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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.

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Landore Resources Ltd. Timeline

Article
November 06 2017

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