TIDMLND
RNS Number : 3520H
Landore Resources Limited
03 December 2020
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
DRILLING UPDATE
BAM GOLD PROJECT
JUNIOR LAKE PROPERTY
London, United Kingdom 3rd December 2020 - Landore Resources
Limited (AIM: LND) ("Landore Resources" or "the Company") is
pleased to provide an update on the drilling programme for
2020-2021 (the "Drilling programme") on the BAM Gold Deposit,
Junior Lake Property, Ontario, Canada ("BAM Gold Deposit")
Highlight:
-- The Drilling Programme is progressing as planned with a total
of 3,620 metres of HQ diamond core, comprising of 15 drill holes,
completed to date. All drill holes have successfully intersected
prospective mineralised zones associated with the BAM Gold Deposit.
The drill core has been logged and processed with over 1500 samples
sent to ALS Minerals of Thunder Bay for analysis to date. Assay
results are pending.
Note: The increase in the price of gold and other minerals in
the past year has led to a significant increase in exploration
activity in Canada causing a backlog of sampling in all of the
mineral analytical laboratories. As a result the time now expected
for full analysis has doubled to 6-7 weeks from delivery to the
laboratory. Results will be reported when received and
collated.
Autumn-Winter Drilling Programme:
The Drilling Programme at the BAM Gold Deposit, consisting of
14,000 metres of HQ diamond core, commenced on schedule in October
2020 and is 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. The Drilling
Programme is expected to complete in April 2021.
The Drilling Programme consists of:
7,500 metres of HQ diamond core drilling 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 drilling 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 has also commenced on these
selected targets.
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. Drilling on these extension targets is
expected to commence in January.
Exploration - Soil-Till Sampling Programme:
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
1015 samples with controls were submitted to the laboratory for
analysis. The results for the above samples have now been received
and are being collated in preparation of the final report.
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 current MRE for the BAM Gold Deposit (details of which were
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 PEA of the BAM Gold Project was released
on 20(th) February 2019. The PEA is 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 Tel: 07734 681262
Officer
Glenn Featherby, Finance Director Tel: 07730 420318
Cenkos Securities (Nominated Advisor
and Broker)
Derrick Lee / Peter Lynch Tel: 0131 220 9100
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