REG - Landore Resources Ld - Drill and Exploration Update

Landore ResourcesAnnouncement

17/11/2022 07:00

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RNS Number : 6940G  Landore Resources Limited  17 November 2022

This announcement contains inside information as defined in Article 7 of the
Market Abuse Regulation No 596/2014

 

LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 

 DRILL AND EXPLORATION UPDATE

FELIX-LAMAUNE PROSPECTS

JUNIOR LAKE PROPERTY

 

London, United Kingdom - 17(th) November 2022 - Landore Resources Limited
(AIM: LND) ("Landore Resources" or "the Company") is pleased to provide a
progress report on the drilling and exploration programme being carried out on
the Felix-Lamaune prospects at the Company's Junior Lake Property, Ontario,
Canada.

 

In July 2022 Landore commenced an exploration programme, consisting of 7,500
metres of drilling together with further soil sampling, on the highly
prospective Felix-Lamaune areas located to the immediate west for 11
kilometres along strike from the BAM Gold Deposit and the B4-7/VW
Nickel-Copper-Cobalt-Palladium-Platinum deposits (Ni-Cu-Co-PGEs).

 

Felix Drill Programme:

A drilling programme consisting of 21 drill holes for 3,800 metres of NQ
diamond core 0422-827 to 0422-845 plus 1122-152 and 1122-153, has been
completed on the Felix area from 1100W to 5000W along strike to the west from
the BAM Gold and B4-7/VW Battery Metals deposits.

Highlights:

·    Drill Hole 0422-845, located 3500W, intersected significant
palladium-enriched nickel mineralisation over 21.74 metres reporting 0.10%
Nickel, 0.12% Copper, 0.01% Cobalt, 0.34g/t Palladium, 0.11g/t Platinum from
115.1, including 1.45g/t Pd and 0.51g/t Pt over 0.7 metres. The mineralisation
is hosted in a sheared Gabbro unit.

·    The above intersection extends the Grassy Pond Prospect, discovered
in 2008 (see RNS dated 30(th) September 2008 for further details), for a
further 250 meters along strike to the east from drill hole 1108-30 which
reported palladium-enriched nickel mineralisation over 22 meters of 0.10% Ni.
0.13% Cu, 0.01% Co, 0.25g/t Pd, and 0.09g/t Pt from 5.0 metres. also hosted in
sheared gabbro. The Grassy Pond prospect now extends from 3500W to 4150W and
remains open to the east and west.

 

Commenting on this report, Chief Executive Officer of Landore Resources, Bill
Humphries, said:

 

"The above Grassy Pond Prospect promises to be yet another link in the chain
of Battery Metals deposits/prospects so far identified along the southern
margin of the Grassy Pond Sill from the palladium-enriched Nickel Carrot Top
zone in the West to the B4-7 Nickel-Copper-Cobalt-Platinum Group metals
deposit 11 kilometres to the East. This is just a small portion of the
30-kilometer shear zone, highly prospective for Battery Metals and Gold, which
transects Landore's Junior Lake property."

Lamaune Drill Programme:

A 3,700-metre diamond drilling campaign commenced on the 20(th) October on the
highly prospective Lamaune area, commencing on the Carrot Top Nickel zone,
located on the Lamaune grid between 10500E to 11500E along strike from the BAM
Gold Deposit and to the south of the Lamaune Gold Deposit. The Carrot Top Zone
was previously drilled from 2003 to 2010 reporting significant
palladium-enriched nickel mineralisation including drill hole 1108-25
intersecting 5.48 metres of 0.33% Ni, 0.15% Cu, 0.02% Co, 0.28g/t Pd, and
0.08g/t Pt. The current programme is aimed at infilling the above area to
allow modelling for resource purposes. To date 11 drill holes have been
completed for 1,889 metres. All assay results are outstanding. Once the Carrot
Top drilling is completed the drill rig will be moved to the adjacent Lamaune
Gold Prospect to commence an infill and extension programme.

 

Exploration - Soil Sampling:

During the summer of 2022 soil sampling was conducted on the Junior Lake
property aimed at infilling and extending the 2019/20 soil sampling programme
(see soil report dated 14(th) January 2021). A total of 1,699 samples,
inclusive of QAQC samples, were collected. Soil sampling consisted of
collection at the B horizon at a nominal spacing of 25m.

Felix Zone: An infill and extension soil-till sampling programme was completed
on the 5.5-kilometre-long Felix zone located to the immediate west and along
strike of the BAM Gold Deposit.  A total of 1,177 soil-till samples were
taken infilling the existing wide spaced samples taken in 2020/21 together
with extending the western area from 4000W to 6000W for 1.5 kilometres further
to the south to cover a highly prospective geophysical anomaly area identified
by the 2004 geophysics programme.

Lamaune Area: In addition, the soils programme has been extended further to
the west along strike into the adjacent Lamaune area covering the Carrot Top
Battery Metals prospect, 377 soil-till samples, and still further to the west
over the historic Placer Gold Zone, 145 soil-till samples.

Collation and interpretation of the results from the above soil-till sampling
programme is ongoing and will be included in a report anticipated to be
completed in Q1 2023.

 

Felix Drill Programme:

The programme was split into three zones:

Zone 1: Comprising 9 drill holes for 1,509 metres (0422-827 to 0422-834), to
explore a cluster of conductors MM-23, 24, 27 and 28 along the north-eastern
portion of Felix from 1100W to 2000W. All lithologies encountered at BAM were
observed at Felix but are significantly less deformed.  Anomalous gold was
recorded with the highest recorded being a near-surface intersection of 438ppm
in drill hole 0422-832 over 1.1 metres from 55.0 metres.

 

Zone 2: Comprising 7 drill holes for 1,280 metres (0422-835 to 0422-842), to
explore conductor MM-21 east, a possible extension of the B4-8 Zone, along the
south eastern area of Felix from 1300W to 1700W. Lithologies were similar to
the B4-8 however the conductors intercepted were generally associated with
mild to moderately deformed Banded Iron Formation. Results indicate some
elevated gold, copper and cobalt results, including:

Drill hole 0422-839 reporting 0.39g/t Au and 1.46% Cu over 1.07m from 36.33m.

Drill hole 0422-840 reporting 1.82g/t Au and 0.81% Cu over 1.14m from 31.00m.

Drill hole 0422-842 reporting 1.90g/t Au and 0.03% Co over 0.53m from 145.87m.

 

Zone 3: Comprising 5 drill holes for 1,005 metres (0422-843 to 0422-845 and
1122-152 and 1122-53) to explore the conductor MM-21 west plus the Grassy Pond
prospect from 3000W to 5000W. Results were generally promising especially in
the vicinity of the Grassy Pond prospect, including:

Drill hole 0422-843 reporting 0.61% Pd and 0.19% Pt over 1.97m from 162.53m.

Drill hole 0422-845 reporting 0.34g/t Pd and 0.11g/t Pt over 21.74m from
115.10m.

                                 Including
1.45g/t Pd and 0.51g/t Pt over 0.70m from 116.30m

                                 And 1.86g/t
Au and 0.55% Cu over 1.00m from 23.00m.

 

50-metre step forward and step back drill holes to 0422-845 are planned to be
drilled before completion of the 2022 season to determine the geometry of the
mineralisation and to plan an infill-extension drilling campaign of the Grassy
Pond prospect in 2023.

 

The 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 33,029 hectares, is located in the province of
Ontario, Canada, approximately 235 kilometers 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; Lamaune Gold Prospect and numerous other precious and base metal
occurrences.

 

 

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 -

 

For more information, please contact:

 

 Landore Resources Limited
 Bill Humphries, Chief Executive Officer                   Tel: 07734 681262
 Glenn Featherby, Finance Director                         Tel: 07730 420318

 Cenkos Securities (Nominated Advisor and Broker)
 Derrick Lee / Peter Lynch                                 Tel: 0131 220 6939

 Strand Hanson Limited (Financial Adviser)

 James Dance / James Spinney / Robert                      Tel: 020 7409 3494
 Collins

 

 

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