TIDMLND
RNS Number : 6914O
Landore Resources Limited
11 February 2021
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)
DRILLING UPDATE
BAM GOLD PROJECT
JUNIOR LAKE PROPERTY
London, United Kingdom 11th February 2021 - Landore Resources
Limited (AIM: LND) ("Landore Resources" or "the Company") is
pleased to provide an update on the progress of the drilling
programme for 2020-21 (the "Drilling
Programme") on the BAM Gold Deposit, Junior Lake Property, Ontario, Canada ("BAM Gold Deposit").
-- The Drilling Programme continues with results received
to-date confirming the depth and length extensions of the BAM west
pit reporting widths and grades consistent with the defined
resource. Visible Gold was reported in several intersections
including drill-hole 0420-742 at 170.35m. See www.landore.com .
-- Step out drilling to the east and west of the BAM Gold
Deposit targets the highly anomalous gold trends established by the
recently completed soil-till sampling program (reported 14(th)
January 2021). Drilling has successfully traced the favourable
lithologies and mineralized structures associated with the BAM Gold
Deposit.
2020-2021 Winter Drilling Programme
The Drilling Programme is progressing as planned with a total of
10,719 metres of HQ diamond core drilling, comprising of 45 drill
holes (0420-725 to 0421-769) completed to date. All drill holes
have intersected prospective mineralised zones associated with the
BAM Gold Deposit.
Initial results include:
Easting Northing Drill-hole From Interval* Au
No Metres Metres g/t
--------- ----------- ------- ---------- -----
00E 570N 0420-732 193.26 1.02 1.67
--------- ----------- ------- ---------- -----
1050E 295N 0420-733 78.43 0.67 3.45
--------- ----------- ------- ---------- -----
and 232.82 14.18 1.52
--------- ----------- ------- ---------- -----
including 239.51 3.24 4.48
--------- ----------- ------- ---------- -----
1150E 270N 0420-734 103.50 1.00 4.32
--------- ----------- ------- ---------- -----
and 285.37 9.81 1.34
--------- ----------- ------- ---------- -----
1450E 195N 0420-736 258.88 14.70 1.33
--------- ----------- ------- ---------- -----
including 272.53 1.05 8.50
--------- ----------- ------- ---------- -----
1500E 185N 0420-737 268.26 9.33 1.21
--------- ----------- ------- ---------- -----
Including 268.26 1.08 6.34
--------- ----------- ------- ---------- -----
1550E 190N 0420-739 259.46 6.85 1.76
--------- ----------- ------- ---------- -----
2350E 85S 0420-738 324.38 9.90 1.09
--------- ----------- ------- ---------- -----
* The above drill holes were drilled north at 45-52 degrees into
a lithological package dipping approximately 85-75 degrees to the
south. The actual true thickness of mineralisation is estimated to
represent between 70-80% of the intervals shown in the above
table.
Drilling Update-BAM Gold-
The Drilling Programme consisting of a total of 14,000 metres of
HQ diamond core drilling, commenced on October 15(th) , 2020, was
designed to further infill and extend the defined BAM Gold resource
of 1,015,000 ounces.
a) Resource drilling: 3,476 metres have been completed through
16 drill holes located beneath the West defined pit from 1000E to
2000 E, to test for depth extension. All holes intersected typical
BAM Gold lithology and mineralisation, including some with visible
gold. Results received to date show widths and grades as previously
seen for the West pit including drill hole 0420-733 reporting 14.18
metres at 1.52 g/t. Assay results are pending.
b) Resource drilling: 1,866 metres have been completed through 5
drill holes located beneath the East defined pit, 2,000E to 3,000E
to test for depth extension. All holes intersected typical BAM Gold
lithology and mineralisation. Assay Results are pending.
c) Exploration drilling: 1,632 metres have been completed to
date through 8 drill holes to test the potential strike extension
of the existing BAM Gold deposit for 2 kilometres further to the
east from 3,000E to 5,000E. Drill holes have intersected typical
BAM lithology. Assay results are pending.
d) Exploration drilling: 3,745 metres have been completed to
date through 16 exploration drill holes to test the potential
strike extension of the existing BAM Gold deposit for 1.2
kilometres to the west from 1000E to 200W. All holes intersected
typical BAM lithology with assay results received to date for the
first 8 holes reporting anomalous gold up to 1.67g/t. Assay results
for the remaining holes are pending.
Note: Considerable delays in receiving assay results are being
experienced in the exploration industry due to the Covid-19
pandemic together with the significant increase in drilling
activity brought upon by the increase in metal prices, particularly
gold. Consequently, ALS Minerals, one of the leading laboratories,
has advised that a period of 8-10 weeks, from delivery of samples
to the laboratory, is currently required for completion of full
analysis.
BAM Geology and Mineralisation :
Interpretive work and conceptual modelling conducted by
Landore's senior geological consultant and independent engineers
has indicated the gold mineralization resides within a series of
tabular shaped zones oriented in a roughly en-echelon
configuration, generally parallel to the overall strike of the host
rock units (east-southeast direction).
Shoots (Mullions) of significant gold mineralization within the
BAM east pit and BAM west pit zones are interpreted to dip
approximately 30 to the west. Preliminary interpretation of
drilling results has indicated the potential for repeating shoots
of significant gold mineralization along strike east and west of
the defined BAM resource.
Results from the 2019/2020 soil-till sampling programs conducted
west along strike for approximately 7 kilometres and east for
approximately 2 kilometres from the BAM deposit further support the
potential for significant gold mineralization in these areas.
Soil-till sampling has established the presence of widespread
anomalous gold and multiple gold trends, confirming this area's
potential to contain extensions of the BAM Gold deposit.
Exploration drilling currently in progress will follow up on
these encouraging results to confirm the presence of repeating
gold-bearing shoots along strike east and west of the defined BAM
Gold Deposit.
Planning: At the conclusion of the 2020-2021 Drilling programme
the Company is planning to commission an updated Mineral Resource
Estimate ("MRE") and Preliminary Economic Assessment ("PEA") on the
BAM Gold Deposit.
BAM GOLD DEPOSIT:
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.
-S -
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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