Landore Resources Limited (AIM Ticker: LND.L) - Geophysics survey identifies significant anomalies on VW Nickel trend Junior Lake Nickel-Copper Property
LONDON, United Kingdom, Jan. 13, 2014 /CNW/ - Landore Resources Plc (AIM:LND) ("Landore Resources" or "the Company") today announced a geophysics update on the Junior Lake Property, Ontario, Canada.
- Three significant near-surface anomalies with a combined length of 1,500 metres and up to 35 metres in width have been identified by recently-completed Electromagnetic (MaxMin), VLF and Magnetic geophysical surveys on the VW Nickel deposit trend
- Landore Resources and Animbiigoo Zaagi'igan Anishinaabek ("AZA") First Nation have signed an updated Memorandum of Understanding ("MOU") thus reaffirming a formal process to establish and maintain a positive, mutually beneficial relationship amongst both parties regarding exploration and advanced exploration activities on the Junior Lake property
- Preparation works are now complete for the deep-penetrating Quantec ORION 3D "Direct Current Induced Polarization" and "Magnetotellurics" (DCIP + MT) geophysical survey, to be conducted late January-February 2014
In December 2013, Landore retained Geosig Inc. ("Geosig") of Quebec, Canada to conduct additional ground Electromagnetic (MaxMin), VLF and Magnetic geophysical surveys from line 900E, through the VW Nickel Deposit, to line 4000E, to complement the Quantec Orion 3D deep-penetrating survey.
Results from these recently completed Geosig surveys have been highly encouraging, identifying multiple near-surface conductor anomalies along the VW Nickel deposit trend with similar signatures to the VW deposit conductive anomaly itself. These conductors include MM-1, located from line 1700E to 2300E for 600 metres length and up to 25 metres in width, as well as MM-14 located from line 2300E to 2900E and from line 3600E to 3900E (both sides of the VW deposit) for a total length of 900 metres and up to 35 metres in width.
Similar ground Electromagnetic (MaxMin), VLF and Magnetic surveys were conducted by Geosig in the B4-7 Deposit area in late 2001 from line 2000W on the Scorpion Zone, through the B4-7 Nickel-Copper-Cobalt+PGE+Gold deposit, to line 2600E. These surveys were highly successful, accurately delineating the B4-7 main massive sulphide zone to a depth of 150 metres which was subsequently drilled to define a NI 43-101 compliant Indicated Resource.
Landore is currently preparing for a 1,500 metre drill program aimed to confirm the above highly encouraging geophysical anomalies.
A copy of the Geosig Electromagnetic (MaxMin), VLF and Magnetometric surveys report including overview of significant anomalies, is available on www.landore.com.
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 deposit, the Alpha Zone and the recently-identified Exploration Target. Junior Lake also contains the VW Nickel deposit and numerous other highly prospective mineral occurrences.
The VW deposit's NI 43-101 compliant resource estimate and report, completed in January 2010, identified 3.73 million tonnes at 0.49% NiEq in the Indicated category at a cut-off grade of 0.25 per cent nickel. The report also identified a further 0.72 million tonnes at 0.49% NiEq in the Inferred category at the same cut-off grade giving a combined total of 21,760 tonnes of contained NiEq metal. The deposit remains open down plunge at depth and along strike to the east and to the west.
The B4-7 deposit resource estimate and report, completed by RPA in January 2013, identified 2,695,000 tonnes at 1.24% Nickel equivalent (NiEq) for 33,248 tonnes of contained metal, all in the Indicated category. The report is compliant with the requirements of National Instrument 43-101 (NI 43-101). The deposit remains open down plunge at depth and along strike to the west. The report also identified an Exploration Target along strike and down dip from the above resource containing a potential 1.5 Mt to 2.0 Mt of sulphide mineralisation of similar grade range to that which has been outlined to-date. There is further shallow mineralisation potential to the east.
Additional resource potential of the B4-7 deposit at depth and to the west is supported by a deep-penetrating ORION 3D, DCIP + MT geophysical survey on the Scorpion Zone, covering the western portion of the B4-7 deposit and the area 1km along strike to the west. This survey, conducted by Quantec Geoscience, of Toronto, Canada ("Quantec") in the fall of 2012, identified five new areas of interest for further exploration, including a prospective zone for sulphide mineralisation at depth and dipping northward from the existing B4-7 deposit.
Following the success of this survey, Landore decided to extend the Quantec DCIP + MT survey over the eastern portion of the B4-7 deposit to the VW deposit, a distance of approximately three kilometres. Preparations for this survey by way of line cutting commenced during summer 2013, and is nearing completion. To date, over 100 kilometres of grid lines have been cut. The Quantec DCIP + MT survey is scheduled to commence late January 2014.
Memorandum of Understanding ("MOU"):
Landore Resources Canada Inc. entered into an MOU in 2007 with Whitesand and AZA First Nations with respect to the Junior Lake property. These two First Nations are within the Robinson-Superior Treaty Area where both maintain overlapping traditional territories in the area north of Lake Nipigon which includes the Junior Lake property.
Significant changes in Landore's claim holdings occurred in the Junior Lake area, most of which are attributable to the 2011 demerger of the Lamaune Iron asset into the separate company Lamaune Iron Inc. Landore decided to revise the existing MOU with the updated claim holdings and present this to Whitesand and AZA for signing. Whitesand signed the updated MOU on April 30, 2012. AZA signed the updated MOU on December 6, 2013.
This agreement formalizes the desire and commitment to develop a positive, mutually beneficial relationship amongst all parties and establishes the process by which this is to be accomplished while Landore is conducting exploration and advanced exploration activities in the area.
Landore recognizes and respects the Aboriginal and Treaty rights of the First Nations and the communities represented by the Chiefs of the First Nations support the exploration and advanced exploration activities of Landore. Included in the MOU is a provision to finalize an Impact and Benefits Agreement should exploration results lead to completion of a positive Feasibility Study and before commencement of any mine development.
Michele Tuomi, (P.Geo., BSc. Geology), Exploration Manager 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.
About Landore Resources Ltd.
Landore Resources Ltd. 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.
SOURCE Landore Resources LimitedFor further information: Bill Humphries, Chairman, Tel: 07734 681262; Richard Prickett, Chief Executive Officer, Tel: 07775 651421; Landore Resources Limited, www.landore.com; Angela Hallett / James Spinney, Tel: 020 7409 3494; Strand Hanson Limited, Nominated Adviser; David Bick, Tel: 07831 381202