Last checked at 17 May 2017 07:00
LANDORE RESOURCES LIMITED
("Landore Resources" or "the Company")
(AIM Ticker: LND.L)
PROGRESS REPORT
BAM EAST GOLD PROJECT
JUNIOR LAKE PROPERTY
London, United Kingdom - May 17th 2017 - Landore Resources Limited (AIM:LND) ("Landore Resources" or "the Company") is pleased to provide this progress report on extension and infill drilling of the BAM East Gold Project on its Junior Lake Property, Ontario, Canada ("BAM East Gold Project").
Highlights:
· Drilling on the Inferred section of the BAM East Gold deposit has intersected widespread gold mineralisation within a similar lithological package to the Central Zone with multiple instances of visible gold (VG) in the drill-core.
· The BAM East Gold deposit has now been confirmed over 700 metres of strike length and remains open down dip, to the east and to the west along strike.
Spring Drilling Campaign:
The Spring/Summer drilling campaign is progressing on schedule with 12 HQ diamond drill holes (0416-561 to 0416-572), for 3,311 metres, completed to date with the intention of advancing the Inferred part of the resource to Indicated status and to extend the currently defined resource to the west and east and down dip. To date, results have been received for 4 drill holes with results pending for the remainder. Results will be reported when received and collated.
Results received include the following.
Easting | Northing | Drill-hole | From | Interval* | Au |
No | Metres | Metres | g/t | ||
2350E | 10S | 0416-561 | 206.75 | 27.60 | 1.39 |
2300E | 10S | 0416-562 | 230.00 | 14.00 | 2.21 |
Incl. | 230.00 | 0.50 | 10.15 | ||
Incl. | 240.00 | 4.00 | 4.70 | ||
2250E | 50N | 0416-563 | 165.25 | 21.50 | 1.09 |
Incl. | 178.58 | 0.72 | 12.45 | ||
2250E | 00N | 0416-564 | 234.55 | 4.00 | 2.12 |
* Holes 0416-561/562 were drilled north at 51 degrees with 0416-563/564 at 45 degrees into a lithological package dipping approximately 40 degrees to the south. The actual true thickness of mineralisation is estimated to represent between 80-90% of the intervals shown in the above table.
BAM East Gold Project Update:
Drilling on the BAM East Gold Project re-commenced April 1 2017 with a total of 12,000 metres planned during this spring and summer. One drill is currently focussed on further delineation and extension of the defined resource, with a second drill targeting further potential deposits on the highly prospective MaxMin geophysical anomaly MM-7, host to the BAM East Gold Deposit.
To date, drilling at 50-metre centres has been completed from 2000E to 2400E along the southern margin of the Inferred portion of the defined resource. All drill-holes completed to date have intersected similar lithology to the Central Zone resource with multiple instances of visible gold (VG) in the core.
Drilling will continue eastwards aimed at extending the deposit both down dip and along strike for a further 300 metres from 2700E to 3000E.
The second drill is dedicated to expanding previously identified mineralised zones at 1000E and 1600E after which it will test highly prospective areas with similar lithology along the MM-7 geophysical structure from 3000E to 4000E.
About the BAM East Gold Resource:
Discovered in December 2015, the BAM East Gold resource contains 301,000 ounces of gold (February 2017 National Instrument (NI) 43-101 Mineral Resource Estimate and Technical Report). This resource is located approximately midway along a 2.7 kilometre long, east-southeast to west-northwest trending MaxMin geophysical anomaly (MM-7), at the western end of which is located the historical BAM gold zone discovered by Landore resources in 2003.
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.
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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 Project. Landore Resources has mineral rights to 5 properties in eastern Canada. The Company is headquartered in Guernsey, with an exploration office located in Thunder Bay, Ontario, Canada.
For more information, please contact:
Bill Humphries, Chief Executive Officer Tel: 07734 681262
Richard Prickett, Finance Director Tel: 07775 651421
Landore Resources Limited www.landore.com
James Spinney / Jack Botros Tel: 020 7409 3494
Strand Hanson Limited
Nominated Advisor and Broker
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014.