Last checked at 8 Apr 2013 07:00
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
DRILLING UPDATE
THE SCORPION NICKEL-COPPER-COBALT-PGEs PROJECT
JUNIOR LAKE PROPERTY
London, United Kingdom - 8th April 2013 - Landore Resources Plc ( AIM:LND) ("Landore Resources" or the "Company") today announces a drilling update on its Scorpion Zone Nickel-Copper-Cobalt-PGEs project on the Junior Lake Property, Ontario, Canada.
Highlights:
·; Drilling on the exploration target immediately west of the B4-7 deposit within the Scorpion Zone ("Exploration Target") successfully intersected massive sulphide mineralisation, with drill-hole 0413-470 reporting 5 metres at 0.87% Ni, 0.53% Cu, 0.08% Co, and 531ppb Pd.
·; Alpha Zone mineralisation has also been intersected in the Exploration Target, with drill hole 0413-470 reporting 3 metres at 0.73% Ni, 0.15% Cu, 0.04% Co, 3,283ppb Pd, and 240ppb Pt.
·; Landore has initiated Pre-Feasibility Studies on the combined B4-7 Nickel-Copper-Cobalt-PGEs deposit and VW Nickel Deposit.
The recently completed drilling program on the Scorpion Zone has confirmed the continuation of the B4-7 massive sulphide mineralisation between the existing intercepts on line 175W and 300W, and further validates the Exploration Target which contains a potential 1.5 Mt to 2.0 Mt of sulphide mineralisation of similar grade range to that which has been outlined to date.
B4-7 main zone intersections include:
Drill-hole | From | Width* | Ni | Cu | Co | Pd | Pt | Au |
No | Metres | Metres | % | % | % | ppb | ppb | ppb |
0413-469 | 413.00 | 11.00 | 0.38 | 0.23 | 0.04 | 274 | 73 | 15 |
including | 414.00 | 3.00 | 0.63 | 0.23 | 0.05 | 389 | 183 | 28 |
0413-470 | 453.00 | 31.00 | 0.31 | 0.29 | 0.04 | 276 | 98 | 10 |
including | 467.00 | 3.00 | 0.80 | 0.39 | 0.09 | 636 | 271 | 12 |
and | 472.00 | 1.00 | 0.18 | 1.50 | 0.12 | 217 | 81 | 10 |
0413-470 | 488.00 | 5.00 | 0.87 | 0.53 | 0.08 | 531 | 36 | 17 |
including | 489.00 | 1.00 | 0.46 | 1.17 | 0.06 | 379 | 14 | 36 |
0413-472 | 543.67 | 6.08 | 0.49 | 0.26 | 0.05 | 414 | 34 | 18 |
including | 543.67 | 1.33 | 0.91 | 0.01 | 0.07 | 695 | 83 | 19 |
*The actual true thickness of mineralisation is estimated to represent between 60-70% of the intervals shown in the above table.
Alpha Zone
Drilling on the Exploration Target has also intersected Alpha Zone style disseminated sulphide mineralisation. The Alpha Zone contains significant palladium with elevated nickel, copper, cobalt, platinum and gold. This zone is found in both the open pit and underground portions of the B4-7 deposit.
Alpha Zone/Hanging wall intersections include:
Drill-hole | From | Width* | Ni | Cu | Co | Pd | Pt | Au |
No | Metres | Metres | % | % | % | ppb | ppb | ppb |
0413-470 | 400.00 | 3.00 | 0.73 | 0.15 | 0.04 | 3,283 | 240 | 15 |
including | 401.00 | 1.00 | 1.34 | 0.09 | 0.07 | 3,790 | 139 | 9 |
0413-471 | 393.00 | 6.00 | 0.29 | 0.22 | 0.01 | 736 | 110 | 38 |
And | 408.00 | 1.00 | 0.25 | 0.11 | 0.02 | 2,890 | 580 | 25 |
0413-473 | 425.00 | 1.00 | 0.51 | 0.14 | 0.03 | 1,880 | 112 | 5 |
*The actual true thickness of mineralisation is estimated to represent between 60-70% of the intervals shown in the above table.
Alpha Zone mineralisation has not been included in the B4-7 resource due to its complexity along strike. Landore Resources has retained RPA Inc, of Toronto, Canada ("RPA") to conduct a study into the Alpha Zone style mineralization so as to better understand the structural, lithological, and genetic characteristics of this style of mineralization. Should these studies provide positive results, the potential exists to consider portions of the Alpha Zone as mineral resources.
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 deposit, the Alpha Zone and the recently-identified Exploration Target. Junior Lake also contains the VW Nickel deposit and numerous other highly prospective mineral occurrences.
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 Alpha Zone and Exploration Target. 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.
The B4-7 deposit resource estimate and report, completed by RPA in January 2013, identified 2,695,000 tonnes at 1.24% Nickel equivalent (NiEq) for 33,248 tonnes of contained metal, all in the Indicated category. The deposit remains open down plunge at depth and along strike to the west. The report also identified the potential Exploration Target to the immediate west of the B4-7 deposit.
The recently completed winter drilling programme, consisting of 14 NQ diamond drill-holes from 0413-463 to 0413-476 for 5,172 metres, was concentrated on the potential Exploration Target, together with its extension to the west. Results are pending for drill-holes 0413-474 to 0413-476 inclusive and will be reported when received.
2013 Planned Works:
Pre-feasibility studies, including metallurgical and geotechnical works, on the combined B4-7 and the VW deposits have been initiated with selection of independent engineers in progress.
A drill program for metallurgical, geotechnical and infra-structure condemnation is currently being prepared to be carried out during Q2/3.
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.
- ENDS -
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, 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
Dominic Morley / Adam Pollock Panmure Gordon & Co Broker
| Tel: 020 7409 3494
Tel: 020 7886 2500 |
David Bick | Tel: 07831 381201 |