Drilling and Geophysical Survey Update

RNS Number : 2899T

Landore Resources Limited

12 December 2012

 



LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 PRESS RELEASE • PRESS RELEASE • PRESS RELEASE • PRESS RELEASE • PRESS RELEASE

                       12^th December 2012

DRILLING AND GEOPHYSICAL SURVEY UPDATE

THE SCORPION ZONE

JUNIOR LAKE NICKEL-COPPER-COBALT-PGEs PROJECT

Highlights:

·     Drilling on the western section of the B4-7 deposit from 50W to 200W has intersected broad zones of massive sulphide mineralisation at depth, including drill-hole 0412-450 which intersected 17.26 metres at 0.84% nickel, 0.46% copper, 0.06% cobalt, and 510ppb palladium. 

·     The B4-7 massive sulphide deposit, now extending over 700 metres from 500mE of the baseline to 200W, remains open to the west along strike and down dip.

·     A deep penetrating 'Direct Current Induced Polarization' (DCIP) and Magnetotellurics (MT) survey has been completed on the Scorpion Zone. Results of the DC Resistivity section of the survey received to date are highly promising indicating the potential extension of the B4-7 mineralisation to line 800W. Results for IP Chargeability and the MT survey are currently being collated.  

DC Resistivity sections will be posted on the Company's website, www.landore.com

Drilling is in-progress on the western section of the 1,500 metre long Scorpion Zone. Infill drilling conducted between lines 50W and 200W has successfully intersected broad zones containing B4-7 style massive sulphide mineralisation at depth. This mineralisation is associated with significant Nickel and Copper values, as well as notable Cobalt and Palladium.

Intersections include:

Drill-hole	From	Width*	Ni	Cu	Co	Pd	Pt	Au
No	Metres	Metres	%	%	%	ppb	ppb	ppb
0412-449	420.70	2.70	0.81	0.16	0.05	992	109	10
and	445.72	13.28	0.89	0.44	0.07	598	77	16
0412-450	545.82	17.26	0.84	0.46	0.06	510	73	17
0412-452	386.00	2.00	0.12	0.06	0.01	2538	102	20
and	455.73	4.33	0.47	0.23	0.05	1719	138	30
and	463.40	15.40	0.57	0.29	0.06	600	166	30
including	463.40	2.60	0.70	0.49	0.06	1545	56	37
0412-453	369.78	1.22	0.10	0.03	0.01	3330	391	27
and	381.00	2.00	0.28	0.01	0.02	1824	297	5
0412-454	458.00	20.00	0.38	0.51	0.06	302	110	29
including	458.00	2.00	0.38	1.19	0.09	495	164	62
and	469.13	2.05	0.91	0.18	0.06	521	36	8
including	477.00	1.00	0.50	1.21	0.14	674	50	28

*The actual true thickness of mineralisation is estimated to represent between 60-70% of the intervals shown in the above table.

Assay and lithology information from drill-holes 0412-449, 0412-450 and 0412-452 have been included in the B4-7 resource estimate upgrade, currently in-progress. Results from this resource estimate are anticipated by early Q1 2013.

The Junior Lake property:

The Junior Lake property, 100% owned by Landore, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay, and is host to; the B4-7 Nickel-Copper-Cobalt-PGMs deposit, the VW Nickel deposit, the B4-8 prospect and numerous other highly prospective mineral occurrences.

The combined resources (Canadian National Instrument (NI) 43-101 compliant) of the B4-7 and VW deposits delineated to date, total 48,281 tonnes of nickel equivalent (NiEq), 82 per cent of which is in the Indicated category.

B4-7 Nickel-Copper-Cobalt-PGM deposit:

The B4-7 deposit mineralisation is hosted within a sub-vertical massive sulphide vein with stringers, net-textured and disseminated sulphides in the immediate hanging wall. In Q1 2010, a NI 43-101 compliant report and resource estimate upgrade was completed for the B4-7 deposit. The resource reported 26,521 tonnes at 1.02% NiEq. 

The B4-7 main massive sulphide vein has been interpreted to be a pinch and swell structure emplaced along a strike slip/normal fault or series of parallel faults. Massive sulphide mineralisation occurs at and near surface within the eastern 500 metre portion of the B4-7 deposit, and occurs at increasingly deeper levels moving west.

Drilling is currently testing this potential westward extension of the B4-7 massive sulphide mineralisation between lines 200W and 900W. Drill-hole 0412-446 on the 300W line, completed earlier this year, intersected significant massive sulphide mineralisation at depth. In addition, previous drilling on the B4-8 prospect has indicated significant copper mineralisation in the vicinity of the shear's deformation zone on the 900W line. Results are pending on drill-holes 0412-455 to 460. 

During October 2012, an ORION 3D DCIP + MT survey was conducted by Quantec Geoscience, Toronto, on the Scorpion Zone. This survey acquires three sets of data in multi-directions; DC (direct current), IP (induced polarization) and MT (magnetotellurics), and is a true three dimensional survey. Sophisticated digital signal processing is utilized to obtain high resolution imaging at depths up to 1000+ metres below surface.

Results of the DC Resistivity section of the survey received to date are highly promising indicating the potential extension of the B4-7 mineralisation to 800W of the base line. Final results from this ground geophysics survey are anticipated by early Q1 2013, and will assist in drill targeting.

2013 Planned Works:

Information from the current drilling campaign together with the recently completed geophysical survey will be used to design further exploration and resource drilling on the western extension of the B4-7 scheduled to commence in January 2013.

Pre-feasibility studies on the combined B4-7 and the VW deposits will be initiated in Q1 2013.

QAQC

Landore has in place a stringent quality assurance and quality control programme to ensure best practices in sampling and assaying. All samples from the B4-7 project were collected by employees of Landore and shipped directly to ALS Laboratories, Thunder Bay, (ISO 9001 Certified) for preparation and assay in sealed bags. All samples are assayed for gold, platinum and palladium by fire assay, and nickel, copper, and cobalt by aqua regia digestion with AA finish, according to ALS's procedures PGM-ICP23, Ni Cu AA46, and Co AA45. Inductively-coupled plasma ("ICP") analyses for a suite of multi-elements (35 elements, including base metals and silver) were performed by procedure ME-ICP41.

Michele Tuomi, (P.Geo., BSc. Geology), Exploration Manager of Landore Resources Canada Inc. and a qualified person as defined in the Canadian National Instrument 43-101, has reviewed and verified all scientific or technical mining disclosure contained in this announcement.

- ENDS -

About Landore Resources Ltd.

Landore Resources Ltd. 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 Nickel Project, anticipated to enter into pre-feasibility stage Q1 2013. Landore Resources has mineral rights to 5 properties in eastern Canada.  The Company is headquartered in Guernsey , UK, with an exploration office located in Thunder Bay, Ontario, Canada.

Landore Resources is listed on the AIM market of the London Stock Exchange under the symbol LND.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain information that may constitute "forward-looking information" under applicable securities legislation. Forward looking information includes, but is not limited to, forecasts as to free-cash flow, strategic plans, mineral resources estimates, future operations, results of exploration, future works programs, capital expenditures and objectives. Forward-looking information is necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's public disclosure. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

For more information please contact:

Bill Humphries, Chairman Richard Prickett, Chief Executive Officer     Landore Resources Limited	Tel: [phone] Tel: [phone] www.landore.com
Angela Hallett / James Spinney Strand Hanson Limited Nominated Adviser Katherine Roe / Adam Pollock Panmure Gordon & Co Broker	Tel: [phone] Tel: [phone]
David Bick	Tel: [phone]

 

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