Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

THE BIG PICTURE - Landore Resources hails "hugely positive" Junior Lake results

Landore Resources chief executive Richard Prickett has described as "hugely positive" Wednesday's update from the Junior Lake nickel-copper project in Ontario.
THE BIG PICTURE - Landore Resources hails "hugely positive" Junior Lake results

Landore Resources (LON:LND) chief executive Richard Prickett has described as "hugely positive" Wednesday's update from the Junior Lake nickel-copper project in Ontario.

Results from a recently completed geophysical ground survey further confirmed the potential of the property and identified nine new areas of nickel mineralisation.

Indeed, the latest data shows the property could be a "significant" nickel, copper and platinum group metals region, the firm said.

Investors welcomed the news and shares in the Canada-focused mining firm rose 15.45%.

The three dimensional (3D) study was the second at the property carried out by Quantec Geoscience and was over the highly prospective B4-7 and VW nickel trends.

Nine new zones of potential nickel sulphide mineralisation were found, ranging from around 400 metres (m) to 1,200m in length.

The mineralisation is along strike and adjacent to the existing B4-7 nickel-copper-cobalt-PGEs resource and the VW nickel resource.

"Basically, the whole area between B4-7 and VW looks like it's got nickel mineralisation throughout the whole 3.5/4km , which could be enormous," Prickett told Proactive.

Previously, exploration drilling between the two deposits had hit promising base and precious metal results, including 2.50 metres at 0.39% nickel and 1.50 metres at 0.33% nickel, which had encouraged the firm to carry out the latest survey, which spanned an area of 3,400 metres by 2,200 metres.

But the latest resistivity results from the Quantec study identified significant potential sulphide mineralisation below the majority of these drill findings, backing up Landore's belief that it had only hit the top of the system.

"These compelling findings, along with identified potential mineralisation near-surface, warrant follow-up drilling," the company said in Wednesday's statement.

Next on the cards will be a 4,000 metre drill programme scheduled to kick off on July 7 this year to test prospective targets identified by the latest survey as well as the December 2013 ground survey.

Junior Lake already boasts a resource of 55,000 tonnes of nickel equivalent and based on drilling last year, the firm's consultant gave Landore a further 20,000 tonne exploration target -taking the total resource to 75,000 tonnes.

The B47 polymetal and the VW pure nickel deposit are both NI 43-101 compliant, and provide for a mine life of around six or seven years, but as Prickett told Proactive earlier this year if a 10 year operation can be achieved through breaching the 100,000 tonne mark, the whole thing becomes "very attractive".

Landore shares rose 15.45% to 3.175p.

View full LND profile View Profile

Landore Resources Ltd. Timeline

Related Articles

A view of DRDGOLD's flagship Ergo asset in Johannesburg
April 30 2018
The South African miner’s appeal lies with the gold bull as bullion prices seen moving north
Thor Explorations' Segilola high grade pit offers strong return on investment
June 12 2018
The 100% owned project sits on a 27 sq km exploration licence containing a 17 sq km mining licence
gold mine
September 07 2018
The company says it is on track to hit production targets for 2018 of 27,000 ounces of gold and 1.7mln ounces of silver

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use