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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 makes excellent progress at Junior Lake; needs funds for further development
Canada-focused Landore Resources (LON:LND) said it had made excellent progress on its Junior Lake iron and nickel projects in 2010 and needs to raise funds to carry out development plans.
In line with expectations, for the year to 31 December 2010, the firm made a loss of £3,773,758 compared to £3,801,114.
Exploration expenditure in the period was £2,653,910 (2009: £2,697,943), revealed the company today, which said these costs had been largely funded by placings, which had raised £3.84mln.
"The group has no debt but will need to raise further equity to carry out its development programme," said chairman William Humphries.
Landore is a holding company for its 100 percent owned reporting subsidiary Landore Resources Canada Inc, which is focused on mineral exploration in Ontario, Quebec and New Brunswick, Canada.
Its main properties are the Junior Lake and the Miminiska Lake Property - in the Thunder Bay mining district in Ontario. Landore is also the owner of other properties in Canada and Nevada in the US containing gold and base metal drill intersections.
Junior Lake is 100 percent owned by Landore and plays host to the Lamaune iron deposit, the Lamaune gold prospect, the VW Nickel deposit, the B4-7 Nickel-Copper deposit, and numerous other highly prospective mineral occurrences.
At Junior Lake in 2011, the firm intends to carry out a 30,000 metre in-fill drilling campaign on the 4.5km central section of the Lamaune Iron deposit to advance it to NI43-101 standard. An airborne geophysical survey over the newly acquired Summit Lake Iron deposit will be completed during Q3 2011, said Landore.
At the Lamaune Gold prospect on the Junior Lake property - discovered in 2008 near the Lamaune iron deposit - Landore plans extension drilling in conjunction with infill drilling on the Lamaune Iron deposit - beginning in Q4 2011.
In regard to the Junior Lake nickel deposits, where the company is exploring the VW and B4-7 deposits, Landore has the aim of developing their reserves in parallel - subject to favourable mining economic studies.
The company said that results from the extensive exploration campaign completed during 2010 have been highly successful. Drilling will re-commence on the B4-8 zone and the Swole Lake prospect in mid May 2011 to follow up on encouraging results, it added.
At the Miminiska lake gold project (130km north of Junior Lake) - consisting of targets Miminiska lake and Frond lake, both have good potential for expansion and upgrading to a mineral resource.
At Keezhik Lake, a gold project - 20km north of Miminisa - reconnaissance, mapping and sampling are scheduled during Q3 2011.
At the Root Lake lithium property 300km NW of Thunder Bay, a drilling programme of 2,500 metres has been scheduled to begin in Q3 2011 to increase the confidence level, in-fill and to expand the McCombe exploration target.
Meanwhile at the Lessard copper, zinc and silver project, around 107 kilometres north of the town of Chibougamau in Quebec, which has a September 2008 NI43-101 resource estimate of 740,000 tonnes at 1.88 per cent. Cu, 3.50 per cent. Zn, 38.62 g/t silver and 0.84 g/t gold using a net smelter return (NSR) of US$206.52, a field reconnaissance, mapping and sampling campaign is programmed for the property during Q4 2011. All of the resource is in the inferred category.
At the West Graham property (nickel, copper, platinum group metals)in northern Ontario, First Nickel, which earned 70 percent of the property last year, has begun a feasibility study, said Landore.
