Landore Resources Limited Progress Report - BAM Gold Project, Junior Lake Property
Landore Resources Limited Progress Report - BAM Gold Project, Junior Lake Property |
[21-October-2019] |
(AIM Ticker: LND.L) LONDON, Oct. 21, 2019 /CNW/ - Landore Resources Limited (AIM: LND) ("Landore Resources" or "the Company") is pleased to report on progress of the Summer Drilling and Exploration programme on its BAM Gold Deposit, Junior Lake Property, Ontario, Canada ("BAM Gold Deposit"). Highlights:
Commenting on this report, Chief Executive Officer of Landore Resources, Bill Humphries, said: "The 2019 drilling campaign on the BAM Gold Deposit is expected to increase the BAM Gold Resource with the conversion of Inferred to Indicated on the western portion of the Deposit and the possible addition of inferred ounces of gold further to the west. The higher confidence rating of the BAM Mineral Resource, together with the greatly improved gold price, will provide significant benefit to the PEA and further strengthen resource development economics. In addition the exploration activities completed this year in the large area between the BAM Gold Deposit and the Lamaune Exploration Target, 8.5 kilometres to the West, has clearly established the continuance of similar geology and geophysics between these gold occurrences. The results from the extensive soil sampling are eagerly awaited for further proof that Landore's highly prospective Junior Lake Property is host to multi-million ounces of gold. Summer Drilling and Exploration Campaign:
The summer drilling campaign concentrated on infilling the western zone of the BAM Gold Deposit from 950E to 1600E by drilling at 50 metre spacing aimed at advancing the inferred portion of the existing resource to the Indicated category for inclusion into an upgraded Mineral Resource Estimate and Preliminary Economic Assessment ("PEA") scheduled for completion during Q4 2019. Assay results report gold mineralisation of similar widths and grade to the existing BAM Gold Deposit with multiple instances of visible gold ("VG"). A ten-hole drilling programme was also completed on a potential 500+ extension of the BAM Gold Deposit along strike to the west from 900E to 400E. The drilling intersected similar lithologies and mineralisation to that already encountered at the BAM Gold Deposit. Exploration: In all 867 soil samples, including control and duplicates, were taken from the above area and forwarded to ALS Minerals of Vancouver for analysis for Low Level Gold in Soils and Sediments. The analysis package used was 'Prep-41, Au ME-St 43' for Gold and 43 other minerals. Assay results are expected to be available by early November and will be forwarded to a Geochemical Specialist for full analysis. A north-west/south-east bearing grid 5,000 metres long by 1,200 metres wide with cross lines cut at approximately 200 metre spacing was established within the above area to allow ground geophysics, exploration and soil sampling to be carried out over approximately 32 line kilometres within the grid. Results from the ground geophysics are highly promising showing the potential continuation of the main geophysical conductors encountered in the BAM Gold Deposit area. Planning: A drilling programme is under consideration to further extend the known BAM Gold Deposit to the east and to test any potential mineralisation identified in the current exploration area reported above. In addition, two deep holes are planned to test the continuity of high grade mineralisation below the existing BAM Gold Deposit. BAM Gold Deposit: BAM Gold Resource and PEA: Mineral Resource Update: The PEA detailed an updated Mineral Resource Estimate for the BAM Gold Deposit of 28,826,000 tonnes (t) at 1.03 grams/tonne (g/t) for 951,000 ounces of gold including 20,198,000t at 1.08g/t for 701,000 ounces gold in the Indicated Category. PEA: The BAM Project Base case considered the economics of exploiting a resource of 12.7 Mt at 1.26 g/t Au containing 515,000 ounces gold (koz Au). An 'Extended' (or upside) case considers a 19.7 Mt resource also at 1.26 g/t Au containing 800 koz Au. The PEA demonstrated the economic viability of this project as well as its high growth potential, and has reinforced Landore's opinion that in the initial stage the BAM Gold Project can be developed as a low-cost open pit mining operation. The Junior Lake Property: 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. About Landore Resources This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014. SOURCE Landore Resources Limited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: OTC-PINK:LNDSF, LSE:LND |
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