TIDMLND
RNS Number : 7231T
Landore Resources Limited
29 March 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 - 29th March 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 planned 23,000 metres Drilling Programme continues with
14,970 metres completed to date. Results received have confirmed
the depth and length extensions of the BAM west pit reporting
widths and grades consistent with the defined resource. Results are
pending for the depth drilling below the east pit.
-- Step out drilling to the east and west of the BAM Gold
Deposit has targeted the highly anomalous gold trends established
by the recently completed soil-till sampling program (reported
14(th) January 2021). Results received to date on the Western step
out drilling are highly encouraging. Results are pending for most
of the extension drilling.
2020-2021 Drilling Programme
The Drilling Programme is progressing as planned with a total of
14,970 metres of HQ diamond core drilling, comprising 65 drill
holes (0420-725 to 0421-789), completed to date.
Drilling below the west pit has confirmed the continuation of
the widths and grade of the mineralisation at depth and also for a
further 250 metres to the west along strike.
Assay results for 27 drill holes are pending and will be
reported when received and collated.
Results not previously reported include:
Easting Northing Drill-hole From Interval* Au
No Metres Metres g/t
--------- ----------- ------- ---------- -----
800E 400N 0421-757 164.50 1.04 3.71
--------- ----------- ------- ---------- -----
and 188.50 1.00 8.14
--------- ----------- ------- ---------- -----
950E 350N 0420-755 118.15 5.30 1.13
--------- ----------- ------- ---------- -----
and 256.80 4.20 1.69
--------- ----------- ------- ---------- -----
1000E 295N 0420-752 235.15 3.07 4.02
--------- ----------- ------- ---------- -----
and 247.08 10.61 1.19
--------- ----------- ------- ---------- -----
1550E 360N 0420-743 34.35 8.25 0.89
--------- ----------- ------- ---------- -----
and 55.22 0.98 6.04
--------- ----------- ------- ---------- -----
1700E 350N 0420-744 36.73 5.15 0.74
--------- ----------- ------- ---------- -----
1800E 260N 0420-747 131.41 3.71 1.88
--------- ----------- ------- ---------- -----
1900E 100N 0420-740 239.00 12.83 0.85
--------- ----------- ------- ---------- -----
* 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.
The Drilling Programme consisting of a total of 23,000 metres of
HQ diamond core drilling, commenced on October 15(th) , 2020, was
designed to further infill and extend the defined BAM Gold Deposit
resource of 1,015,000 ounces.
a) Resource drilling - West: 3,745 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 show widths and grades as previously
seen for the west pit.
b) Resource drilling - East: 3,465 metres have been completed to
date through 13 drill holes located beneath the east defined pit,
2,000E to 3,000E to test for depth extension. All holes intersected
typical BAM Gold Deposit lithology and mineralisation. Assay
Results are pending.
c) Exploration drilling - East: 3,687 metres have been completed
to date through 18 drill holes to test the potential strike
extension of the existing BAM Gold Deposit for 1.2 kilometres
further to the east from 3,000E to 4,100E. Drill holes have
intersected typical BAM Gold Deposit lithology. Assay results are
pending.
d) Exploration drilling - West: 4,342 metres have been completed
to date through 18 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 have
intersected typical BAM Gold Deposit lithology with results
received to date showing mineralisation gently plunging to the west
from the current west pit design. Assay results for the remaining
holes are pending.
BAM Gold Deposit 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 Gold Deposit's east pit and 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 Gold Deposit 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 Gold 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 the
potential of this area 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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