Last checked at 23 Apr 2014 07:00
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
NEW POTENTIAL NICKEL SULPHIDE MINERALISATION ZONES IDENTIFIED ON THE
JUNIOR LAKE NICKEL-COPPER PROPERTY
London, United Kingdom - 23 April 2014 - Landore Resources Limited (AIM:LND)("Landore Resources" or "the Company") today announces new potential nickel sulphide mineralization zones identified on the Junior Lake Nickel-Copper Property, Ontario, Canada.
Highlights:
· DC Resistivity results from the recently completed 3D DCIP + MT ground geophysical survey have identified the presence of nine significant new zones, ranging from approximately 400m to 1,200m in length, of potential nickel sulphide mineralisation along strike and adjacent to the existing B4-7 Nickel-Copper-Cobalt-PGEs resource and the VW Nickel resource. (see attached plans)
· These results correlate well with the December 2013 ground Electromagnetic (MaxMin), VLF and Magnetic geophysical surveys and provide numerous excellent drill targets both near surface and at depth. A 4,000 metre drill programme is scheduled to commence on 7 July 2014 to test these targets.
· The processing of the IP data from the survey is nearing completion and will be reported as soon as results become available. In addition, the MT portion of the survey currently being processed will be released with the final report.
In January 2014, a second "Direct Current Induced Polarization" and "Magnetotellurics" (DCIP+MT) ground geophysical survey was conducted on the Junior Lake property by Quantec Geoscience, of Toronto, Canada ("Quantec") over the B4-7 and VW Nickel Trends. The survey block spans 3,400m x 2,200m from grid line 300E to 3700E and line 700N to 1500S, and is located directly adjacent to the east of the highly successful 2012 ORION 3D DCIP+MT survey block covering the B4-7 and Scorpion Zone.
Previous exploration drilling between the B4-7 and VW deposits intersected promising base and precious metal results with numerous + 0.30% nickel intersections including 2.50 metres at 0.39% nickel in drill-hole 0411-288 and 1.50 metres at 0.33% nickel in drill-hole 0411-289. In addition, drilling intersected 0.75 metres at 26.1g/t gold in drill-hole 0409-252, 1.4 metres at 662ppb platinum and 1,888ppb palladium in drill-hole 0406-64, and 0.5 metres at 2.23% copper in drill-hole 0409-247. These results had encouraged Landore to perform the DCIP+MT survey over this large area to assist in drill targeting before further drilling was conducted.
The DC resistivity geophysical results have identified significant potential sulphide mineralisation below the majority of the above exploration drilling, substantiating Landore's belief that drilling to date had merely intersected the top of this system. These compelling findings, along with identified potential mineralisation near-surface, warrant follow-up drilling.
Further information including DC resistivity maps and sections from the January 2014 ORION 3D DCIP + MT survey area is available on www.landore.com
Figure 1: B4-7 and VW Deposits Longitudinal View, 3-D DCIP + MT Survey 2012 and 2014
http://www.rns-pdf.londonstockexchange.com/rns/2459F_-2014-4-22.pdf
Commenting on this report, the Chairman of Landore Resources, Bill Humphries, said:
"The results from the ORION 3D, DCIP + MT geophysical survey on the Scorpion Zone and now the larger area between the B4-7 and VW resources further supports the outstanding potential for the Junior Lake Property to be a significant Nickel-Copper-PGEs region hosting many more occurrences similar to those discovered to date."
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:
The B4-7 resource estimate and report, completed by RPA Inc. (RPA) of Toronto, Canada 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 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.
The report also identified an Exploration Target along strike and down dip from the above resource containing a potential 1.5 Mt to 2.0 Mt of sulphide mineralisation of similar grade range to that which has been outlined to-date. There is further shallow mineralisation potential to the east.
Additional resource potential of the B4-7 deposit at depth and to the west is supported by a deep-penetrating ORION 3D, DCIP + MT geophysical survey on the Scorpion Zone, covering the western portion of the B4-7 deposit and the area 1km along strike to the west. This survey, conducted by Quantec in the fall of 2012, identified five new areas of interest for further exploration, including a prospective zone for sulphide mineralisation at depth and dipping northward from the existing B4-7 deposit.
VW Nickel Resource:
The VW resource estimate and report, completed in January 2010, identified 3.73 million tonnes at 0.49% NiEq in the Indicated category at a cut-off grade of 0.25 per cent. Nickel. The report also identified a further 0.72 million tonnes at 0.49% NiEq in the Inferred category at the same cut-off grade giving a combined total of 21,760 tonnes of contained NiEq metal. 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.
2014 Planned Works: A 4,000 metre drill programme is scheduled to commence on 7 July 2014 to test prospective targets identified by the December 2013 ground Electromagnetic (MaxMin), VLF and Magnetic geophysical surveys, as well as the January 2014 3D DCIP + MT ground geophysical survey.
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.
- 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. 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
|