Last checked at 14 May 2008 07:00
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
JUNIOR LAKE-NICKEL PROJECT
B4-7 DEPOSIT-RESOURCE STATEMENT
B4-7 Deposit Inferred Resource:
Snowden Mining Industry Consultants (Snowden), Perth, Australia, was retained by Landore Resources Canada Inc. (Landore) to independently prepare an Australasian Joint Ore Reserves Committee (JORC) Code compliant (2004) Mineral Resource estimate for the B4-7 Nickel Copper Cobalt PGE Deposit located at Landore's Junior Lake project.
Extract from the report produced by Snowden.
The B4-7 resource estimate, at various nickel equivalent cut-off grades, is detailed below in Table 1.
| Table 1 - Landore B4-7 Inferred Resource reported above various nickel equivalent (NiEQ) cut-off grades | ||||||||
| Cut-off (NiEQ%) | Tonnes (kt) | Ni% | Cu% | Co% | Pt ppm | Pd ppm | Au ppm | NiEQ% |
| 0.2 | 5,870 | 0.32 | 0.2 | 0.03 | 0.08 | 0.31 | 0.02 | 0.49 |
| 0.3 | 4,650 | 0.37 | 0.3 | 0.03 | 0.09 | 0.32 | 0.02 | 0.55 |
| 0.4 | 3,490 | 0.41 | 0.3 | 0.04 | 0.09 | 0.35 | 0.03 | 0.62 |
| 0.6 | 1,680 | 0.51 | 0.3 | 0.05 | 0.10 | 0.43 | 0.03 | 0.76 |
| 0.8 | 530 | 0.62 | 0.4 | 0.06 | 0.10 | 0.51 | 0.04 | 0.92 |
| NiEQ = Ni% + (0.26 × Cu%) + (2.38 × Co%) + (0.19 × Pt ppm) + (0.06 × Pd ppm) + (0.12 × Au ppm) Tonnes and grades have been rounded and this may have resulted in minor discrepancies. | ||||||||
The most likely cut-off grade for this deposit has not been determined at this time and must be confirmed by the appropriate economic and mining studies. Notwithstanding this Snowden believes the ore detailed above has reasonable prospects of eventual economic extraction using assumptions which were valid at the time of reporting.
Extract ends.
| B4-7 Mineral Resource-contained metal above 0.2%nickel equivalent (NiEQ.) cut-off. | |||||||
| Ni Tonnes | Cu Tonnes | Co Tonnes | Pt Ounces | Pd Ounces | Au Ounces | NiEq Tonnes | |
| Total contained metal | 19,000 | 11,700 | 1,800 | 15,700 | 59,200 | 4,000 | 28,900 |
Commenting on the report, Chairman of Landore Resources, Bill Humphries, said:
The addition of the B4-7 Deposit to our compliant resource base significantly enhances Landore's prospects of becoming a nickel producer in the medium term and continues to support our faith in the huge potential of the Junior Lake property.
Junior Lake:
The Junior Lake property is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay and is situated within the Caribou-O-Sullivan Greenstone Belt in the Wabigoon Subprovince. The B4-7 Deposit is located toward the south eastern end of the Junior Lake property and sits approximately 3 kilometres to the north-west of the VW Deposit.
B4-7 Nickel-Copper-Cobalt-PGE Deposit:
During the second half of 2007 an infill drill program, consisting of 16 NQ size holes for a total of 3,575 metres, was completed on the historic B4-7 nickel-copper-cobalt-platinum group elements (Ni-Cu-Co-PGE) deposit.
The program successfully filled the remaining gaps in the deposit and confirmed the continuity of the mineralization. The deposit remains open down plunge to the west.
Extract from the report produced by Snowden.
B4-7 deposit Mineral Resource estimate
Snowden has carried out a Mineral Resource estimate which has been classified according to JORC guidelines for the B4-7 deposit at Junior Lake, Ontario, Canada. This estimate was based upon data supplied by Landore Resources Limited ('Landore'). Landore provided Snowden with a full database along with some quality control data.
Snowden has classified the B4-7 resource as Inferred using guidelines in the JORC Code (2004). This classification reflects the uncertainties in the quality of the assay data and the outlines of the 'massive sulphide' domain. Metallurgical testing of the B4-7 massive sulphide has indicated nickel recoveries between 25% and 35%. However, notwithstanding this Landore has identified a potential profitable treatment route for this material. Landore's officers also believe that the disseminated material at B4-7, which has a much higher nickel to sulphur ratio than the 'massive sulphide' material, may return higher nickel metallurgical recoveries commensurate with those determined for Landore's VW deposit in the same belt; however, this has yet to be verified by testwork on B4-7 samples.
Extract ends.
Ongoing works. Snowden is currently preparing a technical report on the resource estimate for the B4-7 deposit.
Following receipt of the technical report, drilling will re-commence on the B4-7 deposit, with 5,000 metres being programmed for further extension and infill drilling.
In addition, extensive metallurgical testing will be carried out on the disseminated material of the B4-7 deposit.
James Garber, (BSc. Hons. Geology, member of APGO) a Director of Landore Resources Ltd 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, which is stated in accordance with the Canadian Institute of Mining Metallurgy and Petroleum.
Ian Glacken FAusIMM(CP), CEng., Group General Manager Resources, Snowden, prepared the resource estimate for Landore Resources Canada Inc. and is qualified to act as a Competent Person with respect to the JORC Code (2004).
- ENDS -
For more information please contact:
| Bill Humphries, Chairman Richard Prickett, Chief Executive Landore Resources Limited | Tel: +44(0)7734 681262 Tel: +44(0)7775 651421 www.landore.com |
| Simon Raggett Strand Partners Limited | Tel: +44 (0)20 7409 3494 |
| David Bick | Tel: +44 (0)7831 381201 |