Last checked at 16 Oct 2012 07:00
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
16th October 2012
DRILLING, GEOPHYSICS SURVEY IN PROGRESS
THE SCORPION ZONE
JUNIOR LAKE NICKEL-COPPER-COBALT-PGEs PROJECT
Highlights:
·; 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.
Drilling has re-commenced on the western section of the 1,500 metre long Scorpion Zone. Infill drilling is being conducted between lines 50W and 200W targeting B4-7 style massive sulphide mineralisation at depth, designed at bringing the inferred portions of the B4-7 deposit to indicated status. The first two completed drill-holes on line 50W have successfully intersected significant mineralization.
Between lines 200W and 1,000W, drilling will further investigate the potential westward extension of the B4-7 massive sulphide mineralisation. Drill-hole 0412-446 on the 300W line, completed earlier this year, intersected significant massive sulphide mineralisation at depth. In addition, previous drilling on the B4-8 prospect has indicated significant copper mineralisation in the vicinity of the shear's deformation zone on the 900W line with drill-hole 0411-323 reporting 25.68 metres at 0.66% Cu including 10.01 metres at 1.17% Cu together with hole 0411-328 reporting 12.64 metres at 1.01% Cu.
DCIP + MT Survey:
An ORION 3D DCIP + MT survey is currently being conducted by Quantec Geoscience, Toronto, on the Scorpion Zone. This 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. Sophisticated digital signal processing is utilized to obtain high resolution imaging at depths up to 1000+ metres below surface.
This ground geophysical survey will utilize DC resistivity to identify prospective nickel mineralisation, and use IP chargeability to investigate potential copper and PGE targets. 3D inversion of this data will identify prospective drill targets. This survey will vastly improve drill efficiency and drill results.
The Junior Lake property:
The Junior Lake property, 100% owned by Landore, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay, and is host to; the B4-7 Nickel-Copper-Cobalt-PGMs deposit, the VW Nickel deposit, the B4-8 prospect and numerous other highly prospective mineral occurrences.
The combined resources (Canadian National Instrument (NI) 43-101 compliant) of the B4-7 and VW deposits delineated to date, total 48,281 tonnes of nickel equivalent (NiEq), 82 per cent of which is in the Indicated category.
Landore is in the process of completing a resource upgrade and NI 43-101 technical report on the B4-7 deposit to include all drilling carried out in 2011-2012. The resource upgrade is anticipated for completion in Q4 2012.
The Scorpion Zone:
The Scorpion Zone is a distinctive geophysical magnetic anomaly located approximately 3 kilometres to the northwest of the VW deposit and is host to the B4-7 deposit together with the B4-8 prospect. The zone extends 500 metres to the east of the 00 base line of the B4-7 deposit and extends 1,000 metres to the west of line 00 where it is truncated by the Juno Lake shear, and curls north and then to the east around a prominent 150 metre diameter magnetic low.
B4-7 Nickel-Copper-Cobalt-PGEs deposit:
The B4-7 deposit mineralisation is hosted within a sub-vertical massive sulphide vein with stringers, net-textured and disseminated sulphides in the immediate hanging wall. In Q1 2010, a NI 43-101 compliant report and resource estimate upgrade was completed for the B4-7 deposit. The resource reported 26,521 tonnes NiEq, at a 0.25% nickel cut-off.
The B4-7 main massive sulphide vein has been interpreted to be a pinch and swell structure emplaced along a strike slip/normal fault or series of parallel faults. Massive sulphide mineralisation occurs at and near surface within the eastern 500 metre portion of the B4-7 deposit, and occurs at increasingly deeper levels moving west from line 00.
2012 Planned Works:
A drilling program, consisting of 18 drill-holes for 9,000 metres to confirm the western extension of the B4-7 deposit mineralisation to line 1,000W, is currently underway.
Pre-feasibility studies on the combined B4-7 and the VW deposits will be initiated in Q1 2013.
QAQC
Landore has in place a stringent quality assurance and quality control programme to ensure best practices in sampling and assaying. All samples from the B4-7 project were collected by employees of Landore and shipped directly to ALS Laboratories, Thunder Bay, (ISO 9001 Certified) for preparation and assay in sealed bags. All samples are assayed for gold, platinum and palladium by fire assay, and nickel, copper, and cobalt by aqua regia digestion with AA finish, according to ALS's procedures PGM-ICP23, Ni Cu AA46, and Co AA45. Inductively-coupled plasma ("ICP") analyses for a suite of multi-elements (35 elements, including base metals and silver) were performed by procedure ME-ICP41.
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, anticipated to enter into pre-feasibility stage Q1 2013. Landore Resources has mineral rights to 5 properties in eastern Canada. The Company is headquartered in London, UK, with an exploration office located in Thunder Bay, Ontario, Canada.
Landore Resources is listed on the AIM market of the London Stock Exchange under the symbol LND.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable securities legislation. Forward looking information includes, but is not limited to, forecasts as to free-cash flow, strategic plans, mineral resources estimates, future operations, results of exploration, future works programs, capital expenditures and objectives. Forward-looking information is necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's public disclosure. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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
Katherine Roe / Adam Pollock Panmure Gordon & Co Broker
| Tel: 020 7409 3494
Tel: 020 7886 2500 |
David Bick | Tel: 07831 381201 |