Member Info for Urbanracer

Fair play Nice :-)

Sorry for being so manky at the moment.

UR

Totally greendave,

And I apologise also. I allowed myself to get personal the other day over a question of expectations (that was to do with timings) and so jumped on the 2 million because such expectations need managing.

Thanks for response greendave. Appreciated.UR

Happy with that Nice…another ‘opinion!!??’

A 2 million MRE (or more!!!!!) sez greendave. Apparently the company have hinted it will.

Total lies. Absolutely dishonest posting. Just listen to Bill H making it abundantly clear in last interview that we will NOT hit near that figure in the resource, and that is only if you cannot be bothered doing the mathematics for yourselves.

I cannot be bothered explaining it all again.

Good luck with your 2 million plus greendave.

Nice,

The fact that you don’t have a problem with his posting is the concern, and calls into question your views on other topics such as the performance of the board.

John Henry is posting lies with the intention to disrupt. At no point has it ever been said, in text, or interview, that Landore would ‘move directly onto Felix’. As such , there can be no claim, at all, of a ‘3 month delay’.

The last comment by Landore was made on the 21st October when it was stated:

‘BAM Gold Deposit - Drilling has re-commenced initially targeting the down plunge extension of the newly discovered Western Extension (as reported on 30 September 2021) before the focus will move to the Felix Prospect to test the numerous targets identified by the Company's previous exploration drilling and geochemistry programmes.’

Also in interview ‘before we go over to Felix and start targeting….’ (TMS 21.10.21)

No timeframes. No target date. Just a statement of intent.

You may not have a problem with his posting, but I do. Lies and absolute rubbish that can have a detrimental effect on your precious share price.

Fact based opinion yes……
Statements based on stupidity at best; dishonesty at worst. No.

And there you have it.

Whilst I was typing, the idiot, emboldened by your unwise support, decides that he is safe to continue the nonsense. Bloody good results, on difficult ground, and he ‘is surprised that the sp held up as well as it did’.

Great stuff.

Nice….’hard hitting truth?’
Ronaldo….‘ fair points’.
PSB. Your post tends to that JH’s post is fair enough as it is not some sort of positive ‘echo chamber’.
Nametrade. Your post indicates JH should carry on as he always makes ‘valid points’.
CodeJunkie. ‘Lnd is late with everything. So what’s new.’

I normally shy away from ever getting involved in this stuff, but it appears some of you have taken leave of your senses. Have you actually read what JohnHenry has written?

Honestly I simply don’t know where to start. Landore drill AND SUCCESSFULLY TRACE new and very narrow en-echelon lithology and HIT with 5 out of 8 drills with good albeit narrow intervals. A new western trending spur which boosts resource on the 600-900 eastings along varying northing lines providing proof of further westerly trending additional mineralisation.

What we get is a nonsense post about straight onto Felix and a 3 months ‘delay’. This is mining exploration for gods sake. They are NOT ‘delays’. You map with geo’s , prepare, drill, review, amend , submit core, receive assays, review, decide on next action (which may be further or deeper drilling or which might be a revision of next drill placement etc etc etc. Following this, a deeper review is made that may even affect wider plans in relation to timings, funding, or even a sea change in planned drilling strategy.

This is not going to the corner shop for a packet of biscuits and then getting home 17 minutes late!

I have never heard such rubbish in my life. Yes, post non ramping and balanced posts, but ridiculous and frankly childish pots that then get support from others is disgraceful, especially when it is clear that his exploration and mining knowledge is zero.

There are some really good and balanced posters on here (I obviously include you Nice) along with Mads, Trek, AM90, Samroy etc but such nonsense will destroy this board as sure as God made little green apples.

Sorry but there you have it, and I suggest you form your own judgement on the validity of what I have said.

UR

Just bought a few million as I don’t want to be out of this over the weekend.

Apologies for my purchase and associated share price increase.

Hehe. Happy days chaps.

I have reviewed the data from January 8th 2019. It shows that we then had a figure of 441,000 ounces at Unclassified grade, (above cut-off of 0.3 g/t) for a total combined resource of 1.392 million ounces of gold (at above cut-off once again-which could be bettered now due to gold price increase since).

I am not sure if this has been previously understood but I repeat….in 2019, OUR COMBINED RESOURCE WAS (a smidge under) 1.4 MILLION OUNCES.

The question which I cannot resolve is how much of the 441,000 ounces has been infilled to resource (therefore deducted from THIS figure), and how much has been added to it depending on the ratio of inferred versus exploration in the second 11,000 metres of drilling.

If it has stayed around the same, we can expect a new combined figure of close on 1.9 million possibly.

So, my question. TIME?

If we take Bill at face value, (and I do) we have a company (or more) wanting a combined 2,000,000 ounces with 9 years plus mine life before we do business. If (and I say IF), it is below that figure, then it becomes, I think, a balance of resource v time. It is all well and good to have the stuff in the ground, but that is not profit. I reckon that if we fail (just) to hit the much vaunted 2m combined, then I don’t think a barrier will automatically be placed at the path to negotiations. Big companies have big resources for both exploration and for mining. I think there is a chance that they take the view that time is in the balance and they need to get on with it now. Landore have played a blinder in getting this far, but bigger resources are now required to push on.

We may hit our target, we may just miss it. Either way I still reckon we will be on our way to a buy out.

Everything seems to point that way.

I hope I am right.

Quod Erat Demonstrandum (QED). As my Latin and Mathematics masters used to say.

UR

Hi Nice,

My rationale for stating we are at a critical juncture is this:

I don’t know about anyone else, but I reckon the 11000 v 11000 strategy this year was devised with one objective and this was to realise a combined and specific target figure and we all know what figure I am referring to. The question is wether or not it has now been reached.

The first 11000 of 22000 at Bam grade confirmation (22.8 ounces per metre) would give us 310,000 to add to the current resource. So say 1,325,000. In addition, we should consider a possibly improving grade average (currently 0.99-1.4 g/t), an improved gold price which likely affects cut off (currently 0.3 g/t), and what effect the last bit of drilling (infill around 800/900E) will have on the MRE if we presume it has been delayed to incorporate.

In addition, (and I have just checked facts), Bill stated that the less dense second 11,000 metres of drilling will account not just for exploration (unclassified) grade but also inferred. I am unable to deduce what the ratio of that will be however the statement makes clear that a proportion of this second 11000, (the inferred ) will also obviously form part of the MRE.

We may, therefore see around 1.4 MRE or even potentially more in my opinion. It all depends on both ratio and results.

What I cannot, in all honesty, get my head around is the final unclassified figure. (Remember this is V important according to BH).

(Continues)

That Critical Juncture has been reached in my opinion.

UR

Hi Nice,
Great balanced post as always, and, like you, I think that boards such as these should happily accommodate posters with differing views in order to achieve such balance.
I note that you said in response to a post of mine: ‘’i.e. I don't think it's an especially critical juncture around now for Lnd. ‘’

My reasoning in saying that we ARE is that BH, for the first time ever, has made it clear, in interview, that they want to sell, and are/will be actively promoting the company to majors or mid-tiers once the updated MRE is out which I suspect will be quite soon now. Now then. This will, or will not, result in offers. If offers do come in, then one or more will be acceptable or not. If an acceptable offer is tabled and is shareholder acceptable, then depending on the terms, either the company OR the gold side of Junior Lake, will go. This particular aspect is massively debatable and no-one knows how it will play out.

So then, if the gold ONLY sells (full 31km width from Toronto Lake to West of Lamaune and to north of GPS) then the Nickel remains. Question mark! Note that Bill stated that companies wanting gold AND BM’s pretty much don’t exist, and I can’t see another exploration company wanting Landore with a view to building up more resource in Au and Ni, AND THEN selling to a mining company. Can anyone?

If the gold does not sell. Question mark! And, as AM90 stated, the fact that we will have gone through a process and NOT sold will put us in a position that shareholders will want a great deal of clarification about in relation to future strategy. (risk management and business continuity plans).

You can simply NOT get away from this point :BH has stated several times that companies are seeking 2 million ounces and associated 9 year plus mine life for gold. He has also said that such companies have said that the potential in gold is almost as important as the resource figure. As a result, he split the last campaign into EQUAL amounts of drilling: 11000 metres infill for the MRE and 11000 metres less dense for both inferred (which will go into MRE) and unclassified which will sit outside the resource as exploration. This has been repeated so many times that we have to take BH at face value.

If, therefore, we reach around say 1.3 - 1.4/5 in MRE and 400-500,000 ounces in unclassified grade, then we are AT this target. If Junior Lake gold does not sell then shareholders would want to understand why. The inference for some time has been that we reach this target and negotiations will be ramped up.

This is why I say we are at a critical time. We have done the drilling and done a great job. It is clear that Bills team are bloody good. We have hit gold as you alluded to Nice, all year with hit after hit. Gold grades look as though the current average may increase, and gold prices are likely to have affected cut-off. Are we at combined 2 million now? Is more work required? Do we sell? What about the Ni?

Critical juncture I r

6.6 pence!!!! Where’s my calculator!!

There is a further point on this subject Nametrade.

The new MRE will simply show

The new indicated resource figure.
The new inferred resource figure.
The sum of these two will be the new NI43-101 Mineral Resource Estimate.

What I am not sure about is where or when they will publish the latest unclassified (exploration) gold figure. As I explained, it sits outside the MRE so I hope the figure will be commented on in the RNS that contains the MRE link. In 2019, that did not happen and the 441,000 unclassified figure was not published until the PEA which came out about 4 weeks later.

I hope we get all 3 figures within the RNS. We shall know soon enough.

Hi Nametrade,

He did indeed. There seems to be a problem in getting this across.

The issue seems to be that people were expecting 2 million ounces IN RESOURCE (ie Measured (we don’t use), Indicated and Inferred. My maths say that in adding 11000 meters on infill at Bam grade means that we will have around 325,000 ounces at resource grade to add to the current 1,015,000 figure for around 1.35m IN RESOURCE. We may also be able to improve on this as average grades seem to have improved AND this does not include the latest circa 15/20 holes in the 800/900 E vicinity for which results are also awaited.

In addition, Bill confirmed that we also did a second 11,000 metres drilling at far lower density, at inferred level AND the lower unclassified level.

What this means is that any inferred WILL fall into the new MRE but the unclassified or exploration grade will sit outside. Bill has made it very very clear that the low exploration grade sold is very very important as it points to Real Potential alongside the previous geo-chemical work (soil sampling). In 2019, we had 441,000 ounces of unclassified gold which includes the 50,000 ounces sat at Lamaune which is 10 ish km’s to the west of Bam on the far side of the Felix. Some of that 441,000 has since been infilled into resource (but NOT all) plus we will have new unclassified grade gold to add.

So. We are looking potentially at an updated Mineral Resource Estimate of between 1.35 million to perhaps 1.4 or slightly more. What we will also have is the unclassified grade gold (remember…Measured (we don’t use), Indicated (high level of assurance), inferred (reasonable level of assurance) and unclassified (outside the Ni43-101 Resource and lower level of assurance). We are looking for additional material to be added to whatever remains of the previous 441,000 ounces and at Bam grade with 11,000 metres low density drilling could give us in the region of 500,000 ounces.

Conclusion.

1.4 ounces in MRE Plus circa 500,000 unclassified gives us a COMBINED figure of 1.9 million ounces. Ie a smidge off the 2 million that Bill says is what is required.

THIS is where the problem lies. We will NOT, as Bill says, have a 2 million ounce resource but we are looking towards a COMBINED 2 million figure, and, if we take Bill at his word….. companies have said to him..

‘Show us 2 million ounces in both resource AND exploration potential and we will talk’.

He has stated this repeatedly in interview and it is very possible that we have all but reached that target.

Hope this clarifies and assists.

Nametrade,

I meant to say gold to the north of the GPS…not the east. We know that The main Bam anomaly is generally east to west trending hence the intention to run on westwards into Felix.

The thing is, if we have reached the combined (resource AND unclassified) figure of circa 2m we may never get the chance to hit Felix. Disappointing in one way, but we are now in this for the sale.

Hi Nametrade,

It was interesting to listen to Bill talk about this very point to Sarah Lowther in the October interview. He stated that he had been in this very same position before in his early mining years.

He reckons that it would be possible to draw a ‘line’ just to the south of the Grassy Pond Sill and thereby have the nickel to the south of the line and the gold to the east. The thing I am not clear about is how the two would work together at the junction. The drilling just before the Bam discovery was hitting nickel and gold in the core so the two metals do co-exist as the junction.

Bill, however, made it clear that there was no issue at all with this, however we would really need to hear more to understand exactly how this might operate. There was certainly no indication that this would hinder the project nor cause any reduction in overall project value.

Nametrade,

That happens to be my view….I left my opinions out of the post. What I would say is this.

1. Have they proven enough Ni. Xstrata wanted 100,000 and Lnd have proven up 70 odd thousand.(no drilling on B4-7/8 for years). We do, however, know that the B4/7 remains open with improving grades at depth (I checked back).

2. Bill confirmed that companies looking to acquire both precious metals AND BM’s do not exist. As such, they would need two acquiring companies who would need to work pretty much in partnership due to the proximal nature of the anomalies.

3. We have other valuable resources in iron and lithium however I am not sure what value can be attributed as Swole, Despard, and Tape remain pretty much unexplored even though Lithium is now become ever more valuable. Lamaune has the iron but also has the gold and we DO have an early unclassified (exploration) figure there of 50,000 ounces with pretty decent grades.

Interesting times.

(Cont)

I am sure that there are many other questions running through our minds, but I reckon these are the biggies. I will now allow myself a general view..

Landore have had a cracking 2020/2021. It has been quite a ride. Bill and his team have played a blinder based on the limited financial resources at his disposal.

Imagine the picture if 9 x 24/7 drills had been playing. At the Bam, we are open to east, west, and depth. This exceeds the Bam limits, and continues into Felix out to the west and towards Toronto Lake to the East. Comments suggest we may still be open to the north of the Grassy Pond Sill as well. Grades at depth are improving.

We also know historically that the B4-7 nickel is also open to depth and again showing improving grade’s beneath. (Seems a lifetime ago since Nickel was THE story here).

For me, this IS the critical juncture for Landore. If the MRE, expected anytime from now, in the vicinity of the 2 million ounce COMBINED target of resource and exploration then by definition, that should kick start the stated intention of company sale. How this will play out, only time will tell. That time is upon us. It is NOW.

Best wishes all.

UR

(Cont)

6. I saw reference the other day to an intention by Landore to retain the BM side and commence a drilling campaign. I have no idea where that came from? Is this in any way linked to the comment that Xstrata (now Glencore) had expressed an interest but wanted 100,000 as opposed to current 70 odd thousand….

In other words, do we see the possibility of an intention to sell the gold side of the business at fmv based on this (at least) 2 million ounce figure in both resource and exploration potential and an additional intention to RETAIN the ‘other metals’ side of JL under a ‘new look’ Landore with changes made at managerial and Board level.

And on this point, just where did this (combined) 2 million figure originate. Who made the point or offer originally and when, and are they simply going to buy at the point this figure is reached. Which, of course, is quite possibly NOW?

7. Negotiations. (Refer to Aim rules index) Requirements to report. It appears that unofficial talks need not be reported. It appears that unofficial offers need not be reported. Do official offers need to be reported OR can they be withheld pending talks with other companies. AIM rules talk about matters that are likely to cause a SIGNIFICANT share price movement (this is why drilling results are often held back as SIGNIFICANT is not defined and is therefore subjective). Do we expect BH to announce that EOI’s have been forwarded to a number of companies once done as is his stated intention. If we do not hear anything within a month or two of the MRE, would we, as PI’s, seek clarification?

(Continues)