Landore Regulatory News (LND)

RNS Number : 7759D

Landore Resources Limited

22 May 2012

 

LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 

22nd May 2012

 

DRILLING UPDATE

JUNIOR LAKE NICKEL PROJECT

 B4-7 DEPOSIT

 

Highlights: 

 

·; The recently completed drilling campaign on the eastern section of the B4-7 deposit has significantly enhanced the volume of B4-7 massive sulphide mineralization within the upper 150-metre portion of the deposit along 500 metres of strike.

 

·; Drilling to date has consistently intersected massive sulphide mineralisation, including drill-hole 0412-385 reporting 30.08 metres with grades of 0.74% Nickel, 0.45% Copper, 0.07% Cobalt, 587ppb Palladium, and 174ppb Platinum.

 

·; Drilling continues on the western section of the B4-7, scheduled for completion Q3 2012. The B4-7 remains open down dip and along strike to the east and west.

 

The current drilling campaign, started in February 2012, is aimed at expanding the B4-7 deposit and providing adequate drill density to bring inferred portions of the deposit to indicated status. To date, 56 diamond core NQ size holes and 2 re-entered holes (0412-367 to 0412-422 and 0409-237/238) for 9,772 metres, have been completed. Assays are outstanding for 22 drill-holes and will be reported as they become available.

 

B4-7 mineralised intersections include: 

Drill-hole	From	Width*	Ni	Cu	Co	Pd	Pt	Au
No	Metres	Metres	%	%	%	ppb	ppb	ppb
0412-376	285.00	8.80	0.85	0.72	0.07	497	216	93
0412-380	116.35	4.68	0.90	0.30	0.06	478	32	17
0412-381	256.51	13.17	0.79	0.57	0.06	633	142	13
0412-382	145.11	7.90	0.91	0.55	0.07	541	95	15
0412-383	96.65	5.40	0.75	0.51	0.05	598	82	25
0412-384	201.97	6.14	0.83	0.38	0.07	673	202	19
0412-385	139.00	30.08	0.74	0.45	0.07	587	174	21
0412-386	20.48	20.17	0.65	0.62	0.07	703	155	39
0412-387	109.24	11.50	0.62	0.43	0.07	825	268	30
0412-388	44.90	8.41	0.91	0.48	0.07	535	159	24
0412-390	26.40	6.46	0.89	0.70	0.09	749	188	25
0412-393	56.00	11.78	0.53	0.51	0.07	616	194	36
0412-394	33.00	3.39	0.55	0.89	0.26	232	133	76
0412-395	78.24	9.71	0.44	0.31	0.04	412	207	23
0412-396	79.36	11.34	0.63	0.38	0.05	356	162	45
0412-397	115.00	9.10	0.52	0.29	0.04	564	128	18
0412-398	88.00	16.40	0.50	0.25	0.04	749	226	18

*The actual true thickness of mineralisation is estimated to represent between 75-80% of the intervals shown in the above table.

 

This campaign is also targeting the adjacent polymetallic zone (Alpha zone) located up to 70 metres to the north of the B4-7 main mineralized zone at 75W and merging with the main zone at approximately 350E. The Alpha zone consists of a series of sub-vertical contacts within metamorphosed gabbros andcontains significant palladium and platinum, in addition to elevated nickel, copper and cobalt. Previously there were insufficient intersections of the Alpha zone for its inclusion into the resource. However the current drilling is successfully establishing continuity along strike.

 

Polymetallic alpha zone mineralised intersections include:

Drill-hole	From	Width*	Pd	Pt	Ni	Cu	Co	Au
No	Metres	Metres	ppb	ppb	%	%	%	ppb
0409-384	65.00	2.17	1,610	280	0.47	0.09	0.03	2
0409-385	74.38	1.07	2,910	441	0.66	0.45	0.04	5
0412-387	49.50	4.39	1,379	222	0.41	0.18	0.03	6
0412-391	68.46	2.94	3,636	579	0.74	0.11	0.04	6
0412-393	12.76	1.04	1,405	906	0.21	0.14	0.02	6
0412-397	106.68	0.83	2,830	926	0.30	0.27	0.03	22
0412-398	91.79	0.98	8,120	2,240	0.84	0.09	0.05	61

*The actual true thickness of mineralisation is estimated to represent between 75-80% of the intervals shown in the above table.

 

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 VW Nickel deposit; the B4-7 Nickel-Copper-Cobalt-PGMs deposit; the B4-8 prospect and numerous other highly prospective mineral occurrences.

 

The combined resources (Canadian National Instrument (NI) 43-101 compliant) of the VW and B4-7 deposits delineated to date, total 48,281 tonnes of nickel equivalent (NiEq), 82 per cent of which is in the Indicated category. Both deposits remain open down dip and along strike to the east and west.

 

Landore believes that for the Junior Lake Nickel projects to be economically viable, the above tonnage needs to be increased by 20 to 30 %. Accordingly, Landore's exploration effort is now focused on the discovery of additional mineralisation in the vicinity of the two main deposits.

 

B4-7 Nickel-Copper-Cobalt-PGEs deposit:

The B4-7 deposit is located approximately 3 kilometres to the northwest of the VW 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, an NI 43-101 compliant report and resource estimate upgrade for the B4-7 deposit was completed. The resource reported 26,521 tonnes NiEq, at a 0.25% Nickel cut-off.

 

2012 Planned Works:

The results of the current drilling campaign on the B4-7 deposit are highly encouraging having significantly increased the potential tonnage amenable to open pit development. Landore will utilize these drilling results to produce an updated resource estimate, anticipated for completion in Q3 2012. Pre-feasibility studies on the combined B4-7 and the VW deposits will be initiated in Q4 2012.

 

Michele Tuomi, (P.Geo., BSc. Geology), a Senior Geologist 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.

 

- ENDS -

 

 

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
Simon Raggett /Angela Hallett Strand Hanson Limited Nominated Adviser/ Broker	Tel: 020 7409 3494
David Bick	Tel: 07831 381201

 

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