30th September 2013
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
REVIEW OF EXPLORATION POTENTIAL
JUNIOR LAKE NICKEL-COPPER PROPERTY
Following the update of the Mineral Resource estimate for its B4-7 Nickel-Copper deposit on the Junior Lake property as announced on 17 January 2013, Landore Resources ("Landore or the Company") retained RPA Inc. of Toronto, Ontario, Canada ("RPA"), to review the regional geological context of the B4-7 to VW deposit area, the stratigraphic setting and style of mineralisation of the VW Nickel deposit.
RPA's conclusions include:
· Work completed on the B4-7 and VW deposits to date has clearly demonstrated the existence of a geological environment that is favourable for the deposition of magmatic nickel-copper sulphide mineralisation.
· Based on geophysical signatures and available geological knowledge, this favourable environment is believed to exist along a strike length of approximately 10 kilometres. At its widest the favourable rock sequences are in the order of 1,000 metres (m) to 1,500m in thickness.
· Current magnetic signatures clearly outline that the B4-7 and VW deposits are situated along separate stratigraphic horizons. Other available geological information concurs with this interpretation.
RPA's recommendations include:
· Continue with evaluation of the two sulphide horizons, employing a strategy that focuses on testing for the presence of additional nickel-sulphide mineralisation at shallow levels first. This evaluation can comprise a phase of rapidly screening a large volume of rock by geophysical methods, to be followed up by a focussed drill programme.
In conjunction with the B4-7 deposit upgrade, in fall 2012 Landore retained Quantec Geoscience, of Toronto, Canada ("Quantec") to conduct a deep-penetrating ORION 3D "Direct Current Induced Polarization" and "Magnetotellurics" (DCIP + MT) geophysical survey on the Scorpion Zone, covering the western portion of the B4-7 deposit and the area 1km along strike to the west. Additional resource potential of the B4-7 deposit at depth is supported by the survey which identified five new areas of interest for further exploration including a prospective zone for sulphide mineralisation at depth and dipping northward from the existing B4-7 deposit.
2014 Planned Works:
· A 3D DCIP+MT ground geophysics survey is planned to commence January 2014 for the area spanning the eastern B4-7 deposit to immediately east of the VW deposit (an area of 7.7 square kilometres) to outline extensions of resource mineralisation as well as identify new prospective sulphide mineralisation. Preparation works are in progress.
· A 4,000 metre drill programme to commence in September 2014 to test the prospective targets identified by the preceding geophysical survey.
· Continue with Pre-feasibility studies.
A copy of the RPA Letter Report including full details and maps, is available on www.landore.com.
RPA was also retained by Landore Resources to complete an evaluation of the Alpha zone in the B4-7 deposit. This study focused on the structural, lithological, and genetic characteristics of the Alpha zone disseminated sulphide style of mineralisation, and was successful in identifying a portion of this zone that could be extracted by means of open pit mining methods. A total of 49,000 tonnes at 0.24% Ni, 0.08% Cu, 0.02% Co, 0.16g/t Pt, 0.94g/t Pd, 0.01g/t Au were successfully identified as being present within a potential open pit mine. Further Alpha zone mineralisation was identified below the open pit mineralisation, and remains open at depth and along the western strike extension.
The Junior Lake property:
The Junior Lake property, 100% owned by Landore Resources, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay, and is host to; the Scorpion Zone which contains the B4-7 Nickel-Copper-Cobalt-PGEs deposit, the Alpha Zone and the recently-identified Exploration Target. Junior Lake also contains the VW Nickel deposit and numerous other highly prospective mineral occurrences.
B4-7 Deposit:
The B4-7 deposit resource estimate and report, completed by RPA in January 2013, identified 2,695,000 tonnes at 1.24% Nickel equivalent (NiEq) for 33,248 tonnes of contained metal, all in the Indicated category. The report is compliant with the requirements of National Instrument 43-101 (NI 43-101). The deposit remains open down plunge at depth and along strike to the west. The report also identified the potential Exploration Target to the immediate west of the B4-7 deposit. Additionally, there is further shallow mineralisation potential to the east.
VW Deposit:
The VW deposit resource estimate and report, completed in January 2010, identified 3.73 million tonnes at 0.49% NiEq in the Indicated category at a cut-off grade of 0.25 per cent. nickel. The report also identified a further 0.72 million tonnes at 0.49% NiEq in the Inferred category at the same cut-off grade giving a combined total of 21,760 tonnes of contained NiEq metal. The report is to NI 43-101 standards. The deposit remains open down plunge at depth and along strike to the east and to the west.
Reno Pressacco, (P.Geo.), Principal Geologist of RPA Inc. Toronto, Canada, a Qualified Person as defined in NI 43-101, and responsible for the preparation of both the VW review/area exploration potential report and B4-7-Alpha zone report, has reviewed and verified all scientific or technical disclosure relating to this assessment and exploration potential.
Michele Tuomi, (P.Geo., BSc. Geology), Exploration Manager of Landore Resources Canada Inc. and a Qualified Person as defined in the Canadian National Instrument 43-101, has reviewed and verified all scientific or technical mining disclosure contained in this announcement.
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About Landore Resources Ltd
Landore Resources Ltd. 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 Nickel Project. Landore Resources has mineral rights to 6 properties in eastern Canada. The Company is headquartered in London, UK, with an exploration office located in Thunder Bay, Ontario, Canada.
For more information please contact:
Bill Humphries, Chairman Tel: 07734 681262
Richard Prickett, Chief Executive Officer Tel: 07775 651421
Landore Resources Limited www.landore.com
Angela Hallett / James Spinney Tel: 020 7409 3494
Strand Hanson Limited
Nominated Adviser
David Bick Tel: 07831 381202
