REG - Landore Resources Ld - 2023 Soil Sampling Identifies New Gold Trends

Landore ResourcesAnnouncement

15/02/2024 07:00

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RNS Number : 1929D  Landore Resources Limited  15 February 2024

Landore Resources Limited

2023 SOIL SAMPLING PROGRAMME IDENTIFIES NEW GOLD TRENDS AT

THE JUNIOR LAKE PROPERTY

London, United Kingdom - 15 February 2024 - Landore Resources Limited (AIM:
LND) ("Landore Resources" or the "Company") is pleased to report the results
of its 2023 soil sampling programme carried out along strike to the east and
west of its flagship BAM Gold Project ("BAM Gold"), on the Junior Lake
Property, Ontario, Canada.

During Summer/Autumn 2023, a significant expansion and infill soil sampling
programme was conducted on the Junior Lake property involving the collection
of 834 soil samples across four areas. The programme covered a total area of
approximately 6.6km² and built on the findings of previous soil sampling
conducted between 2019 and 2022 (see soil sampling reports dated 30 November
2019, 11 January 2020 and 31 March 2023).

Highlights:

·      2023 soil sampling conducted in the underexplored southern portion
of the Grassy Pond/Felix Lake area, highly prospective for both gold and
strategic metals, revealed several anomalies representing a potential new gold
zone to be further explored by drilling.

·    Soil sampling has also identified new trends in the Junior Lake East
Grid and Lamaune Gold Prospect areas with direct drill targets.

·    17.5 kilometres along the Junior Lake shear zone from the Placer Dome
Gold prospect in the west to east of the BAM Gold Deposit has now been covered
by extensive soil sampling.

2023 SOIL SAMPLING PROGRAMME, JUNIOR LAKE PROPERTY

Landore Resources' geological team completed an extensive soil sampling
campaign during Summer/Autumn 2023 within the Grassy Pond/Felix Lake and
Lamaune areas along strike to the east and west from the existing BAM Gold
Project, infilling and expanding on the successful 2019 to 2022 soil sampling
campaigns and confirming the presence of widespread anomalous gold and
multiple gold trends.

A full report on the 2023 soil sampling programme has been prepared by the
Company  entitled 'Soil Sampling of the Junior Lake property - 2023 Update'
dated 30 January 2024 (the "2023 Report") which can be viewed on Landore
Resource's website at: www.landore.com (http://www.landore.com) and which
contains various maps and charts of the zones assessed.

Commenting on this report, Interim Chief Executive Officer of Landore
Resources, Glenn Featherby, said:

"Soil sampling programmes on our Junior Lake Property continue to identify new
gold targets which have the potential to be advanced into additional
resources. The Board believes that the Junior Lake Property has excellent
potential to host significant volumes of both gold and strategic metals for
battery production."

Key Extracts from the Summary Section of the 2023 Report are as follows:

"In 2023 a large soil sampling program (834 samples, inclusive of QAQC
samples) was conducted on the Junior Lake property. The program covered an
approximate 6.6km(2), infilled and expanded on the regions covered by previous
soil sampling programs conducted in 2019, 2020, and 2022 (see soil reports
dated 30 November 2019, 11 January 2020 and 31 March 2023). The 2023 soil
sampling program extended the strike length of gold anomalies to the east
600m, extending the BAM gold trend to beyond East Ketchikan Lake west and
identified new anomalies up to 4.4 kilometers west of the Lamaune Gold
Prospect to North Lamaune Lake. Additional soil sampling in the underexplored
southern portion of the Grassy Pond/Felix Lake Area ("Felix Lake Grid"), an
area highly prospective for both gold and battery metals, revealed several
anomalies in the area."

"The 2023 soil program has expanded upon previous sampling programs, further
refining previous gold exploration targets as well as identifying new targets
across the now 17.5 kilometre-long surveyed area. This includes confirming
trends in the Grassy Pond/Felix Lake area as well as identifying new trends in
the Junior Lake East Grid, Grassy Pond/Felix Lake, and Lamaune Gold Prospect
areas. The additional samples have assisted with interpretation and enabled
the identification of regional trends. From these results four priority areas
are detailed, all of which should be followed up with additional work:

1.    Soil anomalies show a gold trend extending east of the BAM Gold
deposit for 2.2km with additional anomalies occurring for a further 400m.
Limited diamond drilling along the trend has shown that mineralization
continues along the trend but leaves more than 1.2km untested;

2.    New data from lines south of the Grassy Pond/Felix Lake Grid have
confirmed the continuity of multiple gold trends across 4 km, south of the
main BAM Gold trend, within the previously underexplored area;

3.    Anomalous gold values are associated with linear magnetic anomalies
in the Grassy Pond/Felix Lake area, extending to the BAM Gold Deposit to the
east and are open to the west;

4.    Anomalous soil samples and trends are associated with the Lamaune
Gold prospect and continue west, to the historic Placer Dome Gold work near
North Lamaune Lake. Historic diamond drilling within the area has encountered
anomalous gold values in close proximity to the trends, with much of the
region remaining untested."

 

Corporate and Operational Update

Further to the Company's announcement of 4 January 2024, it continues to
explore additional funding options to enable it to, inter alia, proceed with a
drilling campaign at the BAM Gold Project at the earliest opportunity, as well
as exploring potential strategic investor, merger or sale opportunities in
relation to its Canadian subsidiary.

Forward Plans

Landore Resource's plans for 2024 are to focus on advancing its highly
prospective BAM Gold Project, targeting a two-million-ounce resource and
completion of a pre-feasibility study, concentrating on:

·   The underground potential at BAM as identified by Cube Consulting Pty
Limited in its May 2022 Resource Upgrade and preliminary economic assessment;
and

·   Advancing the existing Inferred Resource into an Indicated Resource
estimate together with infilling the exploration targets to the immediate east
and west of the current resource.

 

Junior Lake Property

The Junior Lake Property, 100% owned by Landore Resources, together with the
contiguous Lamaune Iron property (90.2% owned) (jointly the "Junior Lake
Property"), consisting of 22,037 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; the Lamaune Gold Prospect and numerous other precious and strategic
metal occurrences.

Michele Tuomi, (P.Geo., BSc. Geology), Director/CEO of Landore Resources
Canada Inc. and a Qualified Person as defined in the Canadian National
Instrument 43-101 and with respect to the AIM Rules for Companies, has
reviewed and verified all scientific or technical mining disclosures contained
in this announcement.

- ENDS -

For further information, please contact:

Landore Resources Limited

Glenn Featherby (Interim CEO)

Tel: +44 7730420318

Strand Hanson Limited (Nominated Adviser and Joint Broker)

James Dance/Matthew Chandler/Robert
Collins

Tel: 020 74093494

Novum Securities Limited (Joint Broker)

Jon Belliss/Colin Rowbury

Tel: 020 73999402

 

About Landore Resources

Landore Resources Limited is an exploration/development company that seeks to
grow shareholder value through the advanced exploration and development of
precious and battery metals projects in eastern Canada. The Company is
primarily focused on the development of its 100% owned BAM Gold Project,
located on its Junior Lake Property in Northwestern Ontario.

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

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