TIDMLND
RNS Number : 9310Q
Landore Resources Limited
03 March 2021
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
JUNIOR LAKE PROPERTY
BAM GOLD + BATTERY METALS
London, United Kingdom 3 March 2021 - Landore Resources Limited
(AIM: LND) ("Landore Resources" or "the Company") is pleased to
provide an update on the drilling programme at the BAM Gold Deposit
(the "Drilling Programme") and the Company's existing Battery Metal
resources on its highly prospective Junior Lake Property, Ontario,
Canada.
BAM Gold Deposit
The Drilling Programme is proceeding as scheduled with results
received to-date confirming the depth and length extensions of the
BAM west pit. In addition drilling to the east and west of the BAM
Gold Deposit has successfully intersected the favourable lithology
and mineralized structures associated with the BAM Gold Deposit.
Assay results will be reported once received and collated.
Battery Metals
The growing adoption of electric vehicles (EVs) is driving the
increasing demand for nickel, cobalt and lithium ("Battery Metals")
- which are each critical metals used as cathode materials for
lithium-ion batteries in the automotive industry, as well as the
energy and electronics industries.
In addition to advancing the BAM Gold Deposit on which Landore
remains focused, the Company is encouraged by the increased demand
for 'Battery Metals' as Landore's highly prospective Junior Lake
property is host to significant Battery Metals Resources and
prospects delineated by Landore prior to the discovery of BAM Gold.
These resources are compliant to Canadian National Instrument
43-101 (NI43-101).
RESOURCES : -
-- B4-7 Nickel-Copper-Cobalt-PGE Deposit and Alpha Zone:
3,292,000 tonnes at 1.20% Nickel Equivalent (NiEq) in the Indicated
category and 568,000 tonnes at 1.26% NiEq in the Inferred category
for a total of 46,661 tonnes of contained metal.
-- VW Nickel-Copper-Cobalt Deposit : - 1,084,000 tonnes at
0.71%NiEq in the indicated category and 180,000 tonnes at 0.68%NiEq
in the inferred category for a total of 8,920 tonnes of contained
metal.
-- The Junior Lake Nickel is the highly sought-after Grade 1
sulphide Nickel suitable for 'Battery Metals'.
Commenting on this report, the Chief Executive Officer of
Landore Resources, Bill Humphries, said:
"Since its discovery in late 2015 Landore has focused its
efforts on advancing the BAM Gold Deposit, having successfully
completed a positive Preliminary Economic Assessment (2019) and
other preparatory works necessary for Pre-Feasibility stage. Before
that, Landore had concentrated on advancing its Junior Lake
Nickel-Copper-Cobalt-PGE projects to Pre-Feasibility level.
However, after the 2012 commodities price crash the development of
these projects was placed on hold.
With the burgeoning demand and increase in world prices for
Battery Metals, the Board considers these projects to be viable
once again, significantly adding to the overall value of Landore's
highly prospective Junior Lake property."
JUNIOR LAKE NICKEL-COPPER-COBALT-PGE PROJECTS:
The Junior Lake Ni-Cu-Co-PGE deposits and prospects are located
along the southern margin of a major zoned gabbro complex named the
'Grassy Pond sill'. The sill is situated within a shear zone along
the highly prospective Archean greenstone belt traversing the
Junior Lake Property from east to west for approximately 31
kilometres. This shear zone also hosts the BAM Gold Deposit along
its northern margin.
B4-7 Nickel-Copper-Cobalt-PGE Deposit and Alpha Zone:
The B4-7 Deposit and Alpha Zone, located in the south-central
portion of the Junior Lake Project approximately 600 metres to the
southwest of the BAM Gold Deposit, are examples of magmatic
sulphide hosted, polymetallic
nickel-copper-cobalt-platinum-palladium-gold mineralization.
Landore has conducted a number of drilling campaigns at the B4-7
Deposit and Alpha Zone from 2005 through to 2015. These drilling
campaigns have been successful in outlining the B4-7 Deposit and
Alpha Zone along a strike length of approximately 900 metres at an
average width of 6.4 metres and to a depth of approximately 550
metres from surface. The deposit remains open to the west along
strike and down dip.
The B4-7 Deposit and Alpha Zone are largely sub-parallel to each
other and strike generally in an east-west direction. Both deposits
have vertical dips overall, with local sections having either steep
north or steep south dips. The Palladium-Platinum rich Alpha Zone
has not been included in the resource down plunge from the B4-7 Pit
floor due to the paucity of drilling. However, it has been
intersected at depth returning high metal values up to 1.54g/t Pd
and 0.64g/t Pt over 20.15 metres in drill-hole 0414-503.
-- The open pit component of the B4-7 Deposit is 1,772,000
tonnes at 1.20% NiEq in the Indicated category for 21,264 tonnes of
contained metal.
-- An exploration target has been identified down dip from the
B4-7 resource which may contain a potential 1.5 Mt to 2.0 Mt of
sulphide mineralisation of similar grade range to that which has
been outlined to-date (potential 18,000 to 24,000 tonnes of
contained metal).
VW Nickel-Copper-cobalt Deposit:
The VW Deposit, discovered in 2005, is a nickel-copper-cobalt
+/- PGE +/- gold-bearing, disseminated to veined sulphide deposit
dominated by pyrrhotite, potentially of epigenetic, hydrothermal
origin.
The 2018 resource estimate, using a cut-off NSR value of $22/t
within the pit shell and $62/t for underground mineral resources,
reported:
-- Indicated: - 1.08 million tonnes at 0.71 per cent. NiEq.
-- Inferred: - 0.18 million tonnes at 0.68 per cent. NiEq.
ADDITIONAL NI-CU-CO-PGE PROSPECTS:
In addition to the B4-7 and VW Deposits, the Junior Lake
property is host to numerous polymetallic prospects, including the
following:
B4-8 Zone :
Located along a magnetic conductor 1 kilometre to the west and
along strike from the B4-7 Deposit with exploration drilling
reporting 5.58 metres at 0.59% Ni, 0.29% Cu, and 0.07% Co. A
coincident magnetic anomaly hosts further potential, extending
approximately 900 metres westwards from the B4-8 conductor before
curling north with the Juno Lake shear. Past drill results from the
curled zone include 25.68 metres at 0.66% Cu, 0.13% Ni, and 0.02%
Co, including 10.01 metres at 1.17% Cu, 0.18% Ni, and 0.03% Co from
drill-hole 0411-323.
Grassy Pond Zone (Felix): -
L ocated 4 kilometres to the west and along strike from the B4-7
Deposit. Past exploration drilling yielded encouraging results
including 0.7 metres at 0.39% Ni, 0.43% Cu and 0.77grams/tonne Au
in drill-hole 1108-30.
Carrot Top Zone:
Located 11 kilometres to the west and along strike from the B4-7
Deposit with past exploration drilling reporting 18.3m at 0.34% Ni,
0.32% Cu, and 0.03% Co.
JUNIOR LAKE LITHIUM PROSPECTS:
Landore has three known lithium occurrences on its Junior Lake
property:
-- The historical Despard Lithium deposit. (Ontario Department
of Mines, Geological Report No. 55, Crescent lake Area, by E.G.
Pye, 1968). Located approximately 2 kilometres east of the western
boundary of Junior Lake.
-- The Swole Lake spodumene-bearing pegmatite: Discovered by
Landore and located 10 kilometers to the east of the historical
Despard Lithium occurrence. Past drilling returned encouraging
results including 1.12% Li(2) O over 3.1m and 1.14% Li(2) O over
8.8m from drill hole 0411-304.
-- The Tape Lake pegmatites, located 5 kilometres north of Swole
Lake, with rock chip samples from one pegmatite dyke returning
1.036% Li(2) O, 1.219% Li(2) O and 2.374% Li(2) O respectively.
For more information see Landore's website www.landore.com .
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 4 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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