Last checked at 15 Mar 2010 08:45
15 March 2010
Landore Resources Limited
("Landore" or the "Company")
PROGRESS REPORT
JUNIOR LAKE-LAMAUNE IRON DEPOSIT
HIGHLIGHTS
·; An Independent Technical study has been completed for Landore on its Lamaune Iron prospect identifying an exploration target of 545 million tonnes at an average grade of 29%Fe.
·; Test work results show that a 68% Fe concentrate, with acceptable levels of impurities, could be achieved.
·; Infrastructure for the project is excellent with Canadian National Rail just 13 kilometres from the iron project, the proposed Hydropower transmission line passing through the project, abundant water and the Thunder Bay Port facilities.
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 Lamaune Iron deposit, the B4-7 nickel deposit, the VW Nickel deposit, the BAM zone gold occurrence, numerous other highly prospective mineral occurrences and the recently discovered Lamaune Gold Prospect.
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Lamaune Iron Deposit:
In October 2008, Landore reported that exploration, including geophysical surveys, trenching and drilling, had identified the presence of a large magnetite iron deposit at the western end of the Junior Lake property.
Further exploration works during 2009, including a Helicopter-borne high resolution 'Impulse' geophysical survey over 12 kilometres of potential strike, together with additional drilling and trenching, indicated that the deposit could be of economical significance.
Accordingly, Landore initiated independent studies to provide an estimate of the potential size and quality of the Lamaune Iron deposit.
Potential size:
An independent study has recently been completed for Landore in order to determine the size of the exploration target of its Lamaune Iron prospect. The study was completed using advanced geophysical modelling of the high resolution, high quality geophysical data set acquired in 2009, measurements of core sample magnetism, field work and assay results. This work has identified:
·; at a cut-off grade of 20%Fe, and to a depth of 300m, there is an exploration target of 545,000,000 tonnes at an average grade of 29%Fe
·; At a cut-off grade of 25%Fe, and to a depth of 300m, there is an exploration target of 297,000,000 tonnes at an average grade of 36%Fe.
The potential quantity and grade expressed above is conceptual in nature and in order to define a mineral resource further drilling is required.
Landore has drilled 39 diamond drill holes to date, for a total of 6,690m, over 3.5km of the central core area and is continuing to advance the Lamaune Iron project through drilling that is simultaneously exploring the Junior Lake gold prospect, metallurgical test work and ongoing geological and geophysical modelling.
The Lamaune Iron Deposit is just 13 kilometres from the Canadian National Railway providing direct access to the Port of Thunder Bay on Lake Superior. The port still has much of the infrastructure used by Steep Rock Iron Mines to ship Iron ore to the iron mills of North America.
In addition the iron deposit has abundant water resources nearby and is just 10 kilometres from the planned hydroelectric power station on the Little Jackfish River with the main transmission line passing through the property.
Landore now intends to conduct market research for potential customers in the Great Lakes area.
Test work:
A test work program has been carried out to determine the physical and chemical characteristics of the magnetite ore samples supplied from the central zone of the ore body.
Ten composite samples, selected from drill-holes spaced along the central 3.5 kilometre zone, were submitted for 'Davis Tube Recovery' (DTR) tests. The DTR test provides a critical basis of design parameter. The test determines the recovery and grade of the magnetic product that can be obtained through grinding and magnetic separation only.
The average grade of the submitted composite samples was 32.19% Fe. The average grade of the DTR tests results was 65.5% Fe with a weight to concentrate averaging 25.2%.
Preliminary sighter flotation tests have indicated success at reducing silica in the concentrate to acceptable levels and improving iron recoveries. The magnetic separation/flotation circuit is common in the iron mines of Minnesota and Northern Michigan.
The flotation tests show that a 68% Fe, 4.5% SiO2, 0.3% S grade concentrate, at a 72% product weight recovery and 83% Fe yield could be achieved.
(Note: An estimated feed tonnage of 11.6Mtpa would be required to produce 2.5Mtpa of iron pellets.)
Further flotation test work will be required to optimise this circuit but the initial sighter test work yielded positive results and it is expected that a combined sulphur and silica flotation circuit will produce the final product grade at acceptable yields.
Andrew Cheatle, (P. Geo., MBA, FGS, ARSM), General 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, which is stated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum.
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For more information please contact:
| Bill Humphries, Chairman Richard Prickett, Chief Executive Landore Resources Limited | Tel: 07734 681262 Tel: 07775 651421 www.landore.com |
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| Simon Raggett Strand Hanson Limited Nominated Adviser/Joint Broker
Ewan Leggat Fairfax I.S. PLC Joint Broker | Tel: 020 7409 3494
Tel: 0207598 5368 |
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| David Bick
| Tel: 07831 381201 |