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Landore Resources to raise £2.615 million for further work at Junior Lake

Landore Resources to raise £2.615 million for further work at Junior Lake

Explorer Landore Resources (LON:LND) has raised £2.615 million to be used for work on the nickel deposits at its Junior Lake project in Canada.

The cash is being raised through a subscription of shares consisting of 52.3 million shares at 5 pence each.

The focus of drilling will be on the Scorpion zone, which is the western extension of the B4-7 deposit as well as for working capital, the company said.

Panmure Gordon assisted the company with the subscription and has introduced new institutional investors.

Chairman William Humphries, chief executive and finance director, Richard Prickett and non- exec director Charles Wilkinson all took part.

On admission of the shares, Humphries will own 8.6 per cent of the share capital, Prickett will have a 2 per cent interest and Wilkinson will own 0.4 per cent of the capital.

Earlier this month, the firm said work had begun on a new resource estimate for the company's B4-7 deposit in Ontario.

The new NI43-101 estimate is earmarked to be completed in the fourth quarter this year.

Landore also outlined plans for a drilling programme of 14 holes for 7,000 metres to confirm the western extension of the B4-7 deposit also to begin in Q4 this year.

Drilling so far this year has significantly extended the B4-7 deposit - part of the huge Junior Lake prospect - downdip and along strike to the west.

B4-7 deposit and the adjacent B4-8 prospect to the west lie within a magnetic anomaly known as the Scorpion zone, which plays hosts to a collective potential massive sulphide mineralisation strike length of 1.5km.

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.

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Landore Resources Ltd. Timeline

Newswire
February 17 2017

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