Last checked at 19 Aug 2014 07:00
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
DRILLING UPDATE
B4-7 EAST AREA
JUNIOR LAKE NICKEL-COPPER PROPERTY
London, United Kingdom - 19 August 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:
· 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 eastwards for 1,500 metres to line 2100E
· The Drilling has successfully intersected Alpha Zone style disseminated sulphide mineralisation correlating well with the December 2013 ground Electromagnetic (MaxMin), VLF and Magnetic geophysical surveys and the January 2014 DCIP + MT geophysical survey.
Intersections to-date include:
Drill-hole | From | Width* | Ni | Cu | Co | Pd | Pt | Au |
No | Metres | Metres | % | % | % | ppb | ppb | ppb |
0414-478 | 183 | 6.75 | 0.31 | 0.07 | 0.02 | 1,016 | 196 | 5 |
including | 189 | 0.75 | 1.28 | 0.27 | 0.07 | 2,960 | 164 | 12 |
0414-478 | 245.37 | 0.26 | 0.94 | 0.10 | 0.05 | 130 | 53 | 23 |
0414-479 | 292.38 | 1.42 | 0.21 | 1.42 | 0.01 | 185 | 30 | 105 |
\* 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-holes 0414-481 to 0414-492 inclusive and will be reported when received.
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 is scheduled to commence September 2014 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.
Grassy Pond Sill - Alpha Zone:
Drilling this campaign has focused on geophysical anomalies corresponding to the southern margin of the Grassy Pond Sill, a highly prospective gabbro complex with compositions ranging from anorthosite to gabbro.
Disseminated mineralisation intersected by recent drilling has resembled that of the Alpha Zone, a mineralized zone enriched in palladium and platinum found in both the open pit and underground portions of the B4-7 deposit. The Alpha Zone has been interpreted to be a contact-style of sulphide mineral deposition on or close to the original base of the Grassy Pond complex. Alpha Zone mineralisation has not been included in the B4-7 resource due to its complexity along strike, however with further drilling the potential exists to consider portions of the Alpha Zone as mineral resources.
Follow up drilling is warranted to determine the potential relationship between the B4-7 East sulphide mineralisation and that of the Grassy Pond Sill and the Alpha Zone, as well as the B4-7 deposit itself, to unlock the full potential of this structurally complex area.
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 Tel: 07734 681262
Richard Prickett, Chief Executive Officer Tel: 07775 651421
Landore Resources Limited www.landore.com
Angela Hallett / James Spinney
Strand Hanson Limited Tel: 020 7409 3494
Nominated Advisor
Jon Belliss
Hume Capital Securities plc Tel: 020 3693 1470
David Bick Tel: 07831 381202