Update on BAM East Gold Project

Released : 18/09/2017 07:00

RNS Number : 8965Q
Landore Resources Limited
18 September 2017
 

 

 

LANDORE RESOURCES LIMITED

("Landore Resources" or "the Company")

(AIM Ticker: LND.L)

 

 

DRILLING CONFIRMS GOLD ALONG TREND OF

BAM EAST GOLD DEPOSIT

JUNIOR LAKE PROPERTY

 

 

London, United Kingdom - 18 September 2017 - Landore Resources Limited (AIM:LND) ("Landore Resources" or "the Company") is pleased to provide this progress report on extension drilling of the BAM East Gold Project on its Junior Lake Property, Ontario, Canada ("BAM East Gold Project").

 

Highlights:

 

·    Drilling at the original BAM Zone has successfully identified a potential resource with similar lithology and grades to the BAM East Gold Deposit located 1000 metres along strike to the east.  The original BAM Zone mineralisation remains open along strike to the east, west and down dip.

 

·    Step out drilling along strike from the BAM East Gold Deposit has extended the mineralisation with similar lithology and grades 100 metres West and 500 metres to the East giving a potential resource continuity of 1.2 kilometres from 2000E to 3200E.  The BAM East Gold mineralisation remains open along strike to the east, west and down dip.

 

 

BAM East Gold Project Area

 

http://www.rns-pdf.londonstockexchange.com/rns/8965Q_-2017-9-15.pdf

 

 

See website www.landore.com to enlarge.

Drilling results include the following:

 

Original BAM Zone

Easting

Northing

Drill-hole

From

Interval*

Au



No

Metres

Metres

g/t

1000E

400N

0416-551

111.40

2.40

2.65

1000E

450E

0417-573

52.80

4.01

1.16

1000E

550N

0417-580

75.62

10.02

0.65

1050E

450N

0417-581

31.60

1.00

3.26



and

44.60

1.00

27.50



and

51.50

12.93

0.73

1050E

400N

0417-583

112.92

11.95

0.44

1100E

400N

0417-585

95.35

21.15

0.91

1100E

350N

0417-586

162.60

0.57

9.43



and

171.46

7.84

1.64

 

Drilling results not previously reported include the following

 

BAM East Gold-Eastern Extension

Easting

Northing

Drill-hole

From

Interval*

Au



No

Metres

Metres

g/t

2850E

25S

0417-600

13.00

13.00

0.59



and

89.70

7.87

2.48



including

91.70

1.00

14.90

2950E

50S

0417-607

9.72

10.28

0.93

2950E

100S

0417-615

125.00

13.00

1.02

3000E

50S

0417-609

15.68

15.92

0.43

3000E

100S

0417-611

132.40

8.45

0.68

3200E

150S

0417-589

45.26

7.52

0.51

3200E

200S

0417-591

112.50

8.80

0.81



and

126.08

5.32

1.14

 

* All holes were drilled at 45 degrees into a lithological package dipping approximately 40 degrees to the south. The actual true thickness of mineralisation is estimated to represent approximately 90% of the intervals shown in the above table.

 

Results are pending for two drill holes at 3500E.

 

Original BAM Zone:

The BAM Zone was discovered in 2003 by Landore Resources' exploration team through routine outcrop sampling returning high grade gold from a narrow pyrite and arsenopyrite mineralised vein.  A subsequent six drill hole programme accompanied by trenching was completed. Results were not encouraging with the best intersection 2.6g/t Au over 0.8m.

 

A further 4 drill hole programme was conducted on the BAM Zone in 2005 with similar results.

 

The discovery of the BAM East Gold Deposit in late 2015 led to a re-assessment of the BAM Zone which is located just to the north and at the western end of the MaxMin geophysical anomaly (MM-7). This anomaly is present in the lithology of the BAM East Gold Zone and is used as a drill pathfinder.

 

Two drill holes drilled in late 2016 approximately 150 metres to the south of BAM Zone intersected similar lithology and mineralisation as the BAM East Gold Deposit. Step out drilling in the recently concluded campaign consistently intersected mineralisation with grades similar to the BAM East Gold Deposit. Indications are that the mineralisation is improving to the east.

 

A follow up drill programme is currently being planned to commence in winter 2017 to expand the BAM Zone both to the east, west and down dip with the aim of delineating a separate open pit deposit and to test the area to join with the BAM East Gold Deposit.

 

BAM East Gold Deposit-Eastern Extension:

Step out drilling on a 50m x 50m pattern has established continuity of gold mineralisation, including down dip, from the eastern limit of the defined BAM East Gold Deposit at 2700E, 300 metres further east to 3000E with a further step out of 200m to 3200E. A two drill hole fence was also drilled at 3500E with results pending.  The mineralisation is open to the east and down dip.

 

A follow up drill programme is being planned to commence in winter 2017 aimed at extending the drill pattern to the east and down dip to 4000E in the vicinity of a highly promising geological SE/NW fault which cuts the MM-7 MaxMin geophysical anomaly.

 

BAM East Gold Resource:

Discovered in December 2015, the BAM East Gold resource contains 301,000 ounces of gold (February 2017 National Instrument (NI) 43-101 Mineral Resource Estimate and Technical Report). This resource 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 Resources in 2003.

 

BAM East gold mineralisation is a typical shear hosted gold bearing system in an Archaean greenstone belt. Findings from exploration drilling have revealed a lithological sequence consisting of leucogabbro rocks of the Grassy Pond Sill 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.

 

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 and 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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