REG - Landore Resources Ld - Sampling Programme Identifies New Gold Anomalies

Landore ResourcesAnnouncement

12/02/2025 07:00

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RNS Number : 7469W  Landore Resources Limited  12 February 2025

12 February 2025

 

Landore Resources Limited

2024 Soil Sampling Programme Identifies New Gold Anomalies at

the Junior Lake property

London, United Kingdom - 12 February 2025 - Landore Resources Limited (AIM:
LND) ("Landore Resources" or the "Company") is pleased to announce the results
of its 2024 soil sampling programme carried out along strike to the east of
its flagship BAM Gold Project ("BAM Gold"), on the Junior Lake property,
Ontario, Canada.

During the Autumn of 2024, a soil sampling programme was conducted on the
group's Junior Lake property, collecting 255 soil samples (inclusive of QAQC
samples) for a further 2.8 kilometres eastwards from previous soil sampling
programmes into the highly prospective Toronto Lake gold area. The programme
covered a total area of approximately 3 km² along 200 metre spaced lines and
has identified a number of gold anomalies representing targets for future
exploration activities, including drilling. The latest programme, together
with the findings of previous soil sampling conducted between 2019 and 2023
(see soil sampling reports dated 30 November 2019, 11 January 2020, 31 March
2023 and 30 January 2024), has demonstrated excellent gold potential along
strike east and west of the BAM Gold deposit along, and adjacent to, the
Junior Lake shear zone, which transects the property for 30+ kilometres.

Highlights:

·        Soil sampling confirms the presence of anomalous gold along
strike to the east from the existing BAM Gold Project in the underexplored
Toronto Lake gold area - potentially representing a significant extension to
the deposit or a complementary gold system.

·        20.8 kilometres along the Junior Lake shear zone from the
Placer Dome Gold prospect in the west to the BAM Gold deposit and east into
the Toronto Lake area has now been covered by extensive soil sampling.

·        Results from the recently completed BAM Gold structural
assessment by an independent consultancy firm, TECT Geological Consultancy,
and infill sampling of historic drill core is expected to be reported in Q1
2025, which will serve to enhance the BAM Gold deposit's existing geological
model and maximise our understanding of the orebody architecture.

·        A 3,500-metre drilling programme is scheduled to commence on
the BAM Gold deposit in early March 2025 and will focus on providing greater
clarity on the structure of the orebody, increasing the overall confidence in
the grade, size and continuity of the resource, as well as testing the
considerable down-dip potential of BAM Gold.

2024 SOIL SAMPLING PROGRAMME, JUNIOR LAKE PROPERTY

Landore Resources' geological team completed a soil sampling campaign during
the Autumn of 2024 within the Toronto Lake area of the Junior Lake Property
along strike eastwards from the existing BAM Gold Project, thereby expanding
on the successful 2019 to 2023 soil sampling campaigns and confirming the
presence of widespread anomalous gold and multiple gold trends. Soil sampling
results from the Toronto Lake area have indicated gold anomalies which, with
further planned infill soil sampling, could represent an eastern extension of
the BAM Gold trend itself.

A full report on the 2024 soil sampling programme has been prepared by the
Company entitled 'Soil Sampling of the Junior Lake property - 2024 Update'
dated 17 January 2025 (the "2024 Report"), which can be viewed on Landore
Resource's website at: www.landore.com (http://www.landore.com) and contains
maps and charts of the zone assessed.

Commenting on this report, Landore Resources' CEO, Alexander Shaw, said: "I am
very encouraged by the progress we are making at our flagship BAM Gold Project
in Ontario, with these latest soil sampling results confirming the presence of
anomalous gold along strike - thereby confirming our belief that the gold
system, which hosts BAM extends far beyond the currently-defined deposit area,
representing significant expansion potential.

"This confirms what I have always believed - namely that we are only just
getting started at BAM Gold and that the potential of what is our 'jewel in
the crown' at Junior Lake is considerable. There is also significant potential
for higher grades at BAM Gold, which could add high-grade ounces to an updated
MRE, which we are targeting for completion in mid 2025. We look forward to
providing further technical results in the months ahead."

To view an additional video by Alexander Shaw, and the chance to have your
questions directly answered by the management team, please head to our
interactive investor hub via: https://investors.landore.com/link/4r80Mr.

Key Extracts from the Summary Section of the 2024 Report are as follows:

"In 2024 an explorative soil sampling program (255 samples, inclusive of QAQC
samples) was conducted on the Junior Lake property. The program extended 2.8
kilometers to the east of previous sampling programs and covered an additional
3km2, extending into the highly prospective Toronto Lake region (see soil
reports dated 30 November 2019, 11 January 2020, 31 March 2023, and 30 January
2024).

The 2024 soil sampling program consisted of a series of ~200m spaced lines and
identified numerous anomalies warranting additional follow up work. Two new
locations with highly anomalous gold values were identified. The two new
anomalous locations are south of the Junior Lake shear zone and represent
exciting targets in an underexplored area. The largest area is adjacent to
Toronto Lake, currently covers approximately 0.6km2 and is open to both the
east and south. The second area is approximately 1km west of Toronto Lake and
is currently approximately 0.1km2 in area. In addition, several discrete
anomalies were identified within the survey in the Junior Lake shear zone.
Further infill soil sampling is required to refine the main BAM Au and other
regional trends."

"The 2024 soil program has extended to the east of the previous sampling
programs, identifying new targets along the 20.8-kilometre-long surveyed area
of the Junior Lake property. The multi-year soil sampling programs have
identified four priorities across the project area, all of which should be
followed up with additional work:

1.         A gold trend has been identified extending 2.2 kilometer
east of the BAM Gold deposit with additional anomalies occurring for 3.3
kilometers, the extent of the sampling programs. Limited work has been
conducted along this trend and has identified mineralization, leaving 4.5
kilometers of ground for follow up work;

2.         A 1.5 kilometer gap occurs between the anomaly trends of
the Grassy Pond/Felix Lake Grid and Lamaune Gold Grid. Follow up work is
required, infilling the gap in coverage and linking the trends;

3.         Anomalous soil samples and trends are associated with the
historic Placer Gold work near North Lamaune Lake and the Lamaune Gold
prospect. Past work has identified anomalous to significant gold values in
proximity to the trends, although much of the region remains untested;

4.         The 4 km strike length of anomalous gold trends within the
Felix Lake/Grassy Pond region, south of the main BAM Gold trend."

 

Operational Update

The Company intends to proceed with a 3,500-metre drilling campaign at the BAM
Gold Project in early March 2025, designed to provide greater clarity on the
structure of the ore body, prove the validity of the block model and increase
overall confidence in the grade size and continuity of the resource, as well
as testing the considerable down-dip potential of BAM Gold.

The results from such drilling will be used to update the existing BAM Gold
Mineral Resource Estimate ("MRE"), which will in turn support the Company's
plans to proceed with a pre-feasibility study expected to commence in late
2025.

 

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                                   contact@landore.com

 Alexander Shaw (CEO)

 or engage with the company directly                         https://investors.landore.com/s/051b30
                                                             (https://investors.landore.com/s/051b30)
 Strand Hanson Limited (Nominated Adviser and Joint Broker)

 James Dance/Matthew Chandler/Robert Collins                 Tel: 020 7409 3494
 Hannam & Partners (Joint Broker)

 Andrew Chubb / Matt Hasson                                  Tel: 020 7907 8500
 Burson Buchanan (Financial PR)

 Bobby Morse/ Oonagh Reidy                                   landore@buchanancomms.co.uk

                                                             Tel: 020 7466 5000

 

Subscribe to our news alert service: https://investors.landore.com/auth/signup

 

About Landore Resources

Landore Resources (AIM: LND) is the 100% owner of the highly prospective BAM
Gold Project, Northwestern Ontario, Canada, which has an NI 43-101 compliant
resource estimate of 1.5m oz Au (Indicated: 1.03m oz from 30.96Mt @ 1.0g/t;
Inferred: 467,000oz from 18.3M/t @ 0.8g/t). Ontario is Canada's largest gold
producing province, and produced 3.9m oz, accounting for 41% of Canada's total
gold production in 2023. Landore Resource's strategic objective is to
crystallise value from BAM Gold's last estimated NPV of US$333.6m @
US$1,800/oz spot (from May 2022 PEA), as well as generating additional value
from its non-core portfolio of precious and battery metals projects in eastern
Canada and the USA.

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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