Landore Resources said drilling had re-commenced on the western section of its Scorpion Zone in Eastern Canada, where it is targeting a "massive sulphide mineralisation" below and to the west of the existing deposit. It said two completed drill-holes had successfully intersected significant mineralization. Assays are pending. Shares were up 2% on the news............
DRILLING, GEOPHYSICS SURVEY IN PROGRESS THE SCORPION ZONE JUNIOR LAKE NICKEL-COPPER-COBALT-PGEs PROJECT
· Drilling has re-commenced on the western section of the Scorpion Zone (B4-7 Deposit + B4-8 prospect), targeting potential B4-7 style massive sulphide mineralization below and to the west of the existing deposit. The first two completed drill-holes on line 50W have successfully intersected significant mineralization. Assays are pending.
· A deep penetrating 'Direct Current Induced Polarization' (DCIP) and Magnetotellurics (MT) survey is in progress on the Scorpion Zone to investigate below the known mineralization of the B4-7 Deposit, as well as targeting potential mineralisation to the west. A high quality three-dimensional geophysical model will be created from this survey which will outline potential targets up to 1,000+ metres depth.
Landore Resources, a Canadian mining explorer, has agreed a subscription of 52.3m new ordinary shares in the company at a price of 5p per subscription share to raise £2.615m before expenses. The proceeds from the subscription will be used to finance working capital, in addition to exploration and drilling expenditures on the nickel deposits at the Junior Lake project in the Province of Ontario, Canada.
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