TIDMLND
RNS Number : 1917T
Landore Resources Limited
13 November 2019
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
GRANT OF MINING LEASES TO
LAMAUNE IRON INC
London, United Kingdom, 13 November 2019 - Landore Resources
Limited (AIM: LND) ("Landore Resources" or "the Company") is
pleased to report that the Ministry of Northern Development and
Mines ("MNDM") has granted two new Mining Leases for the whole of
the Lamaune Iron Inc. property ("Lamaune"), which is located
adjacent to the Company's Junior Lake Property in Ontario, Canada.
Lamaune is a 90.3% subsidiary of Landore Resources Inc.
Highlights:
-- Lamaune has been granted Mining Leases 109856 and 109857 (the
"Lamaune Mining Leases") encompassing all of Lamaune's exploration
claims over an area totalling approximately 4,133 hectares, for a
21 year term renewable for further terms of 21 years. Lamaune is a
90.3% owned subsidiary of Landore Resources.
-- The Lamaune Mining Leases lie adjacent to the existing Junior
Lake Mining Leases 108257, 108258, 108259 (granted in August 2008)
and Mining Lease 109819 (renewed in January 2019). The Company's
existing Lease interests, all of which are granted for a 21 year
period renewable for a further 21 years, amount to approximately
3,729 hectares.
-- Within the Lamaune and Landore Mining Leases, Landore has the
right, subject to provisions of certain Acts and reservations,
to:
o Sink shafts, excavations, etc., for mining purposes;
o Construct dams, reservoirs, railways etc., as needed; and
o Erect buildings, machinery, furnaces, etc., as required and to
treat ores.
-- The combined Landore and Lamaune Mining Leases cover a total
of approximately 7,862 hectares and extend for 22 kilometres,
encompassing all of Landore's established mineral deposits and
prospects. These include: the BAM Gold deposit; B4-7
Nickel-Copper-Cobalt-PGEs deposit; VW Nickel-Copper deposit (all
NI43-101 compliant); the Lamaune Gold exploration target; and the
Lamaune Iron deposit.
Junior Lake Mining leases:
Following the discovery and establishment of the VW Nickel
Deposit in late 2006 Landore commenced work on potential 'long lead
time' administrative requirements and base line studies in
preparation for feasibility studies and possible exploitation.
One of the essential requirements going forward was to secure
tenure over an area of land encompassing the mineral deposits,
sufficiently large enough to provide for development, mining,
processing and infrastructure, buffer zones around the mining areas
and for future expansion.
Accordingly in July 2008, following completion of the necessary
boundary surveys and claim expenditure requirements, an application
was made to the Ministry of Northern Development and Mines ("MNDM")
for the Junior Lake Mining Leases (the "Junior Lake Leases"). The
Junior Lake Leases were granted in October 2008. (See RNS: dated
18(th) November 2008).
Lamaune Lake leases:
Following the discovery and establishment of the Lamaune Iron
and Gold deposits in late 2010 Lamaune commenced work on the
conversion of the total exploration claims within the Lamaune
property into Mining Leases.
As a pre-requisite to an application for the granting of Mining
Leases, Lamaune was required to complete the claim expenditure
requirements. This was completed in late 2015.
In September 2018, following completion of the necessary
boundary surveys, an application was made to the MNDM for the
Lamaune Mining Leases, which have now been granted.
Junior Lake Exploration Claims:
In addition to the Landore and Lamaune Mining Leases, Landore
has a total of 1,158 exploration claims for an area of 22,646
hectares adjacent and to the north and west of these lease
interests, bringing the total area for the highly prospective
Junior Lake to 30,507 hectares.
All exploration claims are in good order with sufficient
expenditure credits transferable from the adjacent Mining Leases to
be secure for the foreseeable future.
Note: A map of the Junior Lake Property including the Junior
Lake/Lamaune Mining leases can be viewed at the link below:
http://www.rns-pdf.londonstockexchange.com/rns/1917T_1-2019-11-12.pdf
BAM Gold Deposit:
The BAM Gold Deposit, discovered in December 2015, is located in
the south-central area of the Junior Lake property and is
interpreted as an Archean-aged mesothermal gold deposit in which
gold mineralisation is hosted by sheared and altered rocks of the
Grassy Pond (Gabbro) Sill and the BAM Sequence. The host rock units
strike in an east-southeast direction (average of azimuth 105deg)
and dip steeply to moderately to the south at 70 to 80 degrees. The
gold mineralisation is interpreted to reside within a series of
tabular shaped zones that are oriented in a roughly en-echelon
configuration and are generally parallel to the overall strike of
the host rock units.
BAM Gold Resource and PEA:
A Technical Report and Preliminary Economic Assessment ("PEA")
of the BAM Gold Project was reported 20(th) February 2019. The
report is in compliance with the requirements of the Canadian
National Instruments 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101").
Planning: Resource and PEA Update:
Cube Consulting Pty Ltd ("Cube") has been engaged by Landore
Resources Canada Inc. ("Landore") to update the BAM Gold Resource
and the PEA to include the 2019 drilling campaign and to prepare an
Independent Technical Report, in compliance with the requirements
of the Canadian National Instruments 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101"), on the BAM Gold Project, in
Ontario, Canada, for completion by year end 2019.
The Junior Lake Property:
The Junior Lake Property, 100% owned by Landore Resources,
together with the contiguous Lamaune Iron property (90.3% 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.
A highly prospective Archean greenstone belt traverses the
Junior Lake Property from east to west for approximately 31
kilometres. The greenstone belt ranges from 0.5 to 1.5 kilometres
wide and contains all of Landore Resources' stated mineral
resources and prospects. However, the greater proportion of this
belt remains unexplored.
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:
Bill Humphries, Chief Executive Officer Tel: 07734 681262
Richard Prickett, Finance Director Tel: 07775 651421
Landore Resources Limited www.landore.com
Derrick Lee / Peter Lynch Tel: 0131 220 6939
Cenkos Securities plc
Nominated Advisor and Broker
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No 596/2014.
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END
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