Last checked at 27 Jul 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 - 27 July 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 Deposit on its Junior Lake Property, Ontario, Canada ("BAM East Gold Project").
Highlights:
· The Spring/Summer drilling campaign has concluded with 65 HQ and NQ diamond drill-holes (0417-561 to 0417-625) having been drilled, for a total of 11,060 metres (m). The drilling successfully infilled the Inferred portion of the Deposit and extended it to the east and west for a total length of 1,000 metres. The Deposit remains open along strike to the east and west and down dip.
· Field exploration commences 3 August 2017 on Junior Lake concentrating on the Archaean greenstone belt which traverses the property from east to west for 19 kilometres and hosts the BAM East Gold Deposit. Three Geological teams supported by a Geophysics contractor will be engaged on this programme.
Drilling results not previously reported include the following:
Easting | Northing | Drill-hole | From | Interval* | Au |
No | Metres | Metres | g/t | ||
2050E | 250N | 0417-597 | 72.52 | 8.23 | 1.93 |
Incl. | 76.75 | 4.00 | 3.34 | ||
2100E | 225N | 0417-601 | 70.22 | 24.28 | 0.56 |
2250E | 180N | 0417-614 | 86.63 | 18.87 | 0.69 |
2250E | 180N | 0417-616 | 57.28 | 11.28 | 2.14 |
Incl. | 60.74 | 2.32 | 8.85 | ||
2600E | 50S | 0417-576 | 138.00 | 7.00 | 1.11 |
and | 160.00 | 5.37 | 5.37 | ||
Incl. | 164.00 | 1.37 | 9.93 | ||
2650E | 50S | 0417-579 | 40.50 | 7.00 | 1.99 |
Incl. | 46.50 | 1.00 | 12.35 | ||
and | 232.69 | 1.00 | 37.40 | ||
2700E | 90N | 0417-582 | 12.88 | 23.27 | 0.79 |
Incl. | 14.88 | 4.00 | 2.82 | ||
2700E | 50S | 0417-584 | 88.80 | 4.30 | 0.76 |
and | 115.83 | 1.00 | 8.03 | ||
and | 177.00 | 6.00 | 2.29 | ||
2750E | 50N | 0417-588 | 97.50 | 7.20 | 1.42 |
Incl. | 102.70 | 1.00 | 6.06 |
* Holes 0416-597,601 and 614 were drilled north at 65/68/65 degrees respectively with the remainder 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.
To date results have been received for 34 Resource and three exploration drill holes
Spring/Summer Drilling Campaign:
The Spring/Summer drilling campaign is now complete with 65 HQ and NQ diamond drill-holes (0417-561 to 0417-625), for a total of 11060 metres (m), drilled for this campaign. Drilling proceeded as planned on time and within budget. The processing of the core, including logging, sampling and assaying, is ongoing and results will be reported when received and collated.
Drilling on the BAM East Gold Project re-commenced 1 April 2017 focussing on the further delineation and extension of the defined resource together with targeting potential deposits on the highly prospective geophysical trend MM-7, host to the BAM East Gold Deposit.
The campaign included 41 HQ and 11 NQ diamond drill holes, for 7469 and 1536 metres respectively, successfully infilling the Inferred portion of the existing resource zone and has been extended 1,000 metres to the east and west and down dip. The Deposit remains open along strike to the east and west and down dip.
In addition, 13 NQ diamond drill holes for 2,055 metres have been drilled further to the east and west along strike from the resource to test the highly prospective geophysical trend MM-7. Results are pending.
All data is being collated for the preparation of a resource update scheduled for completion in Q4 2017.
Summer Exploration Programme:
Following the successful discovery of the BAM East Gold prospect in late 2015, Landore Resources initiated a review of the geology and mineralisation on several of the Company's earlier gold findings including the re-interpretation of the Lamaune Gold Deposit. The reviews concluded that several of these gold prospects, including the Lamaune Gold Deposit, were similar in geology and mineralisation to the BAM East Gold Deposit.
The review has encouraged the Company's belief that the favorable geological lithology containing the BAM East Gold Deposit has the potential to continue along the full east west extent of the greenstone belt traversing the Landore-Lamaune properties.
Accordingly, Landore Resources has initiated an extensive field exploration programme to commence on 3 August 2017 at Junior Lake aimed at identifying potential drill targets for the planned fall drilling campaign.
Three Geological teams supported by a Geophysics contractor will be engaged for this programme.
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.
BAM East gold mineralisation is a typical shear hosted gold bearing system in an Archaean greenstone belt. Findings from exploration drilling on the BAM East Gold Prospect has revealed a lithological sequence consisting of leucogabbro rocks of the Grassy Pond Sill to the south, metasedimentary rocks in the central portion, to mafic volcanics to the north. All lithological units have been subjected to variable shearing and deformation, markedly the metasedimentary unit.
The gold mineralisation revealed to-date is predominantly contained in the metasediments, with some gold mineralisation occurring in the leucogabbro rocks. Visible gold occurs within or near quartz veinlets which are controlled by a shear system.
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 -
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
Angela Hallett / 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.