LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
RESULTS FROM THE FALL 2015 DRILL AND GEOPHYSICS CAMPAIGN
JUNIOR LAKE PROPERTY
London, United Kingdom - 18 February 2016 - Landore Resources Limited (AIM:LND) ("Landore Resources" or "the Company") is pleased to report results from the fall 2015 drill and geophysics campaign on the Junior Lake Property, Ontario, Canada.
Highlights:
· Geophysics: Borehole transient electromagnetic (TDEM) surveys carried out in selected drill holes along strike to the west of the B4-7 resource have identified excellent quality conductive targets which appear to represent the westerly and down plunge extension of the B4-7 deposit for a further 500+ metres past the existing defined resource.
· Geotechnical: Preliminary results from the recently completed Geotechnical Study for rock mechanics and open pit slope angles for the proposed B4-7 starter pit has given an inter-ramp angle of 59 degrees. This will allow the pit to be substantially deepened from the original 2013 design capturing far more of the ore whilst retaining the same stripping ratio.
Drilling:
Landore completed a drilling campaign in the fall of 2015 consisting of 6 diamond drill holes for 1,761 metres together with the extension of two existing holes for 462 metres for a total of 2,223 metres.
The above drilling was carried out to support borehole transient electromagnetic (TDEM) surveys completed on drill holes in the B4-7 nickel-copper-cobalt-PGE deposit area, VW West and BAM East areas.
In addition, drill hole 0415-516 was drilled to support a geotechnical review of the rock mechanics and open pit slope design for the proposed starter pit on the B4-7 deposit.
Results of the drilling include:
NS Line |
Drill-hole |
From |
Interval* |
Ni |
Cu |
Co |
Pt |
Pd |
Au |
NiEq |
|
No |
Metres |
Metres |
% |
% |
% |
g/t |
g/t |
g/t |
% |
700W |
0415-514 |
491.30 |
2.70 |
0.18 |
0.61 |
0.03 |
0.09 |
0.19 |
0.17 |
0.75 |
200E |
0415-513 |
129.07 |
1.17 |
0.46 |
0.17 |
0.04 |
0.26 |
2.75 |
0.01 |
1.43 |
|
and |
162.50 |
4.14 |
0.17 |
0.05 |
0.01 |
0.17 |
1.42 |
- |
0.64 |
|
and |
191.92 |
1.73 |
0.66 |
0.10 |
0.04 |
0.20 |
1.03 |
0.01 |
1.10 |
|
and |
199.87 |
0.80 |
0.39 |
0.28 |
0.04 |
0.33 |
1.85 |
0.01 |
1.22 |
250E |
0415-516 |
166.19 |
9.42 |
0.41 |
0.32 |
0.04 |
0.08 |
0.29 |
0.02 |
0.77 |
|
and |
198.20 |
2.13 |
1.05 |
0.30 |
0.08 |
0.41 |
1.17 |
0.01 |
1.77 |
*The actual true thickness of mineralisation is estimated to represent between 70-80% of the intervals shown in the above table.
Note: Results from drill holes 0415-517 and 0415-518 are pending subject to completion of further Quality Control/Quality Assurance (QAQC) procedures.
Drill hole 0415-514 on line 700W intersected B4-7 style mineralisation at 491.30 metres down hole. The subsequent BHEM survey on this hole showed two large conductive plates directly beneath this intersection, along plane and down plunge to the existing B4-7 Resource which ends at 175W.
Drill Hole 0415-513 on line 200E reported multiple Alpha Zone intersections with elevated platinum and palladium grades.
BHEM Survey:
Abitibi Geophysics Inc. of Thunder Bay, Canada was retained by Landore to complete borehole transient electromagnetic (TDEM) surveys on selected drill-holes on or near to the B4-7 deposit. These surveys, commonly known as borehole EM (BHEM), were completed December 3 to 14 2015. Six drill holes were surveyed in the B4-7 nickel-copper-cobalt-PGE deposit area with one each in the VW West and BAM East areas. The full report covering the survey can be found on Landore web page www.landore.com.
Alan King of Geoscience North Ltd. was retained by Landore Resources Canada Inc. for the interpretation of the above BHEM surveys. The full interpretation report can be found on Landore web page www.landore.com.
Table 1: List of Holes surveyed with BHEM
DDH |
Area |
Local Grid Easting |
Local Grid Northing |
0415-514 |
B4-7 |
700W |
285S |
0414-478 |
B4-7 |
550E |
85N |
0415-513 |
B4-7 |
200E |
75S |
0411-360 |
B4-7 |
100E |
185N |
0413-469 |
B4-7 |
200W |
221N |
0413-468 |
B4-7 |
550W |
165N |
0409-248 |
VW West |
1700E |
460S |
0415-517 |
BAM East |
2500E |
100N |
BHEM is a very valuable tool in the exploration for conductive targets as it expands the effective radius of exploration of a drill from a few 10's of centimeters to 100's of meters for large targets.
B4-7 Deposit Area
The BHEM results, such as the results for 0413-468 below, show numerous good quality conductive zones in and around the B4-7 zone, many of which have not been drill tested. Good quality plates in the vicinity and/or on the same horizon as the B4-7 zone are likely to represent nickel bearing sulphides similar to those in the B4-7 zone.
Extract from report
Geoscience North Ltd
Interpretation Report on Borehole TDEM Surveys
Junior Lake Property January 25 2016
0413-468
Three plates 1000S to 4000S as shown in the following figure - Three mainly off hole, good to excellent quality plates to the west and down plunge of the main B4-7 zone in the plane of the B4-7 zone. These appear to represent the westerly and down plunge extension of the B4-7 deposit.
The figure can be found at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/3986P_-2016-2-17.pdf
Figure - BHEM Interpretation - Drill hole 0413-468 data at right and 3D model at left. Observed data is shown by black line and data calculated from the interpreted model is shown in red. Interpreted conductive plates in the 3D model are colour coded by quality. B4-7 deposit shown as green wireframe.
End of Extract
Upcoming Planned Works:
Landore has retained RPA Inc. (RPA) of Toronto, Canada, to conduct a review of the borehole EM (BHEM) geophysical information and drilling results from the recently-completed exploration program on the B4-7 deposit area with the aim of ascertaining the works required to bring the newly identified potential B4-7 mineralisation into the formal resource. The results from this review are expected by the end of Q1.
Geotechnical Studies:
In December 2015, Landore engaged WSP Canada Inc. for the completion of a geotechnical study to pre-feasibility standards for rock mechanics and open pit slope angles for the proposed B4-7 starter pit.
Preliminary results of the study has given an inter-ramp angle of 59 degrees. This will allow the pit to be substantially deepened from the original 2013 design capturing far more of the ore whilst retaining the same stripping ratio.
Landore is currently seeking quotations for the completion of a pre-feasibility standard pit design. This study will incorporate the afore-mentioned pit design parameters and optimize the existing pit shell.
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, 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 |
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