TIDMLND
RNS Number : 9446A
Landore Resources Limited
07 June 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 - 7 June 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").
-- Drilling results from below and to the east of the BAM East
defined pit between 2600E and 2900E have reported wide zones of ore
grade gold mineralisation within the gabbro 'hanging wall' unit
with drill hole 0421-789 intersecting 53.37 metres at 1.35grams per
tonne gold, including 13.14 metres at 2.99 grams per tonne gold.
There have been frequent sightings of visible gold in the drill
core.
Chief Executive Officer of Landore Resources, Bill Humphries,
said:
"These encouraging results from relatively shallow intersections
in the hanging wall of the extended East pit, together with the
recently reported high grade drill intersections in the footwall,
give promising indications of a substantial increase in the
resource of the BAM Gold Deposit."
Depth and Eastward extension to the BAM East pit:
To date, 4,938 metres, comprising 19 drill holes, have been
completed to test for depth and length extension of the East
defined pit from 2000E to 3000E. All drill holes have intersected
typical BAM Gold Deposit lithology and mineralisation including
some with visible gold. Five additional drill holes have been
completed at 25 metre centres to test the zone around the bonanza
gold intercept on line 2850E. Assay results are pending.
Results not previously reported include:
Easting Northing Drill-hole From Interval* Au
No Metres Metres g/t
--------- ----------- ------- ---------- -----
2650E 100S 0421-790 132.17 2.09 1.06
--------- ----------- ------- ---------- -----
and 152.79 4.99 0.62
--------- ----------- ------- ---------- -----
and 168.91 6.05 0.53
--------- ----------- ------- ---------- -----
and 181.61 3.35 1.98
--------- ----------- ------- ---------- -----
and 224.45 3.55 1.04
--------- ----------- ------- ---------- -----
2700E 100S 0421-789 108.89 53.37 1.35
--------- ----------- ------- ---------- -----
including 116.60 13.14 2.99
--------- ----------- ------- ---------- -----
and 133.74 0.51 9.70
--------- ----------- ------- ---------- -----
and 221.73 4.80 1.58
--------- ----------- ------- ---------- -----
2750E 50S 0421-788 79.00 2.00 1.39
--------- ----------- ------- ---------- -----
and 87.00 2.53 1.10
--------- ----------- ------- ---------- -----
and 94.14 6.01 0.67
--------- ----------- ------- ---------- -----
and 108.00 3.55 0.80
--------- ----------- ------- ---------- -----
2800E 25S 0421-787 44.00 10.00 0.63
--------- ----------- ------- ---------- -----
and 71.05 4.17 1.32
--------- ----------- ------- ---------- -----
2800E 75S 0421-786 72.09 8.05 1.92
--------- ----------- ------- ---------- -----
including 73.14 2.00 4.64
--------- ----------- ------- ---------- -----
and 163.72 7.17 0.92
--------- ----------- ------- ---------- -----
* The above drill holes were drilled north at 45 degrees into a
lithological package dipping approximately 75 to 60 degrees to the
south. The actual true thickness of mineralisation is estimated to
represent 70% to 85% of the intervals shown in the above table.
2020-2021 Drilling Programme:
The Drilling Programme, consisting of a total of 23,000 metres
of HQ diamond core drilling, commenced on October 15(th) , 2020 and
was designed to further infill and extend the defined BAM Gold
Deposit resource of 1,015,000 ounces.
To date a total of 17,070 metres of HQ diamond core drilling,
comprising 73 drill holes (0420-725 to 0421-797), have been
completed. The Drilling Program is scheduled for completion in
August after which the data will be collated in preparation for a
Resource and PEA update.
Drilling is continuing on the Eastern and Western exploration
areas aimed at defining additional Inferred resource and or
Exploration targets. In addition more drilling is planned for
further extension and expansion of the East defined pit of the BAM
Gold Deposit.
Planning:
At the conclusion of the Drilling Programme the Company plans 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 .
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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