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Landore to start work on pre-feasibility at Junior Lake

Landore to start work on pre-feasibility at Junior Lake



North America-focused Landore Resources (LON:LND) is to start work early next year on a pre-feasibility study for its huge Junior Lake prospect in Canada.

A resource upgrade is due in the next few months and a pre-feasibility study on the combined B4-7 and the VW deposits at Junior lake will be initiated in the first quarter of 2013.

Recent results from a drilling campaign on the B4-7 deposit showed massive sulphide mineralisation with grades of more than 1 percent nickel and meaningful credits of copper, cobalt and platinum group metals.

Landore has said already the results have significantly increased the potential tonnage amenable to open pit development.

It has initiated a full review of all quality assurance-quality control (QAQC) data, geological and grade wireframe modelling, internal resource estimates and the updating of all text required for the final NI43-101 report.

On completion, Landore will submit all data for an independent audit and external resource upgrade of the B4-7 deposit.

Financial results for the six months to 30 June showed a loss of £2.47 mln (2011: loss £1.9 mln) reflecting a rise in exploration costs to £1.84 mln.

Landore has no debt but said it will continue to raise further equity as needed to carry out its exploration and development activities.

The company has already delineated a NI43-101 compliant combined resource at the VW and B4-7 deposits of 48,281 tonnes of nickel equivalent (NiEq), 82 per cent of which is in the Indicated category.

This figure does not include any upgrade from this season's drilling campaign.  Both deposits remain open down dip and along strike to the east and west.



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