Landore Resources Limited Provides Drilling Update - Bam Gold Project Junior Lake Property
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014
(NYSE:LND)
LONDON, July 20, 2021 /CNW/ - Landore Resources Limited (AIM: LND) ("Landore Resources" or "the Company") is pleased to provide an update on the progress of the drilling programme for 2020-21 (the "Drilling Programme") on the BAM Gold Deposit, Junior Lake Property, Ontario, Canada ("BAM Gold Deposit").
Highlights
- Targeted drilling has successfully intersected high grade gold in the vicinity of the Bonanza grade quartz vein in drill hole 0421-875 (reported 20th April 2021) with drill hole 0421-793 reporting 0.61 metres at 29.40 grams/tonne (g/t). The results from this drilling will assist further targeting of the recently discovered high grade 'footwall' mineralisation.
- Drilling results confirmed wide, relatively shallow zones of ore grade gold mineralisation within the gabbro 'hanging wall' unit of the extended East pit, including drill hole 0421-793 reporting 15.09 metres at 1.75g/t gold and 0421-796 reporting 18.47 metres at 0.87g/t gold.
BAM Gold Deposit:
Five drill holes have been drilled at 25 metre centres to test the zone around the bonanza gold intercept on line 2850E. Assay results for these have been received. They include:
Easting | Northing | Drill-hole | From | Interval* | Au |
No | Metres | Metres | g/t | ||
2850E | 100S | 0421-793 | 72.60 | 39.99 | 0.58 |
including | 83.77 | 1.01 | 5.57 | ||
and | 144.76 | 15.09 | 1.75 | ||
including | 156.59 | 0.61 | 29.40 | ||
2850E | 150S | 0421-794 | 191.80 | 13.80 | 0.76 |
including | 197.38 | 3.65 | 1.83 | ||
and | 209.33 | 0.49 | 3.73 | ||
2800E | 125S | 0421-795 | 112.70 | 7.98 | 0.91 |
and | 190.86 | 11.62 | 0.55 | ||
2825E | 110S | 0421-796 | 84.06 | 18.47 | 0.87 |
including | 89.28 | 10.16 | 1.14 | ||
2875E | 140S | 0421-797 | 88.00 | 16.08 | 0.70 |
and | 179.36 | 10.08 | 1.28 | ||
including | 183.72 | 0.87 | 8.20 |
* | The drill holes were drilled north at 45 degrees into a lithological package dipping approximately 60 to 50 degrees to the south. The actual true thickness of mineralisation is estimated to represent 75% to 85% of the intervals shown in the above table |
The above drilling has successfully intersected high grade gold in the vicinity of the 432g/t Bonanza grade vein (reported 20th April 2021). In addition, the drilling intersected wide, relatively shallow zones of ore grade mineralisation in the gabbro 'hanging wall' of the extended East pit, substantially enhancing the existing defined resource between 2600E and 2900E.
The information gained from the Drilling Programme will be used for further targeting of this recently discovered high grade 'footwall' vein.
2020-2021 Drilling Programme:
The Drilling Programme, consisting of a total of 23,000 metres of HQ diamond core drilling, commenced on October 15th, 2020 and was designed to further infill and extend the defined BAM Gold Deposit resource of 1,015,000 ounces.
To date, a total of 20,597 metres of HQ diamond core drilling, comprising 89 drill holes, (0420-725 to 0421-813), have been completed.
The programme consists of four sections:
1) Extension and Exploration from 3000E to 5000E.
Completed 6,042 metres of HQ diamond core for 30 holes. Assays are outstanding for 8 holes.
2) Extension and Exploration from 200W to 1000E
Completed 5,055 metres of HQ diamond core for 21 holes. Drilling continuing with 2 holes to complete
3) Deepening and Extending the West Pit from 1,000E to 2000E
Completed 3,464 metres of HQ diamond core fot16 holes. Drilling continuing with 1 hole to complete
4) Deepening and Extending the East Pit from 2000E to 3,000E
Completed 6,036 metres of HQ diamond core. Assays are outstanding for 8 holes.
Planning:
At the conclusion of the Drilling Programme the Company plans to commission an updated Mineral Resource Estimate ("MRE") and Preliminary Economic Assessment ("PEA") on the BAM Gold Deposit.
BAM GOLD DEPOSIT:
The BAM Gold Deposit is located approximately mid-way along a highly prospective Archean greenstone belt which traverses the Junior Lake Property from east to west for approximately 31 kilometres. The favorable greenstone belt ranges from 0.5 to 1.5 kilometres wide and hosts multiple known gold occurrences including the Lamaune Gold Prospect.
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 30,507 hectares, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay and is host to: The BAM Gold Deposit; the B4-7 Nickel-copper-cobalt-Platinum-Palladium-gold Deposit; the VW Nickel-Copper-cobalt Deposit; Lamaune Gold Prospect and numerous other precious and base metal occurrences.
Covid-19
The Company is following Government Covid-19 guidelines in its operations in Canada.
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.
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.
SOURCE Landore Resources Canada Inc.
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