LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
LANDORE COMMENCES DRILLING AND GEOPHYSICS CAMPAIGN
JUNIOR LAKE NICKEL-COPPER-PGE PROPERTY
London, United Kingdom - 8th December 2015 - Landore Resources Limited (AIM:LND) ("Landore Resources" or "the Company") today announces the commencement of a drilling and geophysics campaign on the Junior Lake Nickel-Copper-PGE Property, Ontario, Canada.
Field Program-Junior Lake:
Landore has commenced a field program to follow up on the recommendations from the Independent Geophysicist's Review, published 19th September 2015 ("Geophysical Review"), and the Independent Engineers Mineral Potential Report, published 13th October 2015, on Landore's Junior Lake property.
The program consists of:
· A 2,500 metre, nine-hole diamond NQ, drilling program on the B4-7 deposit and along the trend to the west and to the east to test targets identified in the above reports. All three drill-holes completed to date have successfully intersected mineralization. Assay results are awaited and will be reported as received.
· In conjunction with the above drilling, Abitibi Geophysics of Thunder Bay, Ontario, have been engaged to complete Bore-hole Time-Domain Electro-Magnetic (BHEM) surveys on new and existing drill-holes to determine the three dimensional extension of mineralization and to locate possible outlying anomalies. Landore's Independent Geophysicist, Alan King from Sudbury, Ontario, will be receiving and interpreting the data generated.
In addition to the above, Landore has engaged WSP Canada Inc. from Sudbury, Ontario to complete a:
· 'Geotechnical Study and Report to Pre-Feasibility Standard Pit Design Parameters' on the proposed B4-7 open pit located between local grid lines 25m West and 525m East on the B4-7 NI 43-101 compliant resource. WSP's Geotechnical Engineer has completed a site visit to carry out a project review, geotechnical logging and to take core samples for materials testing. The final report is scheduled for completion in Q1 2016 after which the results will be used to design the B4-7 open pit.
Land:
The Geophysical Review indicated that "Strong isolated negative (remnant) anomalies are characteristic of one of the early Nickel-Copper mineralizing events in the MCR (Mid-Continental Rift) (i.e. Tamarack, Eagle-Baraga dykes). Two strong negative magnetic anomalies such as the large negative in the western portion of the Landore property and the smaller circular anomaly to the southeast of the B4-7 should be investigated to determine their source".
The smaller anomaly was not contained in Landore's property. Accordingly, the area containing the circular anomaly has now been staked and is recorded as Claim No TB4214270.
Exploration of the two above mentioned features is scheduled to commence in Q2 2016.
Funding:
In October 2015 Landore completed a subscription raising circa £650,000 after costs to fund the above operations and for Company overheads.
In recognition of the outstanding support from our shareholders in these difficult times for mining companies in general and the need to utilize available funds to increase asset value through operations, the directors and executive have agreed, with effect from 1st July 2015, to
· Reduce their overall remuneration from £270,000 per annum to £137,500 per annum
· Defer payment of all their fees, excepting £40,000 per annum operational charges, until sufficient funds are available.
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 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.
B4-7 Nickel-Copper-Cobalt-PGEs Resource:
RESOURCE CLASS |
VOLUME (tonnes) |
GRADE (% NiEq) |
Contained Metal (tonnes NiEq) |
Indicated |
2,695,000 |
1.24 |
33,248 |
Exploration Target |
1,500,000 to 2,000,000 |
~1.24 |
~20,000 |
The report is compliant with the requirements of National Instrument 43-101 (NI 43-101). The resource remains open down plunge at depth and along strike to the west.
VW Nickel Resource:
RESOURCE CLASS |
VOLUME (tonnes) |
GRADE (% NiEq) |
Contained Metal (tonnes NiEq) |
Indicated |
3,730,000 |
0.49 |
21,760 |
Inferred |
720,000 |
0.49 |
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.
Works completed on the Junior Lake property to date have clearly demonstrated the existence of a geological environment that is favourable for the deposition of magmatic nickel-copper sulphide mineralisation. Based on geological 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 to 1,500 metres in thickness.
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 London, UK, with an exploration office located in Thunder Bay, Ontario, Canada.
For more information please contact:
Bill Humphries, Chairman Richard Prickett, Chief Executive Officer 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 |
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