Landore Resources Ld - BAM Drilling Update & Battery Metals Review
Released
Released
Announcement PDF
RNS Number : 7261P
Landore Resources Limited
21 October 2021
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
JUNIOR LAKE PROPERTY
BAM DRILL UPDATE
BATTERY METALS REVIEW
London, United Kingdom - 21 October 2021 - Landore Resources Limited
(AIM: LND) ("Landore Resources" or "the Company") is pleased to report on
the current BAM Gold Deposit drill programme together with a review of the
Battery Metals occurrences on its highly prospective Junior Lake Property,
Ontario, Canada.
Highlights:
·
BAM Gold Deposit - Drilling has re-commenced initially targeting
the down plunge extension of the newly discovered Western
Extension (as reported on 30 September 2021) before the focus
will move to the Felix Prospect to test the numerous targets
identified by the Company's previous exploration drilling and
geochemistry programmes.
·
The Company's review of core in the high grade sections of drill
holes 0421-813 on line 800E and 0421-814 on line 900E in the
Western Extension has identified multiple occurrences of visible
gold (VG). These sections are both in a similar mineralised horizon
100 metres apart. Six drill holes are being drilled to infill and step
back on the above holes.
·
Battery Metals - The burgeoning demand for Battery Metals is
seeing the value of Landore's B4-7 and VW Deposits contained
metals increase substantially.
Price used for
Price as at 18th
Increase
2018 Resource
October 2021*
US$
US$
%
Nickel
8.00/lb
9.25/lb
+15.6%
Copper
3.50/lb
4.78/lb
+36.6%
Cobalt
19.00/lb
25.36/lb
+33.5%
1,000.00/oz
1,954.00/oz
+95.4%
Palladium
*Prices as per Kitco Inc, at www.kitcometals.com
·
The Junior Lake Nickel is the highly sought-after Grade 1 sulphide
nickel suitable for use in Battery Metals.
Commenting on this development, the Chief Executive Officer of Landore
Resources, Bill Humphries, said:
"Whilst Landore continues to be focused on advancing the BAM Gold Deposit
towards a multi-million ounce target, the increasing interest in Battery Metals
worldwide, accompanied by rapidly escalating prices, is encouraging the Company
to re-evaluate its highly prospective B4-7 and VW Nickel-Copper-Cobalt-PGEs
Deposits together with the numerous identified prospects along the 31 kilometre
long highly prospective Junior Lake Property."
JUNIOR LAKE BATTERY METALS:
The Junior Lake Ni-Cu-Co-PGE deposits and prospects are located along the
southern margin of a major zoned gabbro complex named the 'Grassy Pond
Sill' (the "Sill"). The Sill is situated within a shear zone along the highly
prospective Archean greenstone belt traversing the Junior Lake Property from
east to west for approximately 31 kilometres. This shear zone also hosts the
BAM Gold Deposit along its northern margin.
JUNIOR LAKE-NI43-101 COMPLIANT RESOURCES: BAM GOLD Deposit: December 2019:
·
Bam Gold Deposit Indicated category 21,930,000 tonnes for 747,000
ounces at 1.06g/t plus Inferred category 9,153,000 tonnes for 268,000
ounces at 0.91g/t for a total of 1,015,000 ounces gold
.
B4-7 Deposit (January 2018):
·
B4-7 Nickel-Copper-Cobalt-PGE Deposit and Alpha Zone: 3,292,000
tonnes at 1.20% Nickel Equivalent (NiEq) in the Indicated category and
568,000 tonnes at 1.26% NiEq in the Inferred category for a total of
46,661 tonnes of contained metal.
·
The open pit component of the B4-7 Deposit is 1,772,000 tonnes at
1.20% NiEq in the Indicated category for 21,264 tonnes of contained
metal.
·
An exploration target has been identified down dip from the B4-7
resource which may contain a potential 1.5 Mt to 2.0 Mt of sulphide
mineralisation of similar grade range to that which has been outlined
to-date (potential 18,000 to 24,000 tonnes of contained metal).
VW Deposit (January 2018):
·
VW Nickel-Copper-Cobalt Deposit: - 1,084,000 tonnes at 0.71%NiEq in
the indicated category and 180,000 tonnes at 0.68%NiEq in the
inferred category for a total of 8,920 tonnes of contained metal.
EXPLORATION PROSPECTS:
In addition to the B4-7 and VW Deposits, the Junior Lake property is host to
numerous polymetallic prospects ranged along the southern margin of the Sill
PLANNING:
Landore has engaged Cube Consulting of Perth Western Australia to complete
a Mineral Resource Estimate ("MRE") and Preliminary Economic Assessment
("PEA") update on the BAM Gold Deposit, which is currently scheduled for
completion in Q4 2021.
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-PlatinumPalladium-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 4 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 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
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