Last checked at 4 Feb 2014 07:00
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
4 February 2014
3-DIMENSIONAL GEOPHYSICS SURVEY COMMENCED ON
B4-7 and VW NICKEL TRENDS
JUNIOR LAKE NICKEL-COPPER PROPERTY
London, United Kingdom - 4 February 2014 - Landore Resources Plc (AIM:LND)("Landore Resources" or "the Company") today announces the commencement of a 3D DCIP + MT geophysics survey on the Junior Lake Property, Ontario, Canada.
Highlights:
· Landore has initiated a deep-penetrating Quantec ORION 3D "Direct Current Induced Polarization" and "Magnetotellurics" (DCIP + MT) geophysical survey over the highly prospective B4-7 and VW Nickel Trends. The survey is anticipated to be completed by late February, with final results becoming available early May.
· DCIP + MT survey results will be utilized to delineate additional resource mineralisation at the B4-7 and VW deposits and to identify new potential sulphide mineralisation within the intervening 3 kilometre distance between the two deposits.
· This geophysical survey covers an area of 740 hectares, and is the most comprehensive ORION 3D survey implemented to-date worldwide in terms of data acquisition density.
On 30 September 2013, Landore Resources announced the completion of a report by RPA Inc. of Toronto, Ontario, Canada ("RPA") reviewing the regional geological context of the B4-7 to VW deposit area. RPA utilized the results of Landore Resources' 2012 ORION 3D DCIP + MT survey over the Scorpion Zone in its conclusion that this area is highly prospective for further sulphide mineralisation.
In this report, RPA recommendations included:
"Continue with evaluation of the two sulphide horizons, employing a strategy that focuses on testing for the presence of additional nickel-sulphide mineralisation at shallow levels first. This evaluation can comprise a phase of rapidly screening a large volume of rock by geophysical methods, to be followed up by a focussed drill programme."
2014 ORION 3D DCIP + MT Survey
In September 2013, Landore Resources retained Quantec Geoscience, of Toronto, Canada ("Quantec") for the completion of an additional DCIP+MT ground geophysical survey over the B4-7 and VW Nickel Trends. The survey block spans from grid line 300E to 3700E and line 700N to 1500S, and is located directly adjacent to the east of Landore Resources' 2012 ORION 3D DCIP+MT survey block covering the Scorpion zone.
This survey commenced on January 19 2014, and includes the eastern portion of the B4-7 Nickel-Copper-Cobalt+PGE+Gold deposit and runs eastwards to and including the VW Nickel-Copper deposit. The survey comprises approximately 267,000 unique 3-dimensional IP data readings and 100 MT stations, which will provide high-resolution geophysical information to a depth of up to 750 metres, with low resolution information deeper to >1 kilometre depth.
The ORION DCIP + MT survey acquires three sets of data in multi-directions; DC (direct current), IP (induced polarization) and MT (magnetotellurics), and is a true three dimensional survey.
2012 ORION 3D DCIP + MT Survey
In fall 2012, Landore Resources had retained Quantec for the completion of the first ORION DCIP + MT survey on the Junior Lake property, over the Scorpion zone covering the western portion of the B4-7 deposit and the area 1km along strike to the west.
This survey was highly successful in identifying areas of prospective sulphide mineralisation including B4-7 style massive sulphide mineralisation. Five new areas of interest for further exploration were identified including a prospective zone for sulphide mineralisation at depth and dipping northward from the existing B4-7 deposit.
These geophysical results also supported the determination of an Exploration Target in the 2013 B4-7 Resource estimate and report, located along strike and down dip from the resource containing a potential 1.5 Mt to 2.0 Mt of sulphide mineralisation of similar grade range to the B4-7 Resource.
Following the success of this survey and upon the recommendations from RPA, Landore decided to extend the Quantec DCIP + MT survey over the eastern portion of the B4-7 deposit to the VW deposit, a distance of over 3 kilometres.
Further information including an overview map of the January 2014 ORION 3D DCIP + MT survey area is available on www.landore.com.
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 deposit, the Alpha Zone and the recently-identified Exploration Target. Junior Lake also contains the VW Nickel deposit and numerous other highly prospective mineral occurrences.
2014 Planned Works:
· A 4,000 metre drill programme to commence in second semester 2014 to test prospective targets identified by the December 2013 ground Electromagnetic (MaxMin), VLF and Magnetic geophysical surveys, as well as the January 2014 3D DCIP + MT ground geophysical survey (currently in-progress).
Michele Tuomi, (P.Geo., BSc. Geology), Exploration Manager 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.
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About Landore Resources Ltd.
Landore Resources Ltd. 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, Chairman Richard Prickett, Chief Executive Officer Landore Resources Limited | Tel: 07734 681262 Tel: 07775 651421 www.landore.com | ||||||
Angela Hallett / James Spinney Strand Hanson Limited Nominated Adviser
David Bick
| Tel: 020 7409 3494
Tel: 07831 381202 | ||||||