TIDMLND
RNS Number : 7261P
Landore Resources Limited
21 October 2021
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
JUNIOR LAKE PROPERTY
BAM DRILL UPDATE
BATTERY METALS REVIEW
London, United Kingdom - 21 October 2021 - Landore Resources
Limited (AIM: LND) ("Landore Resources" or "the Company") is
pleased to report on the current BAM Gold Deposit drill programme
together with a review of the Battery Metals occurrences on its
highly prospective Junior Lake Property, Ontario, Canada.
Highlights:
-- BAM Gold Deposit - Drilling has re-commenced initially
targeting the down plunge extension of the newly discovered Western
Extension (as reported on 30 September 2021) before the focus will
move to the Felix Prospect to test the numerous targets identified
by the Company's previous exploration drilling and geochemistry
programmes.
-- The Company's review of core in the high grade sections of
drill holes 0421-813 on line 800E and 0421-814 on line 900E in the
Western Extension has identified multiple occurrences of visible
gold (VG). These sections are both in a similar mineralised horizon
100 metres apart. Six drill holes are being drilled to infill and
step back on the above holes.
-- Battery Metals - The burgeoning demand for Battery Metals is
seeing the value of Landore's B4-7 and VW Deposits contained metals
increase substantially.
Price used Price as at 18(th) Increase
for 2018 Resource October 2021(*)
US$ US$ %
-------------------- -------------------- ---------
Nickel 8.00/lb 9.25/lb +15.6%
-------------------- -------------------- ---------
Copper 3.50/lb 4.78/lb +36.6%
-------------------- -------------------- ---------
Cobalt 19.00/lb 25.36/lb +33.5%
-------------------- -------------------- ---------
Palladium 1,000.00/oz 1,954.00/oz +95.4%
-------------------- -------------------- ---------
(*) Prices as per Kitco Inc, at www.kitcometals.com
-- The Junior Lake Nickel is the highly sought-after Grade 1
sulphide nickel suitable for use in Battery Metals.
Commenting on this development, the Chief Executive Officer of
Landore Resources, Bill Humphries, said:
"Whilst Landore continues to be focused on advancing the BAM
Gold Deposit towards a multi-million ounce target, the increasing
interest in Battery Metals worldwide, accompanied by rapidly
escalating prices, is encouraging the Company to re-evaluate its
highly prospective B4-7 and VW Nickel-Copper-Cobalt-PGEs Deposits
together with the numerous identified prospects along the 31
kilometre long highly prospective Junior Lake Property."
JUNIOR LAKE BATTERY METALS:
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"). 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.
Junior Lake-NI43-101 Compliant RESOURCES : -
BAM GOLD Deposit: December 2019:
-- Bam Gold Deposit Indicated category 21,930,000 tonnes for
747,000 ounces at 1.06g/t plus Inferred category 9,153,000 tonnes
for 268,000 ounces at 0.91g/t for a total of 1,015,000 ounces
gold
.
B4-7 Deposit (January 2018):
-- 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.
-- 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 Deposit (January 2018):
-- 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.
EXPLORATION PROSPECTS:
In addition to the B4-7 and VW Deposits, the Junior Lake
property is host to numerous polymetallic prospects ranged along
the southern margin of the Sill
PLANNING:
Landore has engaged Cube Consulting of Perth Western Australia
to complete a Mineral Resource Estimate ("MRE") and Preliminary
Economic Assessment ("PEA") update on the BAM Gold Deposit, which
is currently scheduled for completion in Q4 2021.
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 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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