This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014
(AIM Ticker: LND.L)
LONDON, June 7, 2021 /CNW/ - 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").
- Drilling results from below and to the east of the BAM East defined pit between 2600E and 2900E have reported wide zones of ore grade gold mineralisation within the gabbro 'hanging wall' unit with drill hole 0421-789 intersecting 53.37 metres at 1.35grams per tonne gold, including 13.14 metres at 2.99 grams per tonne gold. There have been frequent sightings of visible gold in the drill core.
Chief Executive Officer of Landore Resources, Bill Humphries, said:
"These encouraging results from relatively shallow intersections in the hanging wall of the extended East pit, together with the recently reported high grade drill intersections in the footwall, give promising indications of a substantial increase in the resource of the BAM Gold Deposit."
Depth and Eastward extension to the BAM East pit:
To date, 4,938 metres, comprising 19 drill holes, have been completed to test for depth and length extension of the East defined pit from 2000E to 3000E. All drill holes have intersected typical BAM Gold Deposit lithology and mineralisation including some with visible gold. Five additional drill holes have been completed at 25 metre centres to test the zone around the bonanza gold intercept on line 2850E. Assay results are pending.
Results not previously reported include:
* The above drill holes were drilled north at 45 degrees into a lithological package dipping approximately 75 to 60 degrees to the south. The actual true thickness of mineralisation is estimated to represent 70% to 85% of the intervals shown in the above table.
2020-2021 Drilling Programme:
The Drilling Programme, consisting of a total of 23,000 metres of HQ diamond core drilling, commenced on October 15th, 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 17,070 metres of HQ diamond core drilling, comprising 73 drill holes (0420-725 to 0421-797), have been completed. The Drilling Program is scheduled for completion in August after which the data will be collated in preparation for a Resource and PEA update.
Drilling is continuing on the Eastern and Western exploration areas aimed at defining additional Inferred resource and or Exploration targets. In addition more drilling is planned for further extension and expansion of the East defined pit of the BAM Gold Deposit.
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 favorable 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.
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.
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.
SOURCE Landore Resources Limited
For further information: Landore Resources Limited: Bill Humphries, Chief Executive Officer, Tel: 07734 681262; Glenn Featherby, Finance Director, Tel: 07730 420318; Cenkos Securities (Nominated Advisor and Broker), Derrick Lee / Peter Lynch, Tel: 0131 220 9100