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Landore Resources Limited is an AIM listed holding company for its 100% owned reporting subsidiary Landore Resources Canada Inc. Landore Canada is engaged in mineral exploration and development, with the present focus of its operations being mineral exploration in Ontario, Quebec and New Brunswick, Canada. Landore Canada’s principal properties are the “Junior Lake Property” and the “Miminiska Lake Property”, both located in the Thunder Bay Mining District, Ontario, Canada. Landore Canada is also the owner of other properties in Canada and Nevada in the US containing gold and base metal drill intersections. The Group’s objective is to become a successful mineral explorer and create capital growth for Shareholders through the discovery of economic mineral deposits.
Landore shares boosted by developments at Junior Lake
Landore Resources (LON:LND) shares shot up 13.5 percent in early trades, as it expanded its Junior lake property claim area in Ontario.
The Junior Lake property already hosts the Lamaune iron deposit, where the results of a marketing and transportation study were also published today.
Overall Landore has added around 3,383 hectares to its land position, taking the total Junior Lake area to 35,699 hectares. The Junior lake area now includes the Summit Lake iron deposit, which was discovered back in 1957.
The new claims are 25 kilometres north east of Landore’s Lamaune Iron project.
"Landore has been actively seeking to acquire additional iron deposits within a 50km radius of Lamaune to increase the in-situ iron ore of the potential development past the billion tonnes and further enhance market appeal of the project,” the company said.
Historic exploration, completed in 1962 by Stewart Lake Iron Mines of Toronto Ltd, estimated that the deposit has a possible and probable 35 million tonne resource containing 30% magnetite to a depth of 305 metres.
Landore now intends to conduct a Helicopter-borne geophysical survey over Summit Lake, as well as other nearby areas, in the first half of 2011.
Additionally, Landore said it has completed a marketing and transportation study for Lamaune.
The study concludes that a potential market exists for iron pellets or iron nuggets and it could transport the produce to market by direct rail.
“The market for the Lamaune Iron pellets are the 23 integrated steel mills in North America with a combined capacity of 69 million tons of annual steel production,” Landore said.
“These steel mills are predominantly located around the Great Lakes and managed by 6 corporations.”
The company believes that its close proximity to key transport infrastructure - it is just 12 kilometres from CN Rail's main Trans-Canada rail line - provides the opportunity to directly transport iron ore pellets from the plant to steel mills in southern Ontario and Ohio
“Feedback indicated that direct rail transport would deliver a highly prised quality pellet that has not been degraded by loading and unloading from iron ore ships,” Landore added.
Crucially, Landore said it is at the stage where it can identify its favoured transportation options and off-take partners.
Subsequently it will begin in-fill drilling on the 4.5 kilometre central section of the Lamaune deposit in the first half of 2011.
This work will advance the central section up to resource compliance, after that an independent firm will be hired to start actively marketing Lamaune Iron.
