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Landore Resources Ld - Update on BAM East Gold Deposit

RNS Number : 1443M
Landore Resources Limited
26 April 2018
 

LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 

DRILLING COMMENCES ON THE

BAM EAST GOLD PROJECT

JUNIOR LAKE PROPERTY

 

 

London, United Kingdom 26th April 2018 - Landore Resources Limited (AIM: LND) ("Landore Resources" or "the Company") is pleased to announce the commencement of the 2018 drilling programme on the BAM East Gold Deposit, Junior Lake Property, Ontario, Canada ("BAM East Gold Deposit").

 

Highlights:

 

·     Drilling on the BAM East Gold Deposit commenced 20 April 2018 with the completion of the first diamond drill hole 0418-626 on line 1100E successfully intersecting similar lithology as the existing BAM East Gold deposit.

 

·     A total of 12,000 metres of NQ and HQ diamond core drilling is planned for completion during this spring and summer of 2018 focussing on further delineation and extension of the resource of 400,000 ounces gold as reported.  

 

Previous drilling has outlined gold mineralisation at the BAM East Gold Deposit and the BAM Gold Deposit, but the area between these two deposits of approximately 860 metres length remains largely untested.  In-fill drilling has the potential to expand, and possibly connect, these two areas and establish additional mineral resources.  The above deposits remain open down dip, providing additional exploration potential to target for future drill programmes on Junior Lake.

 

The processing of the drill core, including logging, sampling and assaying, is ongoing and results will be reported when received and collated.

 

About the BAM East Gold Resource:

Discovered in December 2015, the BAM East Gold resource contains 400,000 ounces of gold; April 2018 National Instrument 43-101 Mineral Resource Estimate and Technical Report refers.

 

The BAM East Gold Deposit is located in the south central area of the Junior Lake property and is interpreted as an Archean-aged mesothermal gold deposit in which gold mineralisation is hosted by sheared and altered rocks of the Grassy Pond Sill and the BAM Sequence.  The host rock units strike in an east-southeast direction (average of azimuth 105°) and dip steeply to moderately to the south at 70° to 75°.  The gold mineralisation is interpreted to reside within a series of tabular shaped zones that are oriented in a roughly en-echelon configuration and are generally parallel to the overall strike of the host rock units.

 

In summer 2017, Landore Resources completed a drilling campaign on the BAM East Gold Deposit. The campaign successfully infilled much of the Inferred portion of the existing Mineral Resource zone and extended its potential strike length from the delineated 700 m to approximately 1,100 m.  The BAM East Gold Deposit remains open along strike to the east and west, and down dip.

 

In addition, drilling at the original BAM Zone, located approximately 860 m along strike to the west, successfully intersected additional gold mineralisation with similar lithology and grades to the BAM East Gold Deposit.  The limits of the BAM Zone mineralisation remain undefined along strike to the east, west, and down dip.

 

Drilling to date has successfully demonstrated the continuity of the gold mineralisation along a strike length of approximately 1,100 m and from surface to a vertical depth of approximately 350 m.  The drilling programmes also successfully confirmed the presence of the controlling mineralised shear zone (the Junior Lake Shear Zone) along a strike length of approximately 2,000 m by widely spaced drill holes.  To date, a total of 108 drill holes for approximately 19,492 m have been completed at the BAM East Gold Deposit. 

 

The Junior Lake Property:

The Junior Lake Property, 100% owned by Landore Resources, together with the contiguous Lamaune Iron property (90.2% owned) (jointly the "Junior Lake Property"), consisting of 26,593 hectares,  is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay.

A highly prospective Archean greenstone belt traverses the Junior Lake Property from east to west for approximately 31 kilometres. The greenstone belt ranges from 0.5 to 1.5 kilometres wide and contains all of Landore Resources' stated mineral resources and prospects. However, the greater proportion of this belt remains unexplored.

 

Michele Tuomi, (P.Geo., BSc. Geology), Director/VP Exploration of Landore Resources Canada Inc. and a Qualified Person as defined in the Canadian National Instrument 43-101 and the AIM Rules for Companies, has reviewed and verified all scientific or technical mining disclosure contained in this announcement.

 

- ENDS -

About Landore Resources

Landore Resources is an exploration company that seeks to grow shareholder value through the acquisition, exploration and development of precious and base metal projects in eastern Canada. The Company is primarily focused on the development of the Junior Lake Project. Landore Resources has mineral rights to 5 properties in eastern Canada. The Company is headquartered in Guernsey, with an exploration office located in Thunder Bay, Ontario, Canada.

 

For more information, please contact:

 

Bill Humphries, Chief Executive Officer            Tel: 07734 681262

Richard Prickett, Finance Director                    Tel: 07775 651421

Landore Resources Limited                              www.landore.com

 

Angela Hallett / James Spinney / Jack Botros  Tel: 020 7409 3494

Strand Hanson Limited

Nominated Advisor

 

Neil McDonald / Beth McKiernan / Peter Lynch    Tel: 01312209771

Cenkos Securities plc

Broker

 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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Market Cap: £9.08 m
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