LONDON (Alliance News) - Landore Resources Ltd Tuesday said it has started a drilling and geophysics campaign on the Junior Lake nickel project in Canada and said it has agreed a deal with directors and executive management to defer fees and slash their overall remuneration.
The programme on the project will comprise of 2,500 metres of drilling over nine holes focused on the B4-7 deposit and along the trend to the west and to the east to test targets identified in the geophysicist review and engineers mineral potential report released in September and October respectively.
Landore has already drilled three holes on the project, all of which successfully intersected mineralisation. The company is currently awaiting assay results from those first three holes.
Landore has also engaged Abitibi Geophysics to complete bore-hole time-domain electromagnetic surveys on new and existing drill holes to determine the 3D extension of mineralisation and to locate outlying anomalies.
It has also hired WSP Canada Inc to complete a geotechnical study to design the standard pit parameters for the B4-7 deposit, which will be of a standard so that it can be used in a pre-feasibility study. That report should be completed in the first quarter of 2016, allowing the company to design the open pit for the deposit.
In addition, the geophysical review released in September discovered isolated anomalies that had characteristics to hold copper and nickel mineralisation. One of the anomalies lies in an area outside of Landore's acreage, and the company said the anomaly has been "staked".
Landore said it will begin exploring the two additional anomalies in the second quarter of 2016.
Separately, the miner has struck a deal with its directors and executive management to try to bring down costs so that it can navigate through the current "difficult times".
The board has agreed that their overall remuneration should be slashed to GBP137,500 from the original GBP270,000 agreed and have also allowed the company to defer all fees to the board, except for GBP40,000 per year in operational charges, until sufficient funds are available, it said.
Landore shares were trading down 6.7% to 0.700 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Landore (LND)