Last checked at 12 Jul 2012 07:00
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
12th July 2012
DRILLING UPDATE
JUNIOR LAKE NICKEL PROJECT
B4-7 DEPOSIT
Highlights:
·; The recently completed drilling campaign on the B4-7 deposit has significantly enhanced the volume of B4-7 massive sulphide mineralisation along the 650 metres of strike length delineated to date.
·; Drilling consistently intersected massive sulphide mineralisation with grades of > 1% nickel plus notable credits of copper, cobalt and platinum group metals. The B4-7 remains open down dip and along strike to the east and west.
The drilling campaign started in February 2012, aimed at expanding the B4-7 deposit and providing adequate drill density to bring inferred portions of the deposit to indicated status, is now complete. In total, 81 diamond core NQ size holes and 4 re-entered holes (0412-367 to 0412-448 and 0409-202, 0409-237/238 and 0411-359) for 15,868 metres, have been completed. Assays are outstanding for 28 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 |
0412-410 | 52.07 | 11.89 | 0.92 | 0.64 | 0.08 | 691 | 100 | 16 |
including | 58.50 | 5.46 | 1.06 | 0.85 | 0.08 | 808 | 99 | 9 |
0412-411 | 137.42 | 14.65 | 0.79 | 0.47 | 0.05 | 684 | 101 | 17 |
1ncluding | 139.50 | 5.97 | 1.02 | 0.44 | 0.06 | 720 | 71 | 19 |
0412-412 | 60.64 | 14.26 | 0.97 | 0.46 | 0.08 | 679 | 98 | 48 |
including | 65.00 | 8.68 | 1.02 | 0.46 | 0.07 | 749 | 109 | 51 |
0412-413 | 82.77 | 22.23 | 0.88 | 0.44 | 0.08 | 579 | 78 | 17 |
including | 84.00 | 8.00 | 1.04 | 0.44 | 0.07 | 655 | 115 | 13 |
including | 95.50 | 1.00 | 0.63 | 1.85 | 0.31 | 517 | 63 | 21 |
0412-414 | 38.59 | 3.63 | 0.95 | 0.43 | 0.07 | 836 | 69 | 15 |
0412-415 | 232.81 | 8.13 | 0.86 | 0.61 | 0.07 | 695 | 133 | 23 |
0412-417 | 23.22 | 27.78 | 0.81 | 0.51 | 0.06 | 751 | 112 | 23 |
including | 27.00 | 12.00 | 1.04 | 0.62 | 0.07 | 996 | 140 | 24 |
*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 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 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.
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, a 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 has initiated an in-house resource upgrade, including a full review of all quality assurance-quality control (QAQC) data, geological and grade wireframe modelling, internal resource estimate and the updating of all text required for the final NI43-101 report. On completion, Landore will submit all data for an independent audit and external resource upgrade of the B4-7 deposit. The resource upgrade is anticipated for completion in early Q4 2012.
Pre-feasibility studies on the combined B4-7 and the VW deposits will be initiated in Q1 2013.
A drilling program to extend the B4-7 to the west is currently being planned to commence in Q4 2012.
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, cobalt and silver by aqua regia digestion with AA finish, according to ALS's procedures PGM-ICP23, Ni Cu AA46, and Co Ag 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), 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 -
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, 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 |
Simon Raggett /Angela Hallett Strand Hanson Limited Nominated Adviser/ Broker | Tel: 020 7409 3494
|
David Bick | Tel: 07831 381201 |