LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
JUNIOR LAKE NICKEL-COPPER-PGE PROPERTY
MINERAL POTENTIAL INVESTIGATION
London, United Kingdom - 12th October 2015 - Landore Resources Limited (AIM:LND) ("Landore" or "the Company") is pleased to report the completion of a Mineral Potential Investigation on the Junior Lake Nickel-Copper-PGE Project, Ontario, Canada.
Mineral Potential Investigation:
Landore retained the services of RPA Inc. (RPA) independent engineers of Toronto, Canada, to review and report on the Mineral Potential of the Junior Lake Nickel-Copper-PGE Project.
Commenting on this report, the CEO of Landore Resources, Bill Humphries, said:
"This report on the Mineral Potential of the Junior Lake property by independent engineers, together with the recently completed geophysical review by a recognized geophysicist in the nickel exploration field, has confirmed the significant value of the Junior Lake project. In addition the above reviews have established the high potential of the B4-7 and VW nickel deposits for continued growth, and have identified substantial potential for further discoveries in the surrounding property".
The full report is available on our website www.landore.com.
Extracts from RPA Executive Summary:
"Roscoe Postle Associates Inc. (RPA) was retained by Landore Resources Canada Inc. (Landore) to document the current Mineral Resource estimates and carry out an independent assessment of the nickel-copper-Platinum Group Element (Ni-Cu-PGE) exploration potential of Landore's Junior Lake Project (Junior Lake or the Project), Ontario, Canada, and to prepare a supporting Technical Report. This Technical Report is compliant with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101)."
"A great deal of work has been carried out on the Junior Lake Project by Landore, which has resulted in the delineation of the B4-7 Deposit, the discovery of the Alpha Zone mineralization, the discovery of the VW Deposit, and the discovery of Ni-Cu-PGE mineralization at the Grassy Pond and the Carrot Top areas."
"Mineral Resource estimates by RPA are based on data available up to August 28, 2009 for the VW Deposit, November 19, 2012 for the B4-7 Deposit, and May 3, 2013 for the Alpha Zone. Additional drilling carried out in 2013, 2014, and 2015 that intersected additional mineralization along the down-plunge extension of the B4-7 Deposit has not been incorporated in the current Mineral Resource estimate. RPA is of the opinion that incorporation of these results could increase the B4-7 Deposit resources by approximately 15% to 20%."
"CONCLUSIONS - EXPLORATION POTENTIAL
The Grassy Pond Sill is a favourable host rock for Ni-Cu-Co+PGE+Au mineralization. RPA has compiled the surface geology and drilling results in the vicinity of the B4-7 and VW Deposits in order to generate a new surface geology map that shows the approximate location of the Grassy Pond Sill, which has a strike length of approximately 10 km with thicknesses of up to approximately one kilometre in this area. Together with the regional geological mapping carried out by the Ontario Geological Survey (OGS) in the Toronto Lake area, the Grassy Pond Sill can be traced for a total strike length of approximately 20 km. RPA added available conductor traces found from the MaxMin and very low frequency (VLF) electromagnetic surveys completed by Landore and drill holes with anomalous results to help identify a number of good exploration targets warranting more work in the B4-7 Deposit and VW Deposit area (See Figure 1-1 in the full report posted on website):
· B4-7 East Extension Target: Ni-Cu-PGE mineralization has been intersected in three drill holes located immediately along the eastern strike extension of the B4-7 Deposit at a shallow depth. These intersections suggest that additional mineralization may be present to the east or at depth.
· B4-7 Down Plunge Target: The B4-7 underground resource is open at depth.
· B4-8 Target: Compilation work has shown that the Ni-Cu-PGE mineralization intersected in drill holes 335, 336, 337, and 457 correlates with the B4-8 conductive horizon, which has not been well tested by drilling. RPA believes that this conductive horizon offers potential for hosting additional Ni-Cu-PGE mineralization.
· B4-8 Target South: A conductive horizon lies to the south of the B4-8 conductor and remains unexplained.
· Scorpion Zone Target: Alpha Zone-style mineralization has been intersected by drilling at shallow levels in the Scorpion Zone area and the mineralization is associated with a VLF conductive axis. The grades and widths encountered by this drilling offer the potential of exploitation by means of an open pit mine. The western extension of this mineralization has not been fully defined by drilling.
· B4-7 East Target: Ni-Cu-PGE mineralization has been intersected in four drill holes located along a strike length of 500 m, approximately one kilometre along the eastern strike extension of the B4-7 Deposit at a shallow depth. The depth extensions of this mineralization have not been fully defined.
· Target "A": Several conductive horizons are present that are hosted by the interpreted southeastern extension of the B4-7 gabbroic horizon and north of the VW Deposit. The source of these conductors has not been explained by trenching or drilling."
"It is clear that the potential of the Grassy Pond Sill for hosting Ni-Cu-PGE deposits has only been tested in detail along a strike length of approximately 1,000 m in the B4-7 Deposit area. Limited work completed by Landore along strike to the east has intersected nickel-copper values which may be indications of the presence of additional massive sulphide lenses in those areas.
Exploration activities in the Grassy Pond and Carrot Top areas, located to the northwest of the B4-7 Deposit, have been successful in discovering nickel-copper mineralization in similar geological environments to the B4-7 Deposit and VW deposit, respectively. RPA is of the opinion that further exploration in these areas is warranted.
In RPA's opinion, the Grassy Pond Sill has good potential for hosting other massive sulphide lenses in addition to the B4-7 Deposit and recommends that exploration activities continue.
In regard to the VW Deposit, Ni-Cu mineralization has been discovered in outcrop and diamond drilling along a strike length of approximately 500 m and to a vertical depth of 300 m to 350 m. It is clear that the strike and depth extensions of this mineralization have not been explored in detail and much room remains to host additional deposits. However, in RPA's opinion, the specific geological context of the known mineralization must be clearly understood prior to execution of future exploration activities for VW style mineralization in the Carrot Top Sequence. Testing conductors in gabbroic terrains at shallow depths in the Grassy Pond Sill is a higher priority.
Landore carried out drilling programs from 2013 to 2015 that tested the down-plunge extension of the B4-7 Deposit. These down-plunge drilling programs have been successful in extending the limits of the B4-7 Deposit along the down-plunge direction by 250 m to 300 m from the previously known limits as of late 2012. The 2014 and 2015 drill holes could increase the B4-7 underground resource by approximately 15% to 20% and RPA is of the opinion that sufficient drill hole information is available to classify the newly outlined material in the Indicated Mineral Resource category. The B4-7 Deposit is open at depth (See Figure 1-3 in the full report posted on website)."
"RECOMMENDATIONS
RPA has the following recommendations for a work program and budget to advance the Project to the next decision stage. Overall, RPA is of the opinion that there is excellent exploration potential remaining in many areas of the Junior Lake Property and that more work is warranted. A preliminary economic study that investigates minimum tonnage and grade requirements at a various metal prices is needed to prioritize on-going exploration activities. In general, RPA's opinion is that future exploration activities should focus on increasing the existing resources and discovering new deposits.
MINERAL RESOURCES
1. Update the Mineral Resource estimate for the B4-7 Deposit to incorporate the results obtained from the 2013, 2014, and 2015 drilling programs.
2. Carry out additional drilling to test the down-plunge projection of the B4-7 Deposit at a drill hole spacing of approximately 100 m.
3. Evaluate the strike extensions of the Alpha Zone deposit at shallow depths to test for the presence of additional mineralized areas that may be exploited by means of open pit mining methods.
4. Carry out a small program of widely spaced exploration drilling to test for the presence of additional mineralization both beneath the known limits of the VW Deposit, and along the eastern strike projection."
"PROPERTY-SCALE EXPLORATION
1. Carry out a detailed compilation of all available information, to specifically focus on the Grassy Pond and Carrot Top areas.
2. Evaluate the potential for near-surface mineralization in the B4-7 East Extension, B4-8, B4-8 South, Scorpion Zone, Target A, and B4-7 East target areas for development of additional open pit resources.
3. Continue efforts to outline and refine the limits and character of the Grassy Pond Sill host rock package and search for new occurrences of Ni-Cu mineralization.
4. Examine the mafic and ultramafic intrusive rocks in the Toronto Lake area for their potential of hosting Ni-Cu mineralization. Work should begin in the area of the historical nickel showings."
"TECHNICAL STUDIES
1 Complete a preliminary economic study that investigates minimum tonnage and grade requirements for the Junior Lake Project.
2 Execute metallurgical studies designed to determine optimal parameters for generation of final concentrates from the B4-7 Deposit.
3 Collect preliminary geotechnical data for the overburden and host rock in the area of the B4-7 and VW Deposits in support of selection of appropriate open pit and underground mine design criteria.
PROPOSED WORK PROGRAM
Landore is currently in the process of completing a proposed four stage work program, with the Phase 1 work of a review of the Junior Lake geophysical surveys and investigation of the mineral potential of the property nearing completion. RPA concurs with Landore's approach of phased work programs."
End of extracts.
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 B4-7 Nickel-Copper-Cobalt-PGEs resource, the recently-identified Exploration Target and the Alpha Zone. Junior Lake also contains the VW Nickel resource and numerous other highly prospective mineral occurrences.
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 the Junior Lake Mineral Potential Report, has reviewed and verified all scientific or technical disclosure relating to the mineral resource estimate and exploration potential.
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, 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 Nickel Project. Landore Resources has mineral rights to 6 properties in eastern Canada. The Company is headquartered in Guernsey, UK, with an exploration office located in Thunder Bay, Ontario, Canada.
For more information please contact:
Bill Humphries, Chief Executive Officer Richard Prickett, Finance Director Landore Resources Limited |
Tel: 07734 681262 Tel: 07775 651421 www.landore.com |
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Angela Hallett / James Spinney Strand Hanson Limited Nominated Advisor and Broker |
Tel: 020 7409 3494 |
