Progress Report

3 Oct 2007 08:06

Landore Resources Limited03 October 2007 LANDORE RESOURCES LIMITED (AIM Ticker: LND.L) PROGRESS REPORT JUNIOR LAKE-NICKEL PROJECT HIGHLIGHTS •The programme of extension and infill drilling on the VW nickel deposit has been completed and the drills have moved to the B4-7 nickel-copper-PGE deposit to begin a similar but smaller (+3000m) program of confirmation and infill drilling. •Drilling regularly intersected multiple zones of resource grade nickel mineralization, with assay results frequently returning grades in excess of 1% nickel. •Mineralization on the VW Nickel Deposit remains open along strike in both directions to the east and west as well as at depth. Mineralized intersections not previously reported include: +-----------+---------+----------+----------+|Drill-hole | From| Width| Nickel|+-----------+---------+----------+----------+|No | Metres| Metres| %|+-----------+---------+----------+----------+|0407-115 | 114.0| 15.0| 0.62|+-----------+---------+----------+----------+| | 132.0| 7.5| 0.43|+-----------+---------+----------+----------+| | 186.0| 7.1| 0.53|+-----------+---------+----------+----------+| | | | |+-----------+---------+----------+----------+|0407-121 | 232.0| 5.0| 0.59|+-----------+---------+----------+----------+|includes | 234.0| 1.0| 1.08|+-----------+---------+----------+----------+| | 313.0| 3.2| 1.12|+-----------+---------+----------+----------+|includes | 314.0| 1.0| 1.82|+-----------+---------+----------+----------+| | 321.0| 8.0| 0.46|+-----------+---------+----------+----------+| | | | |+-----------+---------+----------+----------+|0407-128 | 180.0| 18.0| 0.52|+-----------+---------+----------+----------+|includes | 193.0| 2.0| 1.17|+-----------+---------+----------+----------+| | | | |+-----------+---------+----------+----------+|0407-129 | 300.0| 7.0| 0.75|+-----------+---------+----------+----------+|includes | 305.0| 1.0| 1.93|+-----------+---------+----------+----------+| | | | |+-----------+---------+----------+----------+|0407-133 | 18.0| 8.9| 0.46|+-----------+---------+----------+----------+| | 183.0| 18.0| 0.70|+-----------+---------+----------+----------+|includes | 191.0| 7.0| 1.25|+-----------+---------+----------+----------+|includes | 194.0| 1.0| 2.34|+-----------+---------+----------+----------+| | | | |+-----------+---------+----------+----------+|0407-138 | 99.0| 1.0| 1.61|+-----------+---------+----------+----------+ The Junior Lake property is located in the province of Ontario, Canada,approximately 235 kilometres north-northeast of Thunder Bay and is situatedwithin the Caribou-O-Sullivan Greenstone Belt in the Wabigoon Subprovince. TheVW Nickel Deposit located at Ketchikan Lake toward the south eastern end of theJunior Lake property and the B4-7 Deposit is located approximately 3 kilometresto the north west of the VW Deposit. VW NICKEL DEPOSIT In total 63 NQ size holes (0407-99 to 0407-161) have been completed for a totalof 17,130 metres on the VW Nickel Deposit during this campaign. Drilling has nowtested the VW deposit at 25 to 50 metre spacing over a strike length of 500metres and to a vertical depth of 300 metres. Core logging and sampling of the core continues and assays are pending for afurther 23 holes. Final assay results are expected by late October at whichstage they will be collated and forwarded to Scott Wilson Roscoe PostleAssociates Inc. (Scott Wilson RPA), Toronto, to independently prepare a NationalInstrument 43-101 (NI43-101) resource estimate upgrade and report on the VWNickel Project. Positive results received to date from the current drill programme have expandedand better defined the known deposit and thorough core-logging has improvedunderstanding of controls on mineralization Nickel-copper-cobalt bearing sulphide mineralization (2-15%pyrrhotite-pentlandite +/- pyrite and chalcopyrite) in the VW deposit is hostedwithin a sequence of hydrothermally altered and metamorphosed maficvolcaniclastics, volcanics and pelitic sediments with ultramafic rocks, andbanded iron formation within a well-foliated east-west trending shear zone atleast 125 metres wide. Younger, sub-parallel, less deformed gabbro sills anddykes that penetrated this sequence appear to have channeled remobilizedsulphides into the rocks along foliation between the intrusives, creating themultiple lenses previously recognized. Nickel grades are notably higher adjacentto the sills. The relationship of the mineralization to the gabbro suggests a possible geneticlink with the Ni-Cu-PGE mineralization hosted by gabbro in the B4-7 deposit.Historical sampling of the B4-7 deposit focused on the massive sulphide lensesand generally did not test the disseminated style of mineralization similar tothat of the VW deposit, thus providing additional exploration potential withinthe known B4-7 deposit. This relationship to the gabbro also significantly enhances the explorationpotential along the trend between the two deposits, to the west of the B4-7deposit and along strike in similar stratigraphy to the east of the VW deposit. B4-7 NICKEL-COPPER DEPOSIT A 3000 metre drill programme has commenced on the B4-7 Deposit designed toinfill the remaining gaps in the deposit, to test the continuity of the hangingwall mineralization and for additional metallurgical testing. In March 2006 Landore engaged Scott Wilson RPA to independently prepare atonnage grade estimate of the exploration potential for the B4-7 Deposit. Theirestimate was 1.5 to 2.0 million tonnes @ 1.3 to 1.6% nickel equivalent. Scott Wilson RPA reported that the potential quantity and grade of the B4-7 Zonewas conceptual in nature and there had been insufficient exploration, primarilymetallurgical work, to permit defining a mineral resource. They recommended atthe time that additional drilling be carried out to in-fill gaps in the zone andto provide material for modern metallurgical work to improve nickel recovery. A 7 hole diamond drill programme was completed in October 2006 on the B4-7deposit which successfully in-filled several of the gaps and extended thedeposit to the west. Two of those holes were drilled for metallurgical testing. Several of the above holes intersected wide zones of disseminated sulphidemineralization in the hanging wall of the main B4-7 massive sulphide zone,including drill-hole 0406-93 which intersected 12.4 metres @ 0.86% nickel, 0.47%copper, 636ppm cobalt, 253ppb platinum and 967ppb palladium. Two other drilling campaigns on the B4-7 Deposit, completed in 2002 and 2003,also discovered previously unreported hanging wall mineralization. On completion of the current programme, (approximately the end of October) thedrilling results will be collated and forwarded to Independent Engineers for aNational Instrument 43-101 Resource estimate. All drill core was photographed prior to being cut for assaying. Samples wereanalyzed at Accurassay Laboratories (ISO/IEC 17025), Thunder Bay, Ontario, bygeochemical analysis with atomic absorption finish (Ni). All samples reportingresults of 1% nickel or higher were re-analysed by the assay method with atomicabsorption finish. Check assays, standards and laboratory duplicates wereperformed on a systematic basis at Accurassay Laboratories. ALS ChemexLaboratory in Vancouver, BC also completed systematic checks. Core is stored atsite and in Landore's facilities in Thunder Bay, Ontario. Rejects are stored atAccurassay Laboratories and in Landore's facilities in Thunder Bay. Further releases will be made as results become available. 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 381201 This information is provided by RNS The company news service from the London Stock Exchange