DRILLING UPDATE

RNS Number : 2499G

Landore Resources Limited

10 May 2011

 



LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

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                                 10^th  May 2011

DRILLING UPDATE

JUNIOR LAKE EXPLORATION

Highlights: 

·     Exploration drilling on the Junior Lake property has identified three new areas containing significant nickel mineralisation, including the B4-8 zone which recorded an intersection of 5.58 metres at 0.59 per cent nickel and 0.29 per cent copper in massive sulphides from drill hole 0411-301. The B4-8 zone is located to the west of Landore's B4-7 Nickel-Copper-Cobalt-Platinum Group Elements (PGEs) deposit.

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 VW Nickel deposit, the B4-7 Nickel-Copper-Cobalt-PGEs deposit, the Lamaune Iron deposit, the Lamaune Gold prospect,  and numerous other highly prospective mineral occurrences.

Junior Lake Nickel project: The combined resources of the VW and B4-7 deposits delineated to date total 48,281 tonnes of nickel equivalent, 82 per cent of which is in the Indicated category, Canadian National Instrument 43-101 compliant.  Both deposits remain open down dip and along strike to the east and west.

Landore believes that for the Junior Lake Nickel project to be economically viable, the above tonnage needs to be increased by 20 to 30 per cent.  Accordingly, during the autumn and winter of 2010/11 the exploration campaign has been focused towards the discovery of additional nickel mineralisation in the vicinity of the two main deposits.

B4-8 zone: Historical exploration carried out in the late 1960s identified in excess of 25 magnetic conductors on the Junior Lake property, including the B4-8 and the adjacent B4-7 conductors. The B4-7 conductor was subsequently drilled and developed to become the B4-7 deposit.

In 2004, Landore completed a high resolution helicopter-borne geophysical survey over the entire Junior Lake property which led to the discovery of the VW Nickel deposit. The 1^st derivative magnetics data identified a very strong and continuous east-west trending anomaly coincident with the B4-8 conductor making this a prime exploration target. Two scout drill holes completed on the B4-8 zone in 2009 returned promising intersections of nickel (Ni) and copper (Cu) mineralisation.

In February 2011, a drilling campaign consisting of 6 diamond drill holes, for 1,347 metres, was completed on the B4-8 in the vicinity of the above scout holes. The drilling intersected massive sulphide mineralisation similar to the adjacent B4-7 deposit, including 5.58 metres at 0.59 per cent Ni and 0.29 per cent Cu from drill hole 0411-301.

Drilling on the B4-8 has recommenced, with the objective of extending this potential new Ni-Cu shoot.

VW-B4-7 trend: A drilling campaign consisting of 17 diamond drill holes, for 3,663 metres, was completed in Q1 2011 to investigate the nickel potential west of the VW deposit towards the B4-7 deposit. Drilling focused on an east-west trending geophysical anomaly extending between the two deposits potentially related to the nickel-bearing geophysical anomalies of the VW and B4-7.

The drilling returned several anomalous nickel intersections, including 3 metres at 0.23 per cent Ni from drill hole 0411-294, and 2.5 metres at 0.39 per cent Ni from drill hole 0411-288. Anomalous gold values were also intersected, including 1.25 metres at 1.37 g/t gold from drill hole 0410-285, and 1.5 metres at 0.22 g/t gold with 0.65 per cent Cu from drill hole 0411-292. Further drilling is warranted and is programmed to commence in Q3 2011.

Swole Lake prospect: Historical work, together with mapping and sampling conducted by Landore in 2009 and 2010, identified the potential for economic grades of nickel and lithium-bearing pegmatite in the Swole Lake area, 4.8 kilometres north of the B4-7 deposit.

An exploration drilling campaign consisting of 10 drill holes, for 1,441 metres, was conducted during Q1 2011 to test for nickel mineralisation hosted in mafic-ultramafic rocks. The drilling was successful with drill hole 0411-305 intersecting 1.2 metres at 0.98 per cent Ni, 0.70 per cent Cu, 0.02 per cent cobalt with significant PGE credits. Drilling targeted at extending this nickel occurrence is scheduled to commence in Q3.

In addition, the drilling at Swole Lake successfully intersected a significant pegmatite dike hosting lepidolite and spodumene.  Samples are currently being assayed and results will be reported when available.

Results from the autumn-winter exploration drilling campaign are highly encouraging, successfully identifying three new areas of significant nickel mineralisation on the Junior Lake property. Drilling during spring and summer of 2011 will target the advancement of one or more of these areas to potential resource status.

Michele Tuomi, (P.Geo., BSc. Geology),  a Senior Geologist 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 -

For more information please contact:

Bill Humphries, Chairman Richard Prickett, Chief Executive Officer     Landore Resources Limited	Tel: [phone] Tel: [phone] www.landore.com
Simon Raggett /Angela Peace Strand Hanson Limited Nominated Adviser/Joint Broker	Tel: [phone]
David Bick	Tel: [phone]

 

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