Drilling Results

RNS Number : 8873J

Landore Resources Limited

13 April 2015

 



LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 

RESULTS FROM THE WINTER DRILL CAMPAIGN

JUNIOR LAKE NICKEL-COPPER-PGE PROPERTY

London, United Kingdom - 13 April 2015 - Landore Resources Limited (AIM:LND)("Landore Resources" or "the Company") is pleased to report drilling results from the winter exploration campaign on the Junior Lake Nickel-Copper-PGE Property, Ontario, Canada.

Alpha Zone:

·     The recently completed drilling campaign at the B4-7 nickel-copper cobalt-PGEs deposit has confirmed the continuity of the palladium enriched Alpha Zone over a distance of 700 metres located sub-parallel and immediately adjacent to the B4-7 massive sulphide zone. The delineation of the Alpha Zone has the potential to add significant tonnage to the existing B4-7 resource.

B4-7 Exploration Target:

·     Drilling has further validated the Exploration Target immediately west of the B4-7 deposit, successfully intersecting B4-7 style massive sulphide mineralisation in drill-hole 0415-510. The Exploration Target immediately along strike to the west of the B4-7 resource contains a potential 1.5Mt to 2.0Mt of sulphide mineralisation similar in grade to the B4-7 deposit (NiEq 1.24%).

A drilling campaign, consisting of 8 diamond drill holes for a total of 2,590 metres, has been completed on the B4-7 nickel-copper-cobalt-PGEs deposit aimed to infill sections of the Alpha Zone and further validating the 'Exploration Target' to the immediate west of the B4-7 deposit.  

Intersections from the above drill campaign include:

NS Line	Drill-hole	From	Interval*	Ni	Cu	Co	Pt	Pd	NiEq
	No	Metres	Metres	%	%	%	g/t	g/t	%
75E	O415-506	223.00	8.50	0.33	0.14	0.03	0.61	2.46	1.29
	Incl.	227.00	1.00	0.28	0.18	0.02	3.03	9.56	3.88
	and	258.34	4.94	0.07	0.06	0.01	0.37	3.72	1.22
100E	0415-507	195.00	6.50	0.10	0.02	0.01	0.30	3.20	1.06
	Incl.	200.00	1.50	0.02	-	-	0.85	10.15	2.98
00E	0415-509	258.43	3.17	0.30	0.04	0.01	0.13	1.46	0.76
	and	343.50	1.42	0.08	0.05	0.01	0.34	2.44	0.87
	and	416.84	3.16	0.51	0.47	0.05	0.12	0.91	1.16
225W	0415-510	394.00	5.00	0.43	0.13	0.02	0.18	1.74	1.05
	Incl.	396.09	0.61	1.37	0.05	0.06	0.10	3.41	2.41
	and	459.00	1.00	0.46	1.25	0.05	0.08	0.33	1.45
	and	466.85	3.53	0.79	0.35	0.06	0.11	0.86	1.36
	and	475.12	3.92	0.79	0.48	0.06	0.16	0.57	1.39
	Incl.	478.68	0.36	0.29	3.42	0.05	0.02	0.34	2.73

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

Alpha Zone:

The Alpha zone, identified by drilling in 2001, consists of net-textured and disseminated sulphides containing significant palladium with elevated nickel, copper, cobalt, platinum and gold mineralisation and is found in both the open pit and the underground portions of the B4-7 deposit.

The Alpha Zone mineralisation was not included in the B4-7 National Instrument 43-101 (NI 43-101) compliant resource published in 2013 due to insufficient drilling along strike. However, a review of Alpha style mineralisation intercepts in drilling completed since then has established that the Alpha Zone is far more significant than previously determined.

Landore's recently-completed drill programme successfully intersected Alpha Zone style disseminated sulphide mineralisation containing high grade palladium with drill hole 0415-507 reporting 1.5 metres at 10.15g/t Pd and 0.85g/t Pt.

This drilling has been successful in further establishing the continuity of the PGE enriched Alpha Zone for 700 metres from line 350W to 350E. The Alpha Zone pinches and swells along strike with true widths ranging from a few metres to 17.1 metres in drill-hole 0406-93 on line 75W; 8.8 metres in drill-hole 0415-503 on line 00E and 10.2 metres in drill-hole 0407-167 on line 100E. The Alpha Zone is open both up and down dip and to the west along strike.  

Similar to the previously-intersected high grade palladium and platinum in 0414-503 (see RNS dated 19 November 2014), the 0415-507 intersection was not located within a unit bearing significant visually discernible sulphides. These intersections indicate the substantial potential to delineate further high grade palladium and platinum within low-sulphide portions of the deposit.

With this in mind, a comprehensive re-logging and sampling programme of existing drill core from the B4-7 deposit is in-progress with more than 3,000 metres of 2012 drill core being re-visited to date. This exercise is proving successful in identifying potential Alpha Zone mineralisation previously not sampled due to low visually discernible sulphide content. Assay results from this relogging and sampling programme are pending and will be reported when received.

Development of the Alpha Zone could supply significant credits for the B4-7 deposit and form an integral part of the B4-7 resource.

Exploration Target:

In addition to intersecting Alpha Zone disseminated sulphides, drill-hole 0415-510 on line 225W intersected B4-7 massive sulphide mineralisation thus reaffirming the significant potential along strike to the west of the B4-7 deposit.

The 2013 compliant resource is defined to approximately line 175W. As part of this resource, RPA Inc. (RPA) of Toronto, Canada identified an 'Exploration Target' along strike and down plunge to the west to approximately line 500W.

Drilling subsequent to this resource update including 0415-510 has validated this Exploration Target. Further drilling is warranted to bring this 300+ metre strike length into the formal resource.

2015 Planned Works:

Landore has initiated selection of independent engineers for the completion of pre-feasibility level metallurgical and geotechnical studies on the B4-7 deposit including the Alpha Zone, to be completed by Q4 2015.

Additionally, Landore is planning a definition drilling programme to be implemented in the latter half of 2015 aimed at bringing the 'Exploration Target' up to inferred status within the NI 43-101-compliant B4-7 resource.

When results from the above works have been received, an updated resource estimate will be completed which will include portions of the Alpha Zone and Exploration Target as well as various pit and processing optimisations.

The Junior Lake property:

The Junior Lake property, 100% owned by Landore Resources, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay, and is host to; the Scorpion Zone, which contains the B4-7 Nickel-Copper-Cobalt-PGEs resource, the recently-identified Exploration Target and the Alpha Zone. Junior Lake also contains the VW Nickel resource and numerous other highly prospective mineral occurrences.

B4-7 Nickel-Copper-Cobalt-PGEs Resource:

RESOURCE CLASS	VOLUME (tonnes)	GRADE (% NiEq)	Contained Metal (tonnes NiEq)
Indicated	2,695,000	1.24	33,248

Exploration Target

1,500,000 to 2,000,000

~1.24

~20,000

The B4-7 resource estimate and report, completed by RPA Inc. (RPA) of Toronto, Canada in January 2013, is compliant with the requirements of National Instrument 43-101 (NI 43-101). The resource remains open down plunge at depth and along strike to the west.

VW Nickel Resource:

RESOURCE CLASS	VOLUME (tonnes)	GRADE (% NiEq)	Contained Metal (tonnes NiEq)
Indicated	3,730,000	0.49	21,760
Inferred	720,000	0.49

The VW resource estimate and report, completed in January 2010, is to NI 43-101 standards. The deposit remains open down plunge at depth and along strike to the east and to the west.

Works completed on the Junior Lake property to date have clearly demonstrated the existence of a geological environment that is favourable for the deposition of magmatic nickel-copper sulphide mineralisation. Based on geological signatures and available geological knowledge, this favourable environment is believed to exist along a strike length of approximately 10 kilometres. At its widest, the favourable rock sequences are in the order of 1,000 to 1,500 metres in thickness.

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, has reviewed and verified all scientific or technical mining disclosure contained in this announcement.

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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 Nickel Project. Landore Resources has mineral rights to 6 properties in eastern Canada.  The Company is headquartered in London, UK, with an exploration office located in Thunder Bay, Ontario, Canada.

For more information please contact:

Bill Humphries, Chairman                                               Tel: [phone]

Richard Prickett, Chief Executive Officer                       Tel: [phone]

Landore Resources Limited                                             www.landore.com 

Angela Hallett / James Spinney                                       Tel: [phone]

Strand Hanson Limited

Nominated Advisor and Broker

David Bick                                                                       Tel: [phone]

 

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