Last checked at 15 Sep 2014 07:00
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
DRILLING CONFIRMS THE EXTENSION OF A SIGNIFICANT COPPER/GOLD MINERALISED STRUCTURE
B4-7 EAST AREA
JUNIOR LAKE NICKEL-COPPER PROPERTY
London, United Kingdom - 15th September 2014 - Landore Resources Limited (AIM:LND) ("Landore Resources" or "the Company") today announces a drilling update on the B4-7 East area of the Junior Lake Nickel-Copper Property, Ontario, Canada.
Highlights:
· The recently completed drill programme on the B4-7 East zone has successfully intersected a significant copper/gold mineralised structure extending eastwards from the B4-7 Nickel-Copper-Cobalt-PGEs deposit for 1,000 metres to line 1600E.
Significant intersections not previously reported:
Drill-hole | From | Width* | Ni | Cu | Co | Pd | Pt | Au |
No | Metres | Metres | % | % | % | ppb | ppb | ppb |
0414-482 | 174.5 | 1.00 | 0.14 | 1.15 | 0.02 | 136 | 38 | 187 |
And | 200.74 | 0.69 | 0.29 | 0.93 | 0.02 | 131 | 21 | 2,150 |
And | 226.20 | 0.80 | 0.09 | 1.14 | 0.01 | 20 | 7 | 76 |
0414-485 | 61.00 | 5.00 | 0.25 | 0.33 | 0.01 | 497 | 100 | 48 |
0414-489 | 6.28 | 3.02 | 0.32 | 0.95 | 0.02 | 533 | 123 | 134 |
Including | 6.28 | 1.02 | 0.22 | 1.64 | 0.01 | 339 | 73 | 345 |
0414-491 | 137.00 | 1.00 | 0.09 | 1.25 | 0.01 | 93 | 12 | 54 |
\* The actual true thickness of mineralisation is estimated to represent between 60-70% of the intervals shown in the above table.
Results are pending for drill-hole 0414-492 and will be reported when received.
B4-7 East
A preliminary drill programme, consisting of 16 drill holes (0414-477 to 0414-492) for 4,201 metres, has been completed over the prospective area from the B4-7 Nickel-Copper-Cobalt-PGEs deposit (B4-7) eastwards for 1,500 metres to line 2100E.
Drilling has confirmed the extension of a significant copper/gold mineralized structure previously delineated from line 900W in the Scorpion zone eastwards adjacent to the B4-7. Values as high as 5.49% copper over 0.77 metres in drill-hole 0412-368 and 26.1g/t gold over 0.75 metres in drill-hole 0406-252 have been intersected by previous drilling. This copper/gold mineralisation is commonly hosted in foliated to sheared gabbro and leucogabbro.
The current drill programme, conducted during July and August 2014, confirmed the extension of this copper/gold trend through to line 1600E, with a further 500 metres potential strike length indicated by historical drill hole S-5 on line 2100E with 0.21 metres at 8.97% Cu, giving an overall potential strike extension of 3.0 kilometres.
The drilling also intersected elevated polymetallic mineralisation on line 1200E with drill-hole 0414-485 returning 5 metres at 0.25% Ni, 0.33% Cu, 0.01% Co, 497ppb Pd, 100ppb Pt, and 48ppb Au from 61 metres down-hole which together with previous highly encouraging trench results on line 1350E holds potential for near-surface, economic polymetallic mineralisation which would provide added value to the B4-7 deposit. Further drilling is necessary to ascertain the scope of this near-surface polymetallic mineralisation.
The results of this preliminary drill programme are currently being collated to determine what additional works are required to interpret the geological and mineralogical trends of the highly prospective B4-7 East Zone. Once completed, a drill programme will be designed to follow up on these promising areas.
Planned works:
The above area drilled is the first of three target areas containing 9 distinct geophysical anomalies as identified by the January 2014 3D DCIP + MT ground geophysical survey.
A second 4,000 metre drill programme has commenced , designed to test prospective targets identified in the VW West and BAM East areas by the December 2013 ground Electromagnetic (MaxMin), VLF and Magnetic geophysical surveys, as well as the January 2014 3D DCIP + MT ground geophysical survey.
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 resource, the recently-identified Exploration Target and the Alpha Zone. Junior Lake also contains the VW Nickel resource and numerous other highly prospective mineral occurrences.
B4-7 Nickel-Copper-Cobalt-PGEs Resource:
RESOURCE CLASS | VOLUME (tonnes) | GRADE (% NiEq) | Contained Metal (tonnes NiEq) |
Indicated | 2,695,000 | 1.24 | 33,248 |
Exploration Target | 1,500,000 to 2,000,000 | ~1.24 | ~20,000 |
The report is compliant with the requirements of National Instrument 43-101 (NI 43-101). The resource remains open down plunge at depth and along strike to the west.
VW Nickel Resource:
RESOURCE CLASS | VOLUME (tonnes) | GRADE (% NiEq) | Contained Metal (tonnes NiEq) |
Indicated | 3,730,000 | 0.49 | 21,760 |
Inferred | 720,000 | 0.49 |
The report is to NI 43-101 standards. The deposit remains open down plunge at depth and along strike to the east and to the west.
Works completed on the Junior Lake property to date have clearly demonstrated the existence of a geological environment that is favourable for the deposition of magmatic nickel-copper sulphide mineralisation. Based on geological signatures and available geological knowledge, this favourable environment is believed to exist along a strike length of approximately 10 kilometres. At its widest, the favourable rock sequences are in the order of 1,000 to 1,500 metres in thickness.
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), Director/VP Exploration 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
Landore Resources 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 Advisor | Tel: 020 7409 3494
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Jon Belliss Hume Capital Securities plc | Tel: 020 3693 1470 |
David Bick | Tel: 07831 381202
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