Landore Resources Ltd (AIM: LND) best known for exploring and developing its Junior Lake Nickel Project in Canada released interims. Losses for the six months to |June 30th were £896,758 – these were increase in line with expectations – they reflect the increase in activity at Junior Lake.
Exploration by the company’s joint venture partner, First Nickel, continues at West Graham. Consolidated Press Group of Australia became a substantial shareholder in the company in April by subscribing 17.5% of the company’s equity.
The company increased its land holding in June and the Junior Lake area properties now extend over a strike length of 28 kilometres.
At Junior Lake a 16,000m drilling programme designed to extend currently inferred resources, of 14,300 tonnes of nickel, has been successful and is nearly complete. Infill drilling is also underway to increase the indicated resource. Drilling has consistently intersected multiple and wide zones of resource grade nickel mineralisation, with some drill results still to be reported. A new and increased resource calculation will be carried out by the company’s consultants is due by end of December 2007 latest.
A memorandum of understanding was signed earlier this year with First Nation traditional land users in the area.