Landore Resources Limited (AIM Ticker: LND.L) - Drilling Update - Junior Lake Nickel Project - B4-7 Deposit

Highlights:

  • Drilling down plunge on the B4-7 deposit has intersected massive sulphide mineralization reporting elevated grades of Nickel, Copper, Cobalt and Platinum Group Elements. To date, this lower zone has been delineated along 125 metres and remains open along strike in both directions and down plunge.
  • Drilling on the B4-7 hanging wall zone has successfully extended the known mineralization along strike to the east, with drill-hole 0411-360 reporting 2.23 metres at 1.11% Nickel, 2,235ppb Palladium and 340ppb Platinum.
  • Previous drill results on the B4-7 hanging wall zone include 12.4 metres at 0.86% Nickel, 0.47% Copper, 0.06% Cobalt, 970ppb Palladium and 250ppb Platinum on drill-hole 0406-93.

THUNDER BAY, ON, Jan. 23, 2012 /CNW/ - A drilling program, consisting of 9 diamond core NQ size holes for 4,796 metres, has recently been completed designed to extend the B4-7 deposit down plunge and to further test the sub-parallel hanging wall zone.

Mineralised intersections include:

Drill-hole From Width Ni Cu Co Pd Pt Au
No Metres Metres % % % ppb ppb ppb
0411-358B 362.00 6.45 0.06 0.01 0.00 1,881 298 20
including 366.00 1.00 0.05 0.01 0.00 8,445 908 75
and 436.60 11.60 0.67 0.29 0.06 966 318 45
including 436.60 2.90 0.73 0.34 0.07 1,394 700 31
and 452.48 7.60 0.69 0.25 0.05 885 492 48
including 452.48 3.52 0.89 0.21 0.06 1,521 771 48
0411-360 325.77 2.23 1.11 0.18 0.04 2,235 340 9
0411-361 466.76 2.86 1.20 0.55 0.04 768 95 35
and 480.87 17.35 0.64 0.53 0.05 316 41 91
including 480.87 4.13 0.89 0.55 0.07 311 17 33
0411-363 495.32 1.74 0.84 0.37 0.07 480 155 18
and 516.05 4.00 0.49 1.02 0.05 579 88 63
and 530.00 12.72 0.60 0.56 0.05 272 110 37
including 536.50 3.66 0.91 0.24 0.08 341 135 23
0411-365 461.60 3.30 0.61 0.79 0.09 294 33 15
0411-366 496.45 1.93 0.63 1.09 0.04 2392 39 82

*The actual true thickness of mineralisation is estimated to represent between 75-80% of the intervals shown in the above table.

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 B4-8 prospect and numerous other highly prospective mineral occurrences.

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

In 2008, Landore was granted three Mining leases, which include mining and surface rights, over an area of 3,676 hectares encompassing the VW Nickel deposit and the B4-7 Nickel-Copper-Cobalt-PGEs deposit, each of which was granted for an initial term of 21 years and subsequently renewable for further terms of 21 years.

To date, Landore has completed advanced metallurgical and environmental base line studies on the Junior Lake deposits in preparation for commencement of pre-feasibility studies.

Landore believes that for the Junior Lake Nickel projects to be economically viable, the above tonnage needs to be increased by 20 to 30 %.  Accordingly, Landore's exploration effort during 2011 has been focused on the discovery of additional mineralisation in the vicinity of the two main deposits.

B4-7 Nickel-Copper-Cobalt-PGEs deposit (B4-7):

The B4-7 deposit is located in the centre of the above lease area approximately 3 kilometres to the northwest of the VW deposit. The B4-7 deposit mineralisation is hosted within a sub-vertical massive sulphide vein with stringers, net-textured and disseminated sulphides in the immediate hanging wall.

In Q1 2010, an NI 43-101 compliant report and resource estimate upgrade for the B4-7 deposit was completed. The resource reported 26,521 tonnes NiEq, at a 0.25% Nickel cut-off.

The B4-7 deposit outcrops at surface with the upper 150 metres of the deposit being amenable to lower cost open pit mining. Below 150 metres, the grade improves sufficiently for underground mining.

Current metal prices results in an increase in the nickel equivalent grade.  This positively impacts the economic viability of the B4-7 deposit and facilitates the advancement of this deposit to development stage.

During Q4 2011, a drilling campaign, consisting of 9 diamond core NQ size holes for 4,796 metres, was completed on the B4-7 deposit designed to extend it down plunge and to further test the adjacent hanging wall zone. This campaign has proved highly successful, intersecting massive sulphide mineralization of similar grade to the B4-7 resource at depth along 125 metres of strike.

The B4-7 deposit, so far delineated over 650 metres of strike, remains open to the east and west along strike and down plunge to the northwest. A previously completed airborne electromagnetic survey suggests the conductive horizon hosting the B4-7 deposit persists for an additional 800 metres to the west.

The B4-7 hanging wall zone, consisting of a series of sub-vertical contacts within metamorphosed gabbros is located between 40 and 80 metres to the north and sub-parallel to the main B4-7 massive sulphide vein. The zone contains significant palladium and platinum, in addition to elevated nickel, copper and cobalt.

Up to now, there have not been sufficient drill intersections on this zone to allow the definition of a resource for inclusion with the main B4-7 deposit. The recent drilling campaign has been successful at further delineating the hanging wall zone at depth and along 250 metres of strike. This zone remains open along strike in both directions and down plunge.

The results of the recent drilling campaign demonstrate that there is the potential to increase the size of the B4-7 deposit and contribute significantly to the overall economic viability of the Junior Lake Nickel project.

2012 Junior Lake Exploration Program:

A 10,000 metre infill drill programme is scheduled to commence on the B4-7 deposit in February 2012. The program has been designed to expand the existing deposit, as well as provide sufficient information and drill density to advance the inferred portions of the deposit to indicated 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.

 

SOURCE Landore Resources Limited

For further information:

Bill Humphries, Chairman
Richard Prickett, Chief Executive Officer
Landore Resources Limited 
Tel: 07734 681262
Tel: 07775 651421
www.landore.com
   
Simon Raggett /Angela Peace
Strand Hanson Limited
Nominated Adviser/ Broker
Tel: 020 7409 3494
   
David Bick Tel: 07831 381201


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