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 17th 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 15th Sept 2017), 3500E (reported 4th 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 105°) and dip steeply to moderately to the south at 70° to 75°. 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.
