Landore Resources Limited Regulatory News (LND)

13 Nov 2006 07:01

Landore Resources Limited13 November 2006 13 November 2006 LANDORE RESOURCES LIMITED ("Landore") JUNIOR LAKE-NICKEL PROJECT PROGRESS REPORT Highlights: • VW Zone: Infill and extension drilling has confirmed the continuity of wide zones of sulphide mineralization, extending over 350 metres in length and up to 200 metres in depth, with assay results consistently returning grades in excess of 1% nickel . The zone is open at both ends and at depth. • Resource: Landore has engaged Engineering and Consulting Company, Scott Wilson Roscoe Postle Associates Inc (Scott Wilson RPA) of Toronto, to carry out an estimate of the mineral resources of the VW Zone. The resource will be documented in a National Instrument 43-101 (NI43-101) compliant report. • B4-7 Zone: Drilling on the historic B4-7 nickel-copper-platinum group elements (Ni-Cu-PGE) deposit, has extended the mineralization to the west with Hole 0406-93 and down dip in the eastern half with Holes 0406-94/95, with assay results returning grades of up to 2.10% nickel and 4.48 % copper in separate intersections. The deposit remains open to the west and down dip in the east. • Metallurgical studies: Composite ore samples submitted for metallurgical testing have returned good recoveries of up to 82% nickel and up to 90 % copper. Commenting on this progress report, Chairman of Landore Resources, BillHumphries, said: "The result of this summer's drilling campaign and metallurgical testing on theVW nickel deposit is very encouraging and has significantly advanced it towardsbecoming a fully proven nickel resource. Accordingly Landore has initiated aresource estimate with the aim of commencing scoping studies on the VW Projectearly in the new year. The exploration work, carried out on Junior Lake to date, continues to supportLandore's belief that this property has the potential to host significantnickel-copper resources." Junior Lake: The Junior Lake properties are located in the province of Ontario, approximately235 kilometres north-northeast of Thunder Bay and are situated within theCaribou-O-Sullivan Greenstone Belt in the Wabigoon Subprovince. During this past summer a diamond drilling campaign, totalling 11,937 metres ofNQ sized core, has been completed on the VW nickel zone, the adjacent B4-7nickel-copper deposit and other exploration targets on the Junior Lakeproperties. VW Zone Drilling: The latest drilling campaign completed on the VW zone, of 34holes for 7,478 metres, infilled the previous drilling, carried out in late2005, to approximately a 50 metre x 50 metre grid and extended the knownmineralization 100 metres to the west. Two of these holes were drilled to obtaincore for metallurgical testing. Mineralized intersections, not previously reported, include: Drill-hole From Width Nickel No Metres Metres % 0406-82 225.7 11.3 0.64 includes 229.8 3.0 1.06 0406-83 134.2 1.0 1.39 0406-86 115.4 2.2 1.65 141.6 7.2 0.41 includes 147.7 1.1 1.15 159.2 13.2 0.78 includes 165.0 5.8 0.98 0406-88 143.7 1.1 1.09 157.4 6.2 0.40 includes 158.9 0.5 1.33 194.2 8.3 0.55 includes 200.4 2.1 0.99 0406-97 96.9 1.5 1.24 120.3 4.5 0.52 0406-98 252.0 6.7 0.97 includes 252.3 0.3 3.91 includes 256.2 2.5 1.68 271.4 7.5 0.65 includes 276.0 2.8 1.11 Note: All holes drilled at 45 degrees inclination. The good results from hole 86 at the eastern extent of the present drilling andfrom hole 98 at the western extent shows the mineralization remains robust andopen in both directions and at depth. Resource Estimate: Landore has engaged Engineering Company, Scott Wilson RPA ofToronto, to carry out an estimate of the mineral resources of the VW Zone. Theresource will be documented in a National Instrument 43-101 (NI43-101) compliantreport. Following receipt of the resource statement (scheduled for early 2007), Landoreintends to initiate a 'Scoping study' for the VW Zone which will include thedetermination of drilling and metallurgical testing required to take the projectto pre feasibility status. The drilling for the next stage is scheduled to commence late March 2007. B4-7 Deposit Drilling: A total of 7 holes, for 1,562 metres of infill andextension drilling, have been completed in this campaign on the historic B4-7Ni-Cu-PGE deposit. Two of these holes were drilled to obtain core for metallurgical testing. The drilling has extended the mineralization to the west with Hole 0406-93 anddown dip in the eastern half with Holes 0406-94 and 0406-95, with assay resultsreturning grades of up to 2.10% nickel and 4.48 % copper. The deposit remainsopen to the west and down dip in the east. Mineralized intersections include: Drill-hole From Width Nickel Copper Platinum Palladium Cobalt No Metres Metres % % g/t g/t % 0406-90 47.4 18.8 0.93 0.59 0.12 0.65 0.12 0406-91 106.5 5.2 0.80 0.18 0.13 0.55 0.06 112.8 0.4 2.71 0406-92 246.3 0.9 1.02 257.6 21.4 0.83 0.50 0.16 0.78 0.07 275.7 1.0 1.05 0406-93 243.2 12.4 0.86 0.47 0.25 0.97 0.06 253.1 0.6 2.10 376.5 5.1 0.64 0.27 0.01 0.36 0.05 0406-94 87.3 4.7 0.37 0.09 0.17 1.58 0.02 141.0 10.0 0.38 0.51 0.26 0.43 0.04 includes 147.9 1.2 1.51 159.3 5.7 0.61 0.55 0.18 0.23 0.08 includes 160.2 0.3 4.48 0406-95 95.6 11.6 0.58 0.37 0.26 0.56 0.05 Note: Holes drilled between 55 and 65 degrees inclination. Metallurgical studies: Preliminary metallurgical testing, carried out oncomposite ore material from the VW Zone deposit, has returned good recoveries ofup to 82% nickel and up to 90 % copper. The next phase of metallurgical work isscheduled to commence in the second quarter of 2007. A composite of ore from the B4-7 Zone deposit has been submitted for preliminarymetallurgical testing for the recovery of Ni-Cu-PGE minerals. Results areexpected early in 2007. Exploration: A total of 16 holes, for 2,897 metres of exploration drilling, hasbeen completed on the Junior Lake properties to test prospective trends alongstrike from the VW Zone, the B4-7 Zone and other favourable targets. Encouraging results were received from the 'Zap' zone with assays returninggrades of up to 0.62% Ni and 0.35% Cu. The 'Zap' zone is adjacent to the highlyprospective Carrot top Horizon discovered in the 2005 program. In addition twoholes drilled 500 metres along strike to the west of the B4-7 depositencountered wide horizons of nickel mineralization. James Garber, (BSc. Hons. Geology, member of APGO) a Director of LandoreResources Ltd and a qualified person as defined in the Canadian NationalInstrument 43-101, has reviewed and verified all scientific or technical miningdisclosure contained in this announcement, which is stated in accordance withthe Canadian Institute of Mining Metallurgy and Petroleum. For more information please contact: Bill Humphries, Chairman Tel: 07734 681262Richard Prickett, Chief Executive Tel: 07775 651421Landore Resources Limited www.landore.com Simon Raggett Tel: 020 7409 3494Strand Partners Limited David Bick Tel: 07831 381201Holborn Public Relations Limited This information is provided by RNS The company news service from the London Stock Exchange