TIDMLND
RNS Number : 7298F
Landore Resources Limited
20 July 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 - 20 July 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").
Highlights
-- Targeted drilling has successfully intersected high grade
gold in the vicinity of the Bonanza grade quartz vein in drill hole
0421-875 (reported 20(th) April 2021) with drill hole 0421-793
reporting 0.61 metres at 29.40 grams/tonne (g/t). The results from
this drilling will assist further targeting of the recently
discovered high grade 'footwall' mineralisation.
-- Drilling results confirmed wide, relatively shallow zones of
ore grade gold mineralisation within the gabbro 'hanging wall' unit
of the extended East pit, including drill hole 0421-793 reporting
15.09 metres at 1.75g/t gold and 0421-796 reporting 18.47 metres at
0.87g/t gold.
BAM Gold Deposit:
Five drill holes have been drilled at 25 metre centres to test
the zone around the bonanza gold intercept on line 2850E. Assay
results for these have been received. They include:
Easting Northing Drill-hole From Interval* Au
No Metres Metres g/t
--------- ----------- ------- ---------- ------
2850E 100S 0421-793 72.60 39.99 0.58
--------- ----------- ------- ---------- ------
including 83.77 1.01 5.57
--------- ----------- ------- ---------- ------
and 144.76 15.09 1.75
--------- ----------- ------- ---------- ------
including 156.59 0.61 29.40
--------- ----------- ------- ---------- ------
2850E 150S 0421-794 191.80 13.80 0.76
--------- ----------- ------- ---------- ------
including 197.38 3.65 1.83
--------- ----------- ------- ---------- ------
and 209.33 0.49 3.73
--------- ----------- ------- ---------- ------
2800E 125S 0421-795 112.70 7.98 0.91
--------- ----------- ------- ---------- ------
and 190.86 11.62 0.55
--------- ----------- ------- ---------- ------
2825E 110S 0421-796 84.06 18.47 0.87
--------- ----------- ------- ---------- ------
including 89.28 10.16 1.14
--------- ----------- ------- ---------- ------
2875E 140S 0421-797 88.00 16.08 0.70
--------- ----------- ------- ---------- ------
and 179.36 10.08 1.28
--------- ----------- ------- ---------- ------
including 183.72 0.87 8.20
--------- ----------- ------- ---------- ------
* The drill holes were drilled north at 45 degrees into a
lithological package dipping approximately 60 to 50 degrees to the
south. The actual true thickness of mineralisation is estimated to
represent 75% to 85% of the intervals shown in the above table
The above drilling has successfully intersected high grade gold
in the vicinity of the 432g/t Bonanza grade vein (reported 20th
April 2021). In addition, the drilling intersected wide, relatively
shallow zones of ore grade mineralisation in the gabbro 'hanging
wall' of the extended East pit, substantially enhancing the
existing defined resource between 2600E and 2900E.
The information gained from the Drilling Programme will be used
for further targeting of this recently discovered high grade
'footwall' vein.
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 20,597 metres of HQ diamond core drilling,
comprising 89 drill holes, (0420-725 to 0421-813), have been
completed.
The programme consists of four sections:
1) Extension and Exploration from 3000E to 5000E.
Completed 6,042 metres of HQ diamond core for 30 holes. Assays
are outstanding for 8 holes.
2) Extension and Exploration from 200W to 1000E
Completed 5,055 metres of HQ diamond core for 21 holes. Drilling
continuing with 2 holes to complete
3) Deepening and Extending the West Pit from 1,000E to 2000E
Completed 3,464 metres of HQ diamond core fot16 holes. Drilling
continuing with 1 hole to complete
4) Deepening and Extending the East Pit from 2000E to 3,000E
Completed 6,036 metres of HQ diamond core. Assays are
outstanding for 8 holes.
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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