TIDMLND
RNS Number : 4030C
Landore Resources Limited
19 October 2020
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
DRILLING COMMENCES
BAM GOLD PROJECT
JUNIOR LAKE PROPERTY
London, United Kingdom 19th October 2020 - Landore Resources
Limited (AIM: LND) ("Landore Resources" or "the Company") is
pleased to announce the commencement of the Autumn-Winter drilling
programme (the "Drilling
Programme") on the BAM Gold Deposit, Junior Lake Property, Ontario, Canada ("BAM Gold Deposit").
Highlights:
-- A Drilling Programme, consisting of 14,000 metres of HQ
diamond core, has commenced on the BAM Gold Deposit aimed at
further infilling and extending the defined resource of 1,015,000
ounces of gold and to test the depth potential of the previously
delineated mineralisation.
-- An extensive soil sampling programme, commenced in July 2020,
has been completed on the highly prospective areas along strike
from the existing BAM Gold Deposit, infilling and extending the
successful soil sampling campaign completed in 2019. A total of
1,015 samples with controls have been submitted to the laboratory
for analysis with the final results and report expected in November
2020.
Autumn-Winter Drilling Programme
The Drilling Programme consists of:
7,500 metres of HQ Diamond core for infill drilling of the
inferred portion of the resource both within and surrounding the
Indicated resource and to further extend the resource to the west
and east.
Drilling has commenced within the highly prospective one
kilometre zone to the immediate west of the BAM Gold Deposit from
400E to 600W identified by the 2019 exploration and soil sampling
programme.
3,000 metres of HQ Diamond core planned to test for depth
potential of high grade zones beneath both the west and east pit
shells. Landore's Engineering Consultant, Cube Consulting of Perth,
Western Australia, has provided possible targets for drilling of
these zones. Drilling will commence on the selected targets in
November 2020.
3,500 metres of HQ Diamond core for Exploration Target
definition in the highly prospective zones identified by soil-till
sampling 2,300 metres to the west and 2,000 metres to the east of
the existing resource.
For a total of 14,000 metres aimed for completion in March 2021.
Two drills are being used to complete the program.
Landore is fully funded for the above planned works
Exploration - Soil-Till Sampling Programme
The geological team has completed a soil-till sampling
programme, covering 2.4 kilometres along strike to the West from
the western extent of the BAM Gold Deposit, aimed at confirming the
drill targets identified in the highly successful 2019 soil-till
campaign.
In addition a new soil till sampling programme; covering the
highly prospective area for 2 kilometres to the east of the BAM
Gold Deposit, has been completed.
The soil sampling and assay procedure used in this campaign was
the same as reported in the 9(th) December 2019 notification
regarding the 2019 geological and soil sampling campaign on the
Felix-Junior Lake area.
A total of 1,015 soil-till samples including controls have been
submitted to the laboratory for analysis with the final results and
report expected in November 2020.
Planning:
At the conclusion of the 2020-21 drilling campaign an updated
Mineral Resource Estimate ("MRE") and Preliminary Economic
Assessment ("PEA") will be prepared on the BAM Gold Deposit.
BAM GOLD DEPOSIT:
The BAM Gold Deposit extends for 3,700 metres from 400E to 4100E
and remains open down dip and along strike to the east and the
west. The BAM Gold Deposit is located approximately mid-way along a
highly prospective Archean greenstone belt which traverses the
Junior Lake Property from east to west for approximately 31
kilometres. The favora ble greenstone belt ranges from 0.5 to 1.5
kilometres wide and hosts multiple known gold occurrences including
the Lamaune Gold Prospect .
Mineral Resource Estimate:
The Mineral Resource Estimate for the BAM Gold Deposit notified
on 7(th) January 2020 reported 31,083,000 tonnes (t) at 1.02
grams/tonne (g/t) for 1,015,000 ounces of gold including
21,930,000t at 1.06g/t for 747,000 ounces gold in the Indicated
category.
BAM Gold Resource and PEA:
A Technical Report and Preliminary Economic Assessment of the
BAM Gold Project was released on 20(th) February 2019 in compliance
with the requirements of the Canadian National Instruments 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101").
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 30,507
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-gold Deposit; the VW
Nickel-Copper-cobalt Deposit; Lamaune Gold Prospect and numerous
other precious and base metal occurrences.
Covid-19
The Company is following Government Covid-19 guidelines in its
operations in Canada.
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 -
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:
Landore Resources Limited
Bill Humphries, Chief Executive Officer Tel: 07734 681262
Glenn Featherby, Finance Director Tel: 07730 420318
www.landore.com
Cenkos Securities plc (Nominated Advisor and Broker)
Derrick Lee / Peter Lynch Tel: 0131 220 6939
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