18 Nov 2008 07:00
LANDORE RESOURCES LIMITED
JUNIOR LAKE PROPERTY
MINING LEASES GRANTED NEW CLAIMS
HIGHLIGHTS
Landore has been granted three Mining leases, which include mining and surface rights, over an area encompassing the VW Nickel Deposit and the B4-7 Nickel-copper-cobalt Deposit. The leases cover 23 existing Exploration claims (claims) for a total area of 3,676 hectares and have been granted for 21 years renewable for further terms of 21 years.
Four new claims, for a total area of 912 hectares, have been staked at the western end of the Junior lake property to cover the possible strike extension of the recently reported Iron Deposit.
Four new claims, for a total area of 752 hectares, have been staked around Landore's Swole Lake claim, located on the mid-northern boundary of the Junior lake property, to cover potentially significant nickel-copper-cobalt mineralisation.
The Junior Lake property now extends for over 31 kilometres and covers an area of 14,145 hectares.
Junior Lake:
The Junior Lake property is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay and is situated within the Caribou-O-Sullivan Greenstone Belt in the Wabigoon Subprovince.
Following the initial resource drilling of the VW nickel Deposit in late 2006, Landore commenced work on 'long lead time' administrative requirements and base line studies in preparation for feasibility studies and possible exploitation.
Mining Leases
One of the most essential requirements was to secure tenure over an area of land, encompassing the VW Nickel Deposit and the B4-7 Nickel-copper-cobalt-PGEs Deposit, sufficiently large enough to provide for development, mining, processing and infrastructure, buffer zones around the mining areas and for future expansion.
Accordingly in July 2008, following completion of the necessary boundary surveys, an application was lodged with the Ministry of Northern Development and Mines for three Mining leases covering 23 existing Exploration claims for a total area of 3,676 Hectares.
The leases were granted in October 2008 for a term of 21 years, renewable for further terms of 21 years as required and are for the purpose of conducting mining operations.
Within the Mining leases Landore has the right, subject to provisions of certain Acts and reservations, to:
Sink shafts, excavations etc., for mining purposes.
Construct dams, reservoirs, railways etc., as needed.
Erect buildings, machinery, furnaces, etc. as required and to treat ores.
Details of the leases and an updated property map can be found on www. landore.com.
North Lamaune Lake-New Claims.
The positive results of the recently completed drill programme over the North Lamaune Lake magnetite iron deposit prompted a review of the claims held by Landore in the immediate area.
The 1989 Ontario Geological Survey (OGS) regional airborne geophysical survey covering this area revealed that the magnetic anomaly trend known to host the above deposit extended to the northwest of the Junior Lake property for a distance of approximately 3.5 kilometres along strike.
Accordingly four new claims, for a total area of 912 hectares, were staked to cover the extension of this magnetic anomaly.
Swole Lake-New Claims.
The Swole Lake claim, located on the mid-northern boundary of the Junior lake property, covers an isolated magnetic anomaly, also identified by the 1989 OGS survey, characterizing a mafic-ultramafic intrusive body found to host nickel-copper-cobalt and platinum group element mineralization. Grab samples collected from trenching on the intrusive by Stares Contracting Corporation assayed up to 0.79% copper, 0.64% nickel, 0.024% cobalt, 220 ppb platinum and 204 ppb palladium.
The extent of the intrusion is unknown and thought to possibly extend to the SW or NE. Accordingly four new claims, for a total area of 752 hectares, have been staked around the Swole Lake claim.
James Garber, (BSc. Hons. Geology, member of APGO) a Director of Landore Resources Ltd 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: +44(0)7734 681262 Tel: +44(0)7775 651421 www.landore.com |
| Simon Raggett Strand Partners Limited | Tel: +44 (0)20 7409 3494 |
| David Bick | Tel: +44 (0)7831 381201 |
Landore (LND)