TIDMLND
RNS Number : 8821Q
Landore Resources Limited
05 December 2016
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
PROGRESS REPORT
BAM EAST GOLD PROSPECT
JUNIOR LAKE PROPERTY
London, United Kingdom - December 5th 2016 - Landore Resources
Limited (AIM:LND) ("Landore Resources" or "the Company") is pleased
to provide this progress report on extension drilling of the BAM
East Gold prospect on its Junior Lake Property, Ontario, Canada
("BAM East Gold Prospect").
Highlights:
-- Down Dip Extension: Drill-holes 0416-546 and 0416-547,
drilled as step backs to the previously reported deepest
drill-holes, have extended the Central Zone of the BAM East Gold
prospect to > 250 metres down dip. The Central Zone remains open
at depth.
-- Eastwards Extension: Drill-hole 0416-553, drilled 200 metres
along strike to the east of the Central Zone has intersected
widespread gold mineralisation close to surface within a similar
lithological package to the Central Zone.
-- The BAM East Gold Prospect has now been confirmed over 700
metres of strike length and remains open down dip, to the east and
to the west along strike.
Fall Drilling Campaign:
The fall drilling campaign is nearing completion with 13 (6-HQ
and 7-NQ) diamond drill holes (0416-546 to 0416-558), for 3,385
metres, having been drilled to test the east, west and down dip
extensions of the new gold zone. Two more NQ drill holes are
scheduled to be drilled to complete this programme. To date results
have been received for 5 drill holes with results pending for the
remainder.
Latest results received include the following.
Easting Northing Drill-hole From Interval* Au
-------- --------- ----------- ------- ---------- ------
No Metres Metres g/t
-------- --------- ----------- ------- ---------- ------
2350E 25S 0416-546 237.84 16.61 1.76
-------- --------- ----------- ------- ---------- ------
Incl. 252.45 2.00 8.22
-------- --------- ----------- ------- ---------- ------
2400E 25S 0416-547 217.25 16.68 2.32
-------- --------- ----------- ------- ---------- ------
Incl. 231.93 2.00 12.00
-------- --------- ----------- ------- ---------- ------
2450E 25S 0416-548 94.75 12.00 0.78
-------- --------- ----------- ------- ---------- ------
and 186.00 19.68 1.00
-------- --------- ----------- ------- ---------- ------
Incl. 200.58 1.00 8.87
-------- --------- ----------- ------- ---------- ------
2300E 25S 0416-549 253.50 3.00 1.35
-------- --------- ----------- ------- ---------- ------
2900E 50S 0416-553 12.00 11.30 0.81
-------- --------- ----------- ------- ---------- ------
Incl. 13.00 1.00 5.10
-------- --------- ----------- ------- ---------- ------
and 35.30 19.25 0.46
-------- --------- ----------- ------- ---------- ------
* Holes 0416-546 to 549 were drilled north at 55 degrees with
0416-553 at 45 degrees into a lithological package dipping
approximately 40 degrees to the south. The actual true thickness of
mineralisation is estimated to represent between 80-85% for
0416-546 to 549 and between 85-90% for 0416-553 of the intervals
shown in the above table.
Drill holes 0416-546 to 0416-549, drilled as step-backs to
previously reported drill-holes 0416-535 and 0416-539 to 0416-541
inclusive, were aimed at defining the down plunge direction of the
Central Zone from 2300E to 2450E. The two drill-holes at 2350E and
2400E clearly intersected the Central Zone with multiple showings
of visible gold confirming its continuation down plunge whilst the
two drill-holes at 2300E and 2450E appear to be on the periphery of
the zone.
Drill-hole 0416-553 was drilled to test the MM-7 geophysical
conductor 200 metres along strike to the east of the Central Zone,
on line 2900E. The hole successfully intersected wide spread gold
mineralisation from surface in a similar lithological package to
the Central Zone. A 100 metre step-back hole to 0416-553 was also
completed with results pending. A 50 metre step-back to 0416-553 is
planned as part of the current drilling program.
Other drilling has been completed on lines, 1000W, 1600W, 2100W,
2200W to further test the Western strike extension of the BAM East
Gold Prospect together with two infill HQ holes in the central
Zone. Results are pending and will be reported as soon as they are
QAQC checked and collated.
Studies in progress:
Metallurgical Testing: Drill core material has been submitted to
ALS Metallurgy Kamloops of British Columbia for Gravity
Concentration and Cyanidation Bottle Roll Testing.
Borehole Surveying: DGI Geoscience of Ontario has been engaged
to conduct Borehole Surveying, using an Acoustic Televiewer, of
selected drill-holes on the Central Zone to provide true
orientation of features for structural studies and for future
geotechnical studies.
Resource Estimate: Landore Resources has retained consulting
engineers RPA Inc. ("RPA") of Toronto, Canada, with the view of
completing an initial Mineral Resource estimate and NI 43-101
Technical Report on the Bam East Gold Prospect, scheduled for
completion Q1 2017.
BAM East Gold Prospect:
This new gold prospect is located approximately midway along a
2.7-kilometre long, east-southeast to west-northwest trending
MaxMin geophysical anomaly (MM-7), at the western end of which is
located the historical BAM gold zone discovered by Landore
Resources in 2003.
BAM East gold mineralisation is a typical shear-hosted
gold-bearing system in an Archaean greenstone belt. Findings from
exploration drilling on the BAM East Gold prospect has revealed a
lithological sequence consisting of leucogabbro to the south,
metasedimentary rocks in the central portion, to mafic volcanics to
the north. All lithological units have been subjected to variable
shearing and deformation, markedly the metasedimentary unit.
The gold mineralisation revealed to-date is predominantly
contained in the metasediments, with some gold mineralisation
occurring in the leucogabbro rocks. Visible gold occurs within or
near quartz veinlets which are controlled by a shear system.
The wide gold mineralisation, close to surface, has potential
for the initial development to be progressed as a low cost, bulk
tonnage, open pit operation. Initial studies indicate the
mineralisation to be native gold with no sulphides associated with
precious metal minerals observed to date. This would indicate a
simple processing route with excellent recovery potential.
Planned Works:
Future Drilling: Planning has commenced for a winter drill
programme in Q1/Q2 2017 along 400 metres to the west of line 2450E
in the Ladle Flats which is highly-prospective to contain the near
surface extension of the BAM East Gold Prospect, as well as further
drilling to test down dip and East-West strike extension.
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, has reviewed and
verified all scientific or technical mining disclosure contained in
this announcement.
- ENDS -
About Landore Resources
Landore Resources is an exploration company that seeks to grow
shareholder value through the acquisition, exploration and
development of precious and base metal projects in eastern Canada.
The Company is primarily focused on the development of the Junior
Lake Project. Landore Resources has mineral rights to 5 properties
in eastern Canada. The Company is headquartered in Guernsey, with
an exploration office located in Thunder Bay, Ontario, Canada.
For more information, please contact:
Bill Humphries, Chief Executive Officer Tel: 07734 681262
Richard Prickett, Finance Director Tel: 07775 651421
Landore Resources Limited www.landore.com
James Spinney / Jack Botros Tel: 020 7409 3494
Strand Hanson Limited
Nominated Advisor and Broker
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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