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Strategic Review Update

18 Oct 2022 11:57

RNS Number : 2827D
Landore Resources Limited
18 October 2022
 

This announcement contains inside information

 

LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 

STRATEGIC REVIEW UPDATE

 

 

 

London, United Kingdom - 18 October 2022- Landore Resources Limited (AIM: LND) ("Landore Resources" or "the Company") is pleased to provide an update on the review of the options available to the Company in relation to its Canadian subsidiary /assets (the "Strategic Review"), which was announced by the Company on 9 May 2022.

 

Strategic Review

 

In light of the significance of the BAM Gold and Battery Metals deposits located on the Junior Lake property, as announced in the Company's Mineral Resource Estimate (MRE) update released on 8th February 2022, the Directors elected to undertake the Strategic Review in order to help the Board achieve its objective in maximizing shareholder value. The Strategic Review considered a number of options, including the sale of all or a part of its wholly owned subsidiary, Landore Resources Canada Inc., or the Junior Lake Project, potential joint venture arrangements or strategic partnerships, or a combination thereof.

 

The Strategic Review commenced in May, with international mining and exploration companies invited to express interest in the Company's assets. A number of these were progressed, with a short list provided with access to an extensive data room.

 

The first stage of the Strategic Review was initially expected to complete by 30th September 2022. However, due to the severe world financial market downturn with resultant decline in metal prices and uncertainty on costs, the mining and exploration industry has focused on adapting to these new conditions and it has not been possible for Landore to conclude discussions with potential counterparties. In order to provide Landore with more time to engage with those mining companies who remain interested in Landore's assets, the Board has elected to extend the deadline for completion of the first stage of the Strategic Review until 30th December 2022.

 

The Board has been encouraged by the initial interest expressed in Landore's Lithium assets. Industrial demand for Lithium is currently high, and the price of this metal remains strong. On 10th October 2022, Landore announced that it had executed a binding agreement with ASX-listed Green Technology Metals Ltd ("GT1") through which GT1 proposed to buyback and extinguish 50% of the Company's 3% net smelter royalty interest over the Root Lake Project. This transaction remains subject to finalizing and executing an Extinguishment Agreement, which is expected to occur before 21 October 2022, and accordingly there can be no guarantee that the proposed transaction will be completed.

 

In addition, early-stage discussions are ongoing with several parties regarding Landore's Junior Lake Northern area, which contains known Lithium occurrences (further information on this asset can be found on Landore's website www.landore.com). These discussions remain at an early stage and there can be no guarantee that it will be possible to conclude a transaction with regard to these assets.

 

Felix-Lamaune Drill Programme 2022:

The drilling programme at Felix has been completed, with 20 holes for 3,800 metres of NQ Diamond core drilled. These operations targeted previously identified gold and battery metals mineralisation within the highly prospective Felix-Lamaune areas from 1,000W to 5,000W along strike from the BAM Gold Deposit and the B4-7/VW Battery Metals deposits. The Company will provide a further update to shareholders as soon as the results of this drilling is available

Update on Lamaune drilling

Drilling operations at Lamaune are scheduled to commence 21st October and will see 20 holes drilled for 3,700 metres of drilling on the Lamaune Gold prospect and the adjacent Carrot Top and Grassy Pond Nickel-Copper-Cobalt-PGE prospects, from 7,000W to 10,000W and along strike from the BAM Gold Deposit and the B4-7/VW Battery Metals deposits.

The Junior Lake Property:

The Junior Lake Property, 100% owned by Landore Resources Canada Inc, together with the contiguous Lamaune Iron property (90.2% owned) (jointly the "Junior Lake Property"), consisting of 33,029 hectares, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay and is host to; the BAM Gold Deposit; the B4-7 Nickel-Copper-Cobalt-Platinum-Palladium Deposit; the VW Nickel-Copper-Cobalt Deposit; Lamaune Gold Prospect and numerous other precious and base metal occurrences.

 

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 and the AIM Rules for Companies, has reviewed and verified all scientific or technical mining disclosure contained in this announcement.

 

- ENDS -

 

For more information, please contact:

 

Landore Resources Limited

 

Bill Humphries, Chief Executive Officer

Tel: 07734 681262

Glenn Featherby, Finance Director

Tel: 07730 420318

 

 

Cenkos Securities (Nominated Advisor and Broker)

 

Derrick Lee / Peter Lynch

 

Strand Hanson Limited (Financial Adviser)

James Dance / James Spinney / Robert Collins

Tel: 0131 220 6939

 

 

Tel: 020 7409 3494

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCFFIFSAEESEIS
Date   Source Headline
29th Mar 20217:00 amRNSDrilling Update
3rd Mar 20217:00 amRNSJunior Lake Property BAM Gold & Battery Metals
22nd Feb 20215:24 pmRNSDirectors Subscription
17th Feb 20213:12 pmRNSExercise of Warrants and Issue of Equity
16th Feb 20215:57 pmRNS£3.5 Million Fundraising
15th Feb 20217:00 amRNSCorporate Presentation
12th Feb 20214:49 pmRNSStatement re Press Speculation
12th Feb 20218:24 amRNSExercise of Warrants and Issue of Equity
11th Feb 20217:00 amRNSDrilling Update
28th Jan 20214:28 pmRNSExercise of Warrants and Issue of Equity
21st Jan 20215:31 pmRNSExercise of Warrants and Issue of Equity
21st Jan 20213:16 pmRNSExercise of Warrants and Issue of Equity
21st Jan 20217:00 amRNSExercise of Warrants and Issue of Equity
14th Jan 20217:00 amRNSSoil Sampling Program Results
3rd Dec 20207:00 amRNSDrilling Update
9th Nov 202012:38 pmRNSChange of Admission Date
6th Nov 20207:29 amRNSExercise of Warrants and Issue of Equity
19th Oct 20207:00 amRNSDrilling Commences at BAM Gold Project
28th Sep 20207:00 amRNSInitiation of Research Coverage
21st Sep 20207:00 amRNSAcquisition of Royalty Rights at Lamaune Lake
21st Sep 20207:00 amRNSHalf-year Report
1st Sep 20207:00 amRNSDrilling Programme 2020/21 and Pit Optimisation
20th Aug 202012:46 pmRNSResults of General Meetings
6th Aug 202012:54 pmRNSHolding(s) in Company
24th Jul 20201:57 pmRNSAward of Options
24th Jul 20207:01 amRNSProposed Share Capital Consolidaton
24th Jul 20207:00 amRNSFinal Results & Notice of AGM
21st Jul 202011:26 amRNSHolding(s) in Company
20th Jul 202011:13 amRNSHolding(s) in Company
13th Jul 202011:42 amRNSResult of Extraordinary General Meeting
1st Jul 202011:05 amRNSSecond Price Monitoring Extn
1st Jul 202011:00 amRNSPrice Monitoring Extension
29th Jun 20207:00 amRNS£2.8 million Conditional Placing and Accounts Date
22nd Jun 20209:05 amRNSSecond Price Monitoring Extn
22nd Jun 20209:00 amRNSPrice Monitoring Extension
24th Apr 20207:00 amRNSSubscription to raise £260,000
15th Apr 20207:00 amRNSCorporate Presentation
9th Apr 20207:00 amRNSResource Estimate and Technical Report Publication
6th Apr 20204:11 pmRNSDirector/PDMR Shareholding
7th Feb 20204:26 pmRNSDirectorate Change
17th Jan 20207:00 amRNSAppointment of Non-Executive Director
16th Jan 202010:18 amRNSNew Corporate Presentation
14th Jan 202011:52 amRNSSubscription to raise £225,000
7th Jan 20207:00 amRNSBAM Gold Deposit Mineral Resource Estimate Update
9th Dec 20197:00 amRNSSoil Sampling Program Results
13th Nov 20197:00 amRNSGrant of Mining Leases to Lamaune Inc
21st Oct 20197:00 amRNSProgress Update - BAM Gold Project
18th Sep 20199:13 amRNSSubscription to raise £470,000
4th Sep 20197:00 amRNSDrilling Update - BAM Gold Project
15th Aug 20197:00 amRNSHalf-year Report

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