LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
LATEST DRILLING EXTENDS THE EXCITING
BAM EAST GOLD PROSPECT
JUNIOR LAKE PROPERTY
London, United Kingdom - August 3rd 2016 - Landore Resources Limited
(AIM:LND) ("Landore" or "the Company") is pleased to provide this progress report on extension drilling
of the BAM East gold prospect on its Junior Lake Property, Ontario, Canada ("BAM East Gold
Prospect").
Following the positive results from drilling on the BAM East Gold Prospect, announced by the
Company on 4th April 2016, Landore remobilised to site on the 30th June 2016 to undertake a 3,500m drill
programme to test the east, west and down dip extensions of the new gold zone. To date, 15 NQ diamond drill
holes (0416-524 to 0416-538), for 2,613m, have been completed with results received for the first 4 drill
holes.
Highlights:
· Drilling continues to report wide zones of
gold mineralisation including high grade intersections with drill hole 0416-526 reporting 38.50 metres (m) at 3.42 grams/tonne
(g/t) gold including 1.94m at 34.69g/t gold, 3m at 8.84g/t gold and 3m at 6.61g/t gold.
· VISIBLE GOLD: 10 of the 15 drill holes
completed to date have multiple instances of visible gold (VG) up to 2 millimeters long occurring as singular pieces or in clusters contained in or adjacent to quartz veinlets.
· Drilling at 50m stations has extended the BAM
East Gold Prospect lithology to 400m along strike and up to 150m down dip. The prospect remains open along strike to the east and
west and down dip.
Results received include the following.
Easting
|
Northing
|
Drill-hole
|
From
|
Interval*
|
Au
|
|
|
No
|
Metres
|
Metres
|
g/t
|
2600E
|
50N
|
0416-525
|
51.50
|
24.5
|
0.98
|
|
|
including
|
70.00
|
4.00
|
3.61
|
2550E
|
50N
|
0416-526
|
56.50
|
6.70
|
1.79
|
|
|
and
|
76.50
|
38.50
|
3.42
|
|
|
including
|
76.50
|
1.94
|
34.69
|
|
|
"
|
84.50
|
3.00
|
8.84
|
|
|
"
|
100.00
|
3.00
|
6.81
|
2550E
|
00N
|
0416-527
|
126.57
|
11.43
|
2.23
|
|
|
including
|
128.50
|
0.75
|
9.68
|
* Holes were drilled north at 45 degrees
into a lithological package dipping approximately 40 degrees to the south. The actual true thickness of mineralisation is estimated to represent between 90-95% of the intervals shown in the above
table.
Since there are multiple instances of visible gold as well as high grade gold in current drilling,
core samples from intervals of interest will be re-submitted for screen metallic gold analysis to obtain better reproducibility
of gold results.
The Junior Lake Property:
The Junior Lake Property, 100% owned by Landore, is located in the province of Ontario, Canada,
approximately 235 kilometres north-northeast of Thunder Bay, and is host to the B4-7
Nickel-Copper-Cobalt-PGEs resource plus the Exploration Target and the Alpha Zone, the
VW Nickel resource and numerous other highly prospective mineral occurrences including the BAM gold zone and the
newly discovered BAM East Gold Prospect.
BAM East Gold Prospect:
The BAM East Gold Prospect is located approximately midway along a 2.7 kilometre long,
east-southeast to west-northwest trending MaxMin geophysical anomaly ("MM-7"), at the western end of which is
located the historical BAM gold zone discovered by Landore in 2003. MM-7 has not previously been drill tested.
Findings from exploration drilling on the BAM East Gold Prospect has revealed a lithological
sequence consisting of leucogabbro to the south, metasedimentary rocks in the central portion, to mafic volcanics to the north.
All lithological units have been subjected to variable shearing and deformation, markedly the metasedimentary unit.
The gold mineralisation revealed to-date is predominantly contained in the metasediments, with
some gold mineralisation occurring in the leucogabbro rocks. Visible gold occurs within or near quartz veinlets which are
controlled by a shear system.
Landore's Mineral Exploration Consultant Chris Cooper. B.Sc. ARSM. FGS. Comments that:
"BAM East gold mineralisation is a typical shear-hosted gold-bearing system in an Archaean
greenstone belt. The local intensity of the quartz-gold veins focussed by shear style deformation is such that potentially
economic mineralisation could be present with a zone up to at least 38m true thickness, possibly more. The mineralisation is
structurally lead and not bound to any one lithology. Ultimately the style of the shear induced fractures will determine the
width of the prospective vein zones.
The mineralisation is open to the East and West and to current drill depth. Mineralisation is open
to surface, below the overburden. The prospective area under consideration is also big enough to host other similar gold
mineralisation or could host a much larger deposit.
The gold is from sub-visible size to large, 2mm, pieces and is free gold and not thought to be
encapsulated in sulphides or bound to sulphides."
"The style of mineralisation has many corollaries with similar commercial gold deposits in the
Canadian Shield, noteworthy are those also in the Superior Province such as Kirkland Lake, Hollinger-McIntyre, Kerr-Adison and
Sigma-Lamarque"
Planned Works:
BAM East Gold Prospect:
Landore is planning a follow-up drilling programme at the BAM East Gold Prospect during Q4 2016 to
extend the new gold zone down dip and along strike to the east and west. Due to the presence of visible gold Landore will be
changing to HQ size drill core which, at 77.9 millimetre (mm) inside diameter as against 60mm diameter for NQ core size, provides
an additional 40% core for analysing.
The trenching and channel sampling programme will be continued along the 2.7 kilometre,
east-southeast to west-northwest trending MM-7 in H2 2016.
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, has reviewed and verified all
scientific or technical mining disclosure contained in this announcement.
- ENDS -
About Landore Resources Limited
Landore 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 Property. Landore has mineral rights to 6 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
James Spinney / Jack Botros
Tel:
020 7409 3494
Strand Hanson Limited
Nominated Advisor and Broker
This announcement contains inside information.