TIDMLND
RNS Number : 4382Q
Landore Resources Limited
21 October 2019
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
PROGRESS REPORT
BAM GOLD PROJECT
JUNIOR LAKE PROPERTY
London, United Kingdom, 21 October 2019 - Landore Resources
Limited (AIM: LND) ("Landore Resources" or "the Company") is
pleased to report on progress of the Summer Drilling and
Exploration programme on its BAM Gold Deposit, Junior Lake
Property, Ontario, Canada ("BAM Gold Deposit").
Highlights:
-- All assay results with associated drilling information from
the latest drilling campaign on the BAM Gold Deposit have now been
received and forwarded to Cube Consulting Pty Ltd ("Cube") of
Perth, Australia for inclusion into an upgraded Mineral Resource
Estimate and Preliminary Economic Assessment ("PEA") scheduled for
completion in Q4 2019.
-- The latest drilling results continue to report similar gold
mineralisation of widths and grade to the existing BAM Gold Deposit
with multiple instances of visible gold ("VG"). Intersections
included drill-hole 0419-713 reporting 12.87 metres at 3.23
grams/tonne gold (g/t) including 1.00 metres at 28.60g/t.
-- The BAM mineralised zone now extends for 3,600 metres from
400E to 4000E and remains open down dip and along strike to the
east and the west.
-- An extensive exploration campaign including ground
geophysics, geological mapping and soil sampling (867 samples) has
been completed along the highly prospective area between the BAM
Gold Deposit and Lamaune Gold Exploration Target located
approximately 8.5 kilometres to the west. Results are pending.
Commenting on this report, Chief Executive Officer of Landore
Resources, Bill Humphries, said:
"The 2019 drilling campaign on the BAM Gold Deposit is expected
to increase the BAM Gold Resource with the conversion of Inferred
to Indicated on the western portion of the Deposit and the possible
addition of inferred ounces of gold further to the west. The higher
confidence rating of the BAM Mineral Resource, together with the
greatly improved gold price, will provide significant benefit to
the PEA and further strengthen resource development economics.
In addition the exploration activities completed this year in
the large area between the BAM Gold Deposit and the Lamaune
Exploration Target, 8.5 kilometres to the West, has clearly
established the continuance of similar geology and geophysics
between these gold occurrences. The results from the extensive soil
sampling are eagerly awaited for further proof that Landore's
highly prospective Junior Lake Property is host to multi-million
ounces of gold.
Summer Drilling and Exploration Campaign:
The summer drill programme concluded on the 19(th) August 2019
with 38 HQ Diamond core holes drilled for a total of 5,946 metres.
Results not previously reported include:
Easting Northing Drill-hole From Interval* Au
No Metres Metres g/t
--------- ----------- ------- ---------- ------
1050E 350N 0419-718 29.50 1.00 7.89
--------- ----------- ------- ---------- ------
and 173.50 14.00 1.10
--------- ----------- ------- ---------- ------
1150E 375N 0419-715 109.94 13.06 1.72
--------- ----------- ------- ---------- ------
1150E 325N 0419-716 170.40 10.89 2.22
--------- ----------- ------- ---------- ------
1550E 325N 0419-719 16.17 1.70 6.23
--------- ----------- ------- ---------- ------
and 88.93 0.79 11.75
--------- ----------- ------- ---------- ------
1600E 295N 0419-713 109.13 12.87 3.23
--------- ----------- ------- ---------- ------
including 117.00 1.00 28.60
--------- ----------- ------- ---------- ------
2200E 210N 0419-722 21.53 7.57 1.56
--------- ----------- ------- ---------- ------
2400 E 127N 0419-723 58.30 15.70 1.09
--------- ----------- ------- ---------- ------
2450E 75N 0419-724 89.32 20.39 1.20
--------- ----------- ------- ---------- ------
* The above drill holes were drilled north at 45 degrees into a
lithological package dipping approximately 85-75 degrees to the
south. The actual true thickness of mineralisation is estimated to
represent between 65-75% of the intervals shown in the above
table.
The summer drilling campaign concentrated on infilling the
western zone of the BAM Gold Deposit from 950E to 1600E by drilling
at 50 metre spacing aimed at advancing the inferred portion of the
existing resource to the Indicated category for inclusion into an
upgraded Mineral Resource Estimate and Preliminary Economic
Assessment ("PEA") scheduled for completion during Q4 2019. Assay
results report gold mineralisation of similar widths and grade to
the existing BAM Gold Deposit with multiple instances of visible
gold ("VG").
A ten-hole drilling programme was also completed on a potential
500+ extension of the BAM Gold Deposit along strike to the west
from 900E to 400E. The drilling intersected similar lithologies and
mineralisation to that already encountered at the BAM Gold
Deposit.
Exploration:
An extensive exploration campaign including ground geophysics,
geological mapping and soil sampling has been completed along the
highly prospective area between the BAM Gold Deposit and Lamaune
Gold Exploration Target located approximately 8.5 kilometres to the
west.
In all 867 soil samples, including control and duplicates, were
taken from the above area and forwarded to ALS Minerals of
Vancouver for analysis for Low Level Gold in Soils and Sediments.
The analysis package used was 'Prep-41, Au ME-St 43' for Gold and
43 other minerals. Assay results are expected to be available by
early November and will be forwarded to a Geochemical Specialist
for full analysis.
A north-west/south-east bearing grid 5,000 metres long by 1,200
metres wide with cross lines cut at approximately 200 metre spacing
was established within the above area to allow ground geophysics,
exploration and soil sampling to be carried out over approximately
32 line kilometres within the grid.
Results from the ground geophysics are highly promising showing
the potential continuation of the main geophysical conductors
encountered in the BAM Gold Deposit area.
Planning:
Cube Consulting Pty Ltd ("Cube") has been engaged by Landore
Resources Canada Inc. ("Landore") to update the BAM Gold Resource
and the PEA and to prepare an Independent Technical Report, in
compliance with the requirements of the Canadian National
Instruments 43-101 Standards of Disclosure for Mineral Projects
("NI 43-101"), on the BAM Gold Project, in Ontario, Canada, for
completion by year end 2019.
A drilling programme is under consideration to further extend
the known BAM Gold Deposit to the east and to test any potential
mineralisation identified in the current exploration area reported
above.
In addition, two deep holes are planned to test the continuity
of high grade mineralisation below the existing BAM Gold
Deposit.
BAM Gold Deposit:
The BAM Gold Deposit, discovered in December 2015, 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 (Gabbro) 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 80 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.
BAM Gold Resource and PEA:
A Technical Report and Preliminary Economic Assessment ("PEA")
of the BAM Gold Project was reported 20(th) February 2019. The
report is in compliance with the requirements of the Canadian
National Instruments 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101"),
Mineral Resource Update: The PEA detailed an updated Mineral
Resource Estimate for the BAM Gold Deposit of 28,826,000 tonnes (t)
at 1.03 grams/tonne (g/t) for 951,000 ounces of gold including
20,198,000t at 1.08g/t for 701,000 ounces gold in the Indicated
Category.
PEA: The BAM Project Base case considered the economics of
exploiting a resource of 12.7 Mt at 1.26 g/t Au containing 515,000
ounces gold (koz Au). An 'Extended' (or upside) case considers a
19.7 Mt resource also at 1.26 g/t Au containing 800 koz Au.
The PEA demonstrated the economic viability of this project as
well as its high growth potential, and has reinforced Landore's
opinion that in the initial stage the BAM Gold Project can be
developed as a low-cost open pit mining operation.
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 30,507
hectares, is located in the province of Ontario, Canada,
approximately 235 kilometres north-northeast of Thunder Bay and is
host to: The BAM Gold Deposit; the B4-7
Nickel-copper-cobalt-Platinum-Palladium-gold Deposit; the VW
Nickel-Copper-cobalt Deposit; Lamaune Gold Prospect and numerous
other precious and base metal occurrences.
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 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
Derrick Lee / Peter Lynch Tel: 0131 220 6939
Cenkos Securities plc
Nominated Advisor and 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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