(AIM Ticker: LND.L)
LONDON, UK, Oct. 4, 2017 /CNW/ - Landore Resources Limited (AIM:LND) ("Landore Resources" or "the Company") is pleased to provide this progress report on infill and extension drilling of the BAM East Gold Deposit on its Junior Lake Property, Ontario, Canada ("BAM East Gold Deposit").
Landore has received the final assay results from the summer 2017 drilling campaign:
Highlights:
- The latest drilling results continue to report wide zones of gold mineralisation within the Inferred area of the BAM East Gold Deposit including drill hole 0417-621 reporting 49 metres (m) at 1.08 grams per tonne gold (g/t.)
- Step out drilling along strike from the BAM East Gold Deposit has extended the mineralisation with similar lithology and grades a further 300m to the east to 3500E giving a potential resource continuity of 1.5 kilometres. The BAM East Gold mineralisation remains open along strike to the east, west and down dip.
- Roscoe Postle Associates Inc. (RPA) of Toronto have commenced the NI 43-101 Technical Report and resource update for the BAM East Gold Deposit incorporating the results from the summer 2017 drilling program with the targeted completion within Q4 2017.
Results not yet reported include the following.
| Easting |
Northing |
Drill-hole |
From |
Interval* |
Gold |
| No |
Metres |
Metres |
g/t |
||
| 2250E |
55N |
0417-623 |
173.00 |
9.00 |
1.67 |
| 2300E |
57.5N |
0417-622 |
148.00 |
8.84 |
1.30 |
| 2350E |
75N |
0417-621 |
95.00 |
49.00 |
1.08 |
| including |
99.00 |
9.27 |
2.25 |
||
| 2350E |
73N |
0417-625 |
101.32 |
10.19 |
1.03 |
| and |
118.50 |
19.78 |
1.24 |
||
| 2350E |
230N |
0417-619 |
17.85 |
7.45 |
1.32 |
| 2400E |
100N |
0417-620 |
69.87 |
6.04 |
4.71 |
| including |
72.65 |
1.10 |
12.95 |
||
| and |
90.05 |
11.95 |
0.95 |
||
| and |
114.50 |
2.25 |
2.74 |
||
| 3500E |
260S |
0417-596 |
86.00 |
5.00 |
1.13 |
* Holes 0417-619/624 were drilled at 40 degrees with all others at 45 degrees into a lithological package dipping approximately 40 degrees to the south. The actual true thickness of mineralisation is estimated to represent between 85% and 90% of the intervals shown in the above table.
Summer Drilling Campaign:
All assaying results from the summer drilling campaign, totaling 11,060m, have been received, collated and forwarded to RPA, to complete a NI 43-101-compliant Technical Report and Resource Update of the BAM East Gold Deposit with the targeted completion within Q4 2017.
The summer drilling campaign focussed on the further delineation and extension of the defined resource together with targeting potential deposits on the highly prospective geophysical trend MM-7, host to the BAM East Gold Deposit.
The campaign successfully infilled the majority of the Inferred portion of the existing resource zone and has extended its potential strike length from the exiting 600m length to 1,500m length, from 2000E to 3500E. The deposit remains open along strike to the east and west and down dip.
In addition, drilling at the original BAM Zone has successfully identified a potential resource with similar lithology and grades to the BAM East Gold Deposit located 1,000m along strike to the east. The original BAM Zone mineralisation remains open along strike to the east, west and down dip.
Metallurgical Studies:
Two composites weighing a total of 78kg were forwarded to ALS Metallurgical Americas of Vancouver for preliminary assessment designed to assess the metallurgical response of samples from the BAM East Gold Deposit and to provide a determination of the gold feed grade. Results are pending and will be reported when received.
Exploration:
Three teams consisting of four geologists and technical support have been engaged throughout the summer in exploring the Junior Lake property around the BAM East Gold Deposit and the western extent to Lamaune Gold (15 kilometres) to identify potential drill targets for the upcoming winter campaign. The exploration is ongoing.
BAM East Gold Deposit:
Discovered in December 2015, the BAM East Gold Deposit contains 301,000 ounces of gold (February 2017 National Instrument (NI) 43-101 Mineral Resource Estimate and Technical Report). This resource is located approximately midway along a 2.7 kilometre long, east-southeast to west-northwest trending MaxMin geophysical anomaly (MM-7), at the western end of which is located the historical BAM gold zone discovered by Landore Resources in 2003.
BAM East Gold mineralisation is a typical shear hosted gold bearing system in an Archaean greenstone belt. Findings from exploration drilling have revealed a lithological sequence consisting of leucogabbro rocks of the Grassy Pond Sill to the south, metasedimentary rocks in the central portion, to mafic volcanics to the north. All lithological units have been subjected to variable shearing and deformation, markedly the metasedimentary unit.
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.
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014.
SOURCE Landore Resources Limited
For further information: Bill Humphries, Chief Executive Officer, Tel: 07734 681262; Richard Prickett, Finance Director, Tel: 07775 651421, Landore Resources Limited, www.landore.com; Angela Hallett / James Spinney / Jack Botros, Tel: 020 7409 3494, Strand Hanson Limited, Nominated Advisor and Broker
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