TIDMLND
RNS Number : 0021F
Landore Resources Limited
24 October 2018
LANDORE RESOURCES LIMITED
("Landore Resources" or "the Company")
(AIM Ticker: LND.L)
NEW GOLD OCCURRENCE ALONG STRIKE
BAM GOLD DEPOSIT
JUNIOR LAKE PROPERTY
London, United Kingdom - 24 October 2018 - Landore Resources
Limited (AIM:LND) ("Landore Resources" or "the Company") is pleased
to provide this report on the BAM Gold Deposit on its Junior Lake
Property, Ontario, Canada ("BAM Gold Deposit").
Highlights:
-- Exploration drilling one kilometre along strike to the east
of the BAM Gold Deposit has intersected significant gold
mineralisation including 26.20 grams per tonne gold (g/t Au.) over
1.02 metres in drill hole 0418-685 from a depth of 77 metres.
-- The BAM Gold mineralised structure has now been confirmed by
drilling for over 3.0 kilometres from 950E to 4,000E remaining open
to the east and west and down dip.
-- Final results for this summer resource drilling campaign have
now been received and are being collated for inclusion into the
upcoming Resource update scheduled for completion in Q4 2018. The
update, together with ongoing metallurgical and geotechnical
studies, will be incorporated into a Preliminary Economic
Assessment (PEA) scheduled for completion in early Q1 2019. Landore
remains fully funded for the completion of these studies.
Commenting on this report, Chief Executive Officer of Landore
Resources, Bill Humphries, said:
"The newly discovered gold mineralisation one kilometre along
strike to the east of the BAM Gold Deposit further highlights the
potential for there being additional discoveries within the highly
prospective Archean greenstone belt traversing the Junior Lake
Property from east to west for approximately 31 kilometres".
BAM Gold Deposit--Summer Drilling Campaign:
Drill results not previously reported include:
Easting Northing Drill-hole From Interval* Au
No Metres Metres g/t
--------- ----------- ------- ---------- ------
1250E 275N 0418-675 190.00 21.07 1.47
--------- ----------- ------- ---------- ------
including 190.00 1.00 12.45
--------- ----------- ------- ---------- ------
1300E 297N 0418-676 144.30 12.60 1.41
--------- ----------- ------- ---------- ------
including 150.70 1.00 9.59
--------- ----------- ------- ---------- ------
and 170.43 4.12 1.83
--------- ----------- ------- ---------- ------
1400E 175N 0418-679 313.27 1.25 32.00
--------- ----------- ------- ---------- ------
2850E 75S 0418-686 133.02 0.51 14.95
--------- ----------- ------- ---------- ------
3900E 300S 0418-682 65.00 1.00 1.84
--------- ----------- ------- ---------- ------
4000E 375S 0418-685 77.00 1.02 26.20
--------- ----------- ------- ---------- ------
and 86.00 1.00 1.14
--------- ----------- ------- ---------- ------
* 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 drill programme concluded on the 17(th) September
2018 with 23 NQ diamond drill holes (0418-626 to 0418-648) for
3,731 metres and 33 HQ diamond drill holes (0418-649 to 0418-680
and 0418-686) for 8,459 metres completed aimed at extending the
existing BAM Gold Resource.
Final results for the above drilling campaign have now been
received and are being collated for inclusion into the upcoming
Resource update scheduled for completion in Q4 2018. The update,
together with ongoing metallurgical and geotechnical studies, will
be incorporated into a Preliminary Economic Assessment (PEA)
scheduled for completion in early Q1 2019
In addition, a small exploration drilling programme of 5 HQ
drill holes (0418-681 to 0418-685) for 483 metres was completed to
test the gold potential of a prospective zone from 3900E to 4000E
approximately one kilometre to the east of the currently defined
Mineral Resource
The programme was highly successful intersecting significant
gold mineralisation including 26.20 grams per tonne gold (g/t Au.)
over 1.02 metres in drill hole 0418-685.
The eastern strike extension of the lithology and mineralisation
of the BAM Gold Deposit, currently defined to 3,000E, has now been
identified at 3,200E (reported 15(th) Sept 2017), 3500E (reported
4(th) October 2017), 3,900 E and 4,000E.
The BAM Gold mineralised structure has now been confirmed by
drilling for over 3.0 kilometres from 950E to 4,000E remaining open
to the east and west and down dip.
Planning:
The PEA, scheduled for completion Q1 2019, is aimed at
demonstrating the economic viability of this project and will
affirm Landore Resource's opinion that the BAM Gold Deposit can
potentially be developed into a low-cost open pit mining
operation.
About the BAM East Gold Resource:
Discovered in December 2015, the BAM Gold JORC (2012) compliant
resource contains 18,588,000 tonnes (t) at 1.04 grams/tonne (g/t)
for 623,000 ounces of gold including 13,864,000t at 1.09g/t for
486,000 ounces gold in the Indicated Category as announced on 7
August 2018.
The resource is located adjacent to an east-southeast to
west-northwest trending MaxMin geophysical anomaly (MM-7), at the
western end of which is located the original BAM gold zone
discovered by Landore Resources in 2003.
The BAM Gold Deposit 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 70deg to 75deg. 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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