similar grade to the two deposits
with multiple instances of VG.
The above deposits remain open to the east, west and down dip,
providing additional exploration potential to target for future
drill programmes on Junior Lake.
Planned Works:
Drilling will continue in the above 900 metre area with 50 metre
step back holes on each 100 metre line to test their potential
depth extension to 250 metres below surface. Once completed, the
drilling will concentrate in the highly prospective eastern and
western extension areas.
Mineral Resource Estimate Update and Preliminary Economic
Assessment:
CUBE Consulting ("CUBE") of Perth, Western Australia, has been
appointed to update the Mineral Resource Estimate ("MRE") and
prepare a Technical Report for the BAM Gold Deposits following
completion of the current drilling campaign.
CUBE will also prepare a preliminary Mineral Resource block
model suitable for ongoing mining and economic studies together
with a preliminary pit optimisation. CUBE completed a site visit
during June 2018.
The updated MRE together with the preliminary pit optimisation
will form the basis for the proposed Preliminary Economic
Assessment ("PEA").
WSP of Sudbury, Canada, have been appointed to complete a
Geotechnical Study and Report- Prefeasibility Pit Design
Parameters-for the BAM Gold Deposits.
WSP has previously completed a similar report for the B4-7
Nickel-Copper-Cobalt-PGEs deposit located just 2 kilometres to the
south west of the BAM Gold Deposits, and in April of 2018 completed
a Geotechnical and Structural Assessment of the BAM East Gold
Deposit.
WSP completed a site visit in June 2018. Drilling for
geotechnical purposes was completed during the site visit.
BASE Labs ("BASE") of Kamloops, Canada, has been appointed to
complete PEA level metallurgical test-work as a key part of the
ongoing development of the BAM Gold Deposits.
A detailed test-work programme has been designed to select the
most suitable final processing route for the BAM mineralisation
before progressing past the current PEA level study and to have a
series of preliminary reagent consumption and power
cost/consumption estimates for the PEA study.
The test-work programme is designed to test heap leach
amenability at different crush sizes, cyanide extractive test-work
on both primary feed and gravity concentrates, flotation and
gravity separation tests, screen sizing analysis, Mineral
liberation analysis on gravity concentrates plus grinding and
abrasive work.
In June 2018, two HQ sized diamond drill holes were completed
from which 854 kilogrammes of whole core was sampled and dispatched
to BASE laboratories.
About the BAM East Gold Resource:
Discovered in December 2015, the BAM East Gold resource contains
400,000 ounces of gold
Tonnes Grade Contained Au
Category (000 t) (g/t Au) (000 oz)
----------- --------- ---------- -------------
Indicated 7,413 1.37 326
Inferred 1,662 1.39 74
(January 2018 National Instrument 43-101 Mineral Resource
Estimate and Technical Report).
In Summer 2017, Landore Resources completed a drilling campaign
on the BAM East Gold Deposit. The campaign successfully infilled
much of the Inferred portion of the existing Mineral Resource zone
and extended its potential strike length from the delineated 700 m
to approximately 1,100 m. The BAM East Gold Deposit remained open
along strike to the east and west, and down dip.
In addition, drilling at BAM West (the original BAM Zone),
located approximately 900 metres along strike to the west,
successfully intersected additional gold mineralisation with
similar lithology and grades to the BAM East Gold Deposit. The
limits of the BAM West mineralisation remained undefined along
strike to the east, west, and down dip.
The BAM Gold Deposit is located in the south central area of the
Junior Lake property and is interpreted as an Archean-aged
mesothermal gold deposit in which gold mineralisation is hosted by
sheared and altered rocks of the Grassy Pond Sill and the BAM
Sequence. The host rock units strike in an east-southeast direction
(average of azimuth 105deg) and dip steeply to moderately to the
south at 70 to 75 degrees. The gold mineralisation is interpreted
to reside within a series of tabular shaped zones that are oriented
in a roughly en-echelon configuration and are generally parallel to
the overall strike of the host rock units.
The Junior Lake Property:
The Junior Lake Property, 100% owned by Landore Resources,
together with the contiguous Lamaune Iron property (90.2% owned)
(jointly the "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 Resources' stated mineral
resources and prospects. However, the greater proportion of this
belt remains unexplored.
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, 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
Neil McDonald / Beth McKiernan / Peter Lynch Tel: 01312209771
Cenkos Securities plc
Broker
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No 596/2014.
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END
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