Landore Resources
Limited
2023 SOIL SAMPLING PROGRAMME
IDENTIFIES NEW GOLD TRENDS AT
THE JUNIOR LAKE
PROPERTY
London, United
Kingdom - 15 February 2024 - Landore Resources Limited
(AIM: LND) ("Landore Resources" or the
"Company") is pleased to report the results of its 2023 soil
sampling programme carried out along strike to the east and west of
its flagship BAM Gold Project ("BAM Gold"), on the Junior Lake
Property, Ontario, Canada.
During Summer/Autumn 2023, a significant
expansion and infill soil sampling programme was conducted on the
Junior Lake property involving the collection of 834 soil samples
across four areas. The programme covered a total area of
approximately 6.6km² and built on the findings of previous soil
sampling conducted between 2019 and 2022 (see soil sampling reports
dated 30 November 2019, 11 January 2020 and 31 March
2023).
Highlights:
·
2023 soil sampling conducted in the
underexplored southern portion of the Grassy Pond/Felix Lake area,
highly prospective for both gold and strategic metals, revealed
several anomalies representing a potential new gold zone to be
further explored by drilling.
· Soil sampling has also identified new
trends in the Junior Lake East Grid and Lamaune Gold Prospect areas
with direct drill targets.
· 17.5 kilometres along the Junior Lake
shear zone from the Placer Dome Gold prospect in the west to east
of the BAM Gold Deposit has now been covered by extensive soil
sampling.
2023 SOIL
SAMPLING PROGRAMME, JUNIOR LAKE PROPERTY
Landore Resources' geological team completed an
extensive soil sampling campaign during Summer/Autumn 2023 within
the Grassy Pond/Felix Lake and Lamaune areas along strike to the
east and west from the existing BAM Gold Project, infilling and
expanding on the successful 2019 to 2022 soil sampling campaigns
and confirming the presence of widespread anomalous gold and
multiple gold trends.
A full report on the 2023 soil sampling
programme has been prepared by the Company entitled 'Soil
Sampling of the Junior Lake property - 2023 Update' dated 30
January 2024 (the "2023 Report") which can be viewed on Landore
Resource's website at: www.landore.com and which
contains various maps and charts of the zones assessed.
Commenting on
this report, Interim Chief Executive Officer of Landore Resources,
Glenn Featherby, said:
"Soil
sampling programmes on our Junior Lake Property continue to
identify new gold targets which have the potential to be advanced
into additional resources. The Board believes that the Junior Lake
Property has excellent potential to host significant volumes of
both gold and strategic metals for battery
production."
Key Extracts from the Summary Section of the
2023 Report are as follows:
"In 2023 a large soil
sampling program (834 samples, inclusive of QAQC samples) was
conducted on the Junior Lake property. The program covered an
approximate 6.6km2, infilled and expanded on the regions
covered by previous soil sampling programs conducted in 2019, 2020,
and 2022 (see soil reports dated 30 November 2019, 11 January 2020
and 31 March 2023). The 2023 soil sampling program extended the
strike length of gold anomalies to the east 600m, extending the BAM
gold trend to beyond East Ketchikan Lake west and identified new
anomalies up to 4.4 kilometers west of the Lamaune Gold Prospect to
North Lamaune Lake. Additional soil sampling in the underexplored
southern portion of the Grassy Pond/Felix Lake Area ("Felix Lake
Grid"), an area highly prospective for both gold and battery
metals, revealed several anomalies in the area."
"The 2023 soil program has expanded upon previous sampling
programs, further refining previous gold exploration targets as
well as identifying new targets across the now 17.5 kilometre-long
surveyed area. This includes confirming trends in the Grassy
Pond/Felix Lake area as well as identifying new trends in the
Junior Lake East Grid, Grassy Pond/Felix Lake, and Lamaune Gold
Prospect areas. The additional samples have assisted with
interpretation and enabled the identification of regional trends.
From these results four priority areas are detailed, all of which
should be followed up with additional work:
1. Soil anomalies show a gold trend
extending east of the BAM Gold deposit for 2.2km with additional
anomalies occurring for a further 400m. Limited diamond drilling
along the trend has shown that mineralization continues along the
trend but leaves more than 1.2km untested;
2. New data from lines south of the Grassy
Pond/Felix Lake Grid have confirmed the continuity of multiple gold
trends across 4 km, south of the main BAM Gold trend, within the
previously underexplored area;
3. Anomalous gold values are associated with
linear magnetic anomalies in the Grassy Pond/Felix Lake area,
extending to the BAM Gold Deposit to the east and are open to the
west;
4. Anomalous soil samples and trends are
associated with the Lamaune Gold prospect and continue west, to the
historic Placer Dome Gold work near North Lamaune Lake. Historic
diamond drilling within the area has encountered anomalous gold
values in close proximity to the trends, with much of the region
remaining untested."
Corporate and
Operational Update
Further to the Company's announcement of 4
January 2024, it continues to explore additional funding options to
enable it to, inter alia,
proceed with a drilling campaign at the BAM Gold Project at the
earliest opportunity, as well as exploring potential strategic
investor, merger or sale opportunities in relation to its Canadian
subsidiary.
Forward Plans
Landore Resource's plans for 2024 are to focus on
advancing its highly prospective BAM Gold Project, targeting a
two-million-ounce resource and completion of a pre-feasibility
study, concentrating on:
· The underground potential at BAM as identified by Cube
Consulting Pty Limited in its May 2022 Resource Upgrade and
preliminary economic assessment; and
· Advancing the existing Inferred Resource into an Indicated
Resource estimate together with infilling the exploration targets
to the immediate east and west of the current resource.
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
22,037 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 Deposit; the VW
Nickel-Copper-Cobalt Deposit; the Lamaune Gold Prospect and
numerous other precious and strategic metal occurrences.
Michele Tuomi,
(P.Geo., BSc. Geology), Director/CEO of Landore
Resources Canada Inc. and a Qualified Person as defined in the
Canadian National Instrument 43-101 and with respect to the AIM
Rules for Companies, has reviewed and verified all scientific or
technical mining disclosures contained in this
announcement.
- ENDS -
For further
information, please contact:
Landore
Resources Limited
Glenn Featherby (Interim CEO)
Tel: +44 7730420318
Strand Hanson
Limited (Nominated Adviser and Joint Broker)
James Dance/Matthew Chandler/Robert
Collins
Tel: 020 74093494
Novum
Securities Limited (Joint Broker)
Jon Belliss/Colin Rowbury
Tel: 020 73999402
About Landore
Resources
Landore Resources Limited is an
exploration/development company that seeks to grow shareholder
value through the advanced exploration and development of precious
and battery metals projects in eastern Canada. The Company is
primarily focused on the development of its 100% owned BAM Gold
Project, located on its Junior Lake Property in
Northwestern Ontario.
The
information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
