REG - Landore Resources Ld - Drill And Exploration Update

Landore ResourcesAnnouncement

25/01/2023 10:00

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RNS Number : 8265N  Landore Resources Limited  25 January 2023

 

 

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

SIGNIFICANT FURTHER BATTERY METALS INTERSECTED

JUNIOR LAKE PROPERTY

 

 

London, United Kingdom - 25 January 2023 - Landore Resources Limited (AIM:
LND) ("Landore Resources" or "the Company") is pleased to provide a progress
report on the drilling and exploration programme carried out on the
Felix-Lamaune prospects at the Company's Junior Lake Property, Ontario,
Canada.

 

In the summer and autumn of 2022 Landore completed an exploration-drilling
programme, consisting of 43 drill holes for 7,635 metres of diamond core, on
the Felix - Carrot Top Zones located from one to eight kilometres west along
strike from the 1.5-million-ounce BAM Gold Deposit and the B4-7/VW
Nickel-Copper-Cobalt-Palladium-Platinum deposits (Ni-Cu-Co-PGEs).

 

Highlights:

·    The Felix Zone - Grassy Pond Prospect: - Drill hole 0422-846, located
on local cut grid line 3500W, intersected significant palladium-enriched
nickel mineralisation over 25.84 metres reporting 822ppm Nickel, 1087ppm
Copper, 81ppb Platinum, and 290ppb Palladium from 35.26m, including 0.75
metres 1425ppm Ni, 1430ppm Cu, 773ppb Pt, and 2540ppb Pd from 36.20m.

 

·    The above drill hole was drilled as a 50-metre step forward to drill
hole 0422-845 (reported 221117) successfully projecting the wide
mineralisation to near surface. The Grassy Pond Prospect extends 650 metres
from line 3500W to 4150W and remains open to the east and west.

 

·    Carrot Top Zone - Drill hole 1122-154, intersected significant
palladium-enriched nickel mineralisation over 16.19 metres reporting 1674ppm
Nickel, 1006ppm Copper, 138ppm Cobalt, 36ppb Platinum, and 146ppb Palladium,
from 51.64 metres, including 0.36 metres reporting 17200ppm Ni, 700ppm Cu,
1055ppm Co, 157ppb Pt, and 663ppb Pd from 51.64m.  The Carrot Top Zone
extends from 10500E to 11360E and remains open to the east and west.

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

 

"The exploration campaign on the Felix-Lamaune area has clearly confirmed
that, in addition to the advanced 1.5 million ounce BAM Gold deposit,  the
Junior Lake property hosts significant volumes of highly valuable battery
metals, including palladium enriched sulphide Nickel with associated Cobalt
and Copper, the presence of which has now been established through drilling
for 11 kilometres from the Carrot Top Zone in the west to the B4-7, Alpha zone
and VW Nickel-Copper-Cobalt-PGEs compliant deposits in the east, with the
remaining 20 kilometres of the highly prospective greenstone-shear zone,
transecting Landore's Junior Lake property, yet to be explored.

 

Felix
prospect:

In addition to the 21 drill hole programme reported on the 17(th) November
2022, an additional drill-hole, 0422-846 for 81.05m of HQ diamond core, has
since been drilled as a 50m step forward to drill-hole 0422-845 successfully
projecting the palladium enriched nickel mineralisation to surface. Drilling
intersected mineralisation over 25.84 metres reporting 822ppm Ni, 1087ppm Cu,
81ppb Pt, and 290ppb Pd from 35.26m, including 0.75 metres 1425ppm Ni, 1430ppm
Cu, 773ppb Pt, and 2540ppb Pd from 36.20m.

Carrot Top Zone:

A drilling programme consisting of 20 drill holes for 3,436m of NQ diamond
core, 1122-154 to 1122-173, has been completed on Carrot Top Zone, located
approximately 7 to 8 kilometres along strike to the west of the BAM Gold and
B4-7/VW Battery Metals deposits. The Carrot Top Zone was previously drilled
from 2003 to 2008 reporting significant palladium-enriched nickel
mineralisation. The current programme is aimed at infilling and extending the
above area to allow modelling for resource purposes. Assays are outstanding.

Results received to date include:

 Easting  Northing  Drill-hole  From    Width*  Ni           Cu    Co    Au   Pt   Pd
                    No          Metres  Metres  ppm          ppm   ppm   ppb  ppb  ppb
 10500    10000     1122-156    104.6   6.00    993          469   91    10   29   112
                    and         134.18  1.71    2406         971   219   173  65   293
 10600    10000     1122-154    51.64   16.19       1674     1006  138   7    36   146
                    including   51.64   0.36    17200        700   1055  21   157  663
                    including   61.25   6.58    1676         1000  152   11   53   224
                    and         80.20   12.52   1045         755   108   7    30   125
 10600    10010     1122-155    83.25   1.4     3486         816   290   8    64   235
                    and         110.60  0.5     1685         2640  152   6    59   279
                    and         113.50  3.65    1274         946   130   6    68   242
 10700    10000     1122-157    79.00   1.00    1995         675   193   1    23   180
                    and         87.6    6.32    1433         578   135   2    25   117
                    including   92.28   0.47    4070         1570  358   9    51   483
 10800    10000     1122-158    29.80   16.10   1059         344   114   3    18   70

*The actual true thickness of mineralisation is estimated to represent between
75%-80% of the intervals shown in the above table.

 

Lamaune Gold Deposit:

The Lamaune Gold Prospect is located 300 to 500 metres to the north and
parallel to the Carrot Top Zone.

A drilling programme consisting of 2 drill holes for 405 metres of HQ diamond
core, 1122-174 to 1122-175, was completed on the Carrot Top zone prior to the
winter break, The core has been logged and will be processed and sent for
assay on re-commencement of 2023 operations.

 

For previous exploration information on the Carrot Top Zone and Lamaune Gold
Deposit see RNS 20(th) July 2020.

 

Planning:  Landore's plans for 2023 are to focus on advancing its highly
prospective BAM Gold project, targeting a two-million-ounce resource together
with completing a pre-Feasibility study, concentrating on:

·    The underground potential at BAM as identified by CUBE in the May
2022 Resource Upgrade and presentation.

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

·    Commencing pre-feasibility studies in Q2 to advance the BAM Project
towards production.

 

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

 

 

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