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London, United Kingdom, 9th December 2019 – Landore Resources Limited (AIM: LND) (“Landore Resources” or “the Company”) is pleased to report on the results of the 2019 soil sampling program carried out along strike to the east and west of its BAM Gold Project, Junior Lake Property, Ontario, Canada.
· Landore Resources’ geological team completed an extensive exploration campaign during the summer of 2019 which included the establishment of a cut grid, ground geophysics, geology, drilling and soil sampling westwards along strike for approximately 7 kilometres from the existing BAM Gold Project successfully establishing the presence of widespread anomalous gold and indicating multiple gold trends.
· The program has provided drill targets from the western extent of the BAM Gold Resource at 1000E to Juno Lake, a distance of approximately 1,300 metres, and eastwards from 3900E. Elevated gold in soil sampling in these areas supports extending the resource drilling in both directions from the BAM Gold Resource.
· The 2019 soil sampling programme within the highly prospective Felix grid area, 5 kilometres long x 1.2 kilometres wide located to the west of Juno Lake, has identified numerous gold anomalies and trends with similar geology and geophysics to that of the existing BAM Gold Project. The Felix area will require additional infill lines of soil sampling before drilling can commence.
A map titled Junior Lake Property BAM Gold Project Response Ratio Anomalies Au, As, Cu and Gold (Au) Trends, Geology can be viewed on Landore’s website www.landore.com
Commenting on this report, Chief Executive Officer of Landore Resources, Bill Humphries, said:
“The highly successful soil sampling programme completed this summer has established the presence of widespread anomalous gold and multiple gold trends along strike for 7 kilometres to the west of the BAM Gold Project. The programme has identified numerous new drill targets with the potential of being advanced into additional resources ensuring the continued rapid growth of the BAM Gold Project.”
2019 SOIL SAMPLING PROGRAMME, JUNIOR LAKE PROPERTY
Landore Resources’ geological team completed an extensive exploration campaign during the summer of 2019 which included the establishment of a cut grid, an Electromagnetic (HLEM-MaxMin) VLF and Magnetometric ground geophysics survey, geology, drilling and soil sampling westwards along strike for 7 kilometres from the existing BAM Gold Project successfully establishing the presence of widespread anomalous gold and multiple gold trends.
Justin Johnson (P.Geo, Ontario Canada) Senior Geologist of Panoramic PGMs (Canada) Ltd., was seconded to Landore Resources Canada Inc. for the exploration of the Junior Lake property and was responsible for the implementation, interpretation and reporting of the 2019 soil sampling programme.
Extracts from the 2019 Soil Sampling Programme Report:
The Junior Lake property is located approximately 230 kilometres north-northeast of Thunder Bay, ON. The property contains three NI43-101 compliant mineral resources, two of which are predominately nickel (B4-7 and VW) and one which is gold (BAM Gold).
During the summer of 2019 30.1km of grid line was cut and used for geophysical surveys (VLF, MaxMin and ground magnetometer). Geological mapping and soil sampling were conducted between the months of May and November, 2019.
Soil sampling of the B horizon was conducted on the new grid as well as selectively over the pre-established Junior Lake Grid. A total of 1036 samples and 105 control samples were submitted to ALS Global for analysis. Samples were taken at a nominal spacing of 25m on the established lines. Numerous areas were unable to be sampled due to swampy conditions or signs of disturbance from past forestry operations.
The soil sampling program was deemed a successful tool for gold exploration on the property. Numerous anomalous gold trends were noted. Four priority areas were noted which are: 1) Continuation of the BAM Gold trend an additional 1.5 km to the west, 2) Anomalous gold values associated with iron formation between Felix Lake and Boras Lake, 3) Anomalous gold values continuing west towards Juno Lake along the projected metasedimentary sequence of the BAM gold and the possibility of a southwest splay from this trend passing just south of Juno Lake, and 4) Line 4100E, located 1.1 km east of the defined BAM Gold deposit and 100m east of five exploration diamond drill holes, completed in 2018, that intersected elevated gold values.
A large grid was cut on the Junior Lake property during the summer of 2019 and used for multiple exploration surveys. The grid roughly spanned 5km x 1.2km and was used as the basis for the soil sampling program. A limited number of samples were also collected over the already established Junior Lake grid.
The soil sampling program collected a total of 1141 samples, including 115 reference samples. The samples were collected from the B horizon at a nominal distance of 25m along the grid lines using a Dutch auger.
The area was extensively logged ~20 years ago. As a result areas with obviously disturbed soil were not sampled. In addition, areas with thick organics or A horizons >2m, the limit of the soil auger, were not sampled.
In order to help exploration three lines were conducted over areas of known mineralization of the BAM deposit. From these test lines a geochemical profile of the BAM deposit was determined.”
“2019 Soil Sampling:
Soil sampling was conducted on two established grids. The Felix Lake grid consists of northeast-southwest orientated lines spaced 100 m to 300m apart and was sampled in its entirety. The Junior Lake grid consists of north-south orientated lines spaced 100m apart and was selectively sampled. Samples were collected every 25m using a 4 cm Dutch auger and placed in clean, brown paper bags specifically designed for this type of material. Samples had their depth of collection noted as well as a general description of the sample itself (see Appendix II). In areas of poor soil development composite samples were taken using multiple holes. Areas where a sample was not able to be taken due to either deep overburden or disturbed soil had the reason noted. Once collected samples were dried in camp before shipment to the laboratory.
Duplicate samples were taken (4% of samples) and silica blanks were inserted (4% of samples). Replicate samples were taken on five lines. The replicate samples consisted of four samples taken on an approximately 1 m x 1 m grid at the end of a survey line.
A total of 1141 samples were submitted to ALS Global of Vancouver for analysis. At ALS Global the samples were analyzed for low level gold in soils and sediments. The analytical package used was ‘Prep-41, Au Me-ST 43′ which involves drying at <60oC and sieving to -180 micron followed by aqua regia digestion and ICP-MS finish for analysis of gold and 42 other elements. The samples submitted consisted of 1036 individual soils, 45 duplicate soils, 15 replicate samples and 45 silica blanks.
To help identify the geochemical signature of the gold mineralization three control lines were conducted in areas of known mineralization, as proven by past drilling.
The duplicate samples taken correspond well. The majority of elements have 70-90% within +/-20% of the duplicate values, that increases to >90% of the values when the range is expanded to +/-30%. The outliers may in part be attributed to the sample sites. Numerous locations had thin B horizons which resulted in composite samples being taken. It is likely this contributed to the variation in duplicates.
The replicate samples were taken at five separate locations and consist of four samples on an approximate one meter by one meter square. In three of the replicate sets taken all samples were within 20%. For two of the replicate sets one of the four samples was >20%. This was considered within acceptable limits and the data set was used in its entirety.
Soil Sampling Results:
To remove anomalous samples, they were screened based on their description. Samples described as organic rich, black or grey in colour or clay were considered suspect and may not be representative of the B horizon. The remaining samples were used for the calculation the background value of each element. The background value is the average of the lower 25% quartile, listed in Table 2.
Table 2: Select elements’ calculated background values.
|Background Value||0.299 ppb||0.013 ppm||1.19 ppm||4.35 ppm||6.43 ppm|
The response ratios (RR) were calculated for all elements by taking the background value and dividing it into the analytical value. This was also done for the suspect samples. RRs are rounded and values of >=5 considered anomalous.
A correlation matrix was also generated for the samples taken. Gold (Au) showed only a very weak correlation with cobalt, chromium, magnesium and sodium. As a result it was determined that use of the correlation matrix was not helpful at this time.
An examination of the gold RR showed there were 147 samples with anomalous values (RR>=5). Of these samples 25 had values of 10-30 while 15 had RR >30. Maps showing the anomalous sites for Au, As, Ag, Cu, Au +As +Cu are in Appendix I. In order to correlate anomalies across lines the regional fabric of the area was used. Within the area there is a general fabric that strikes 105-115o, this is highlighted by the recently completed geophysics (VLF, MaxMin). The geophysics highlights formation sulphide zones within the area and is used as both marker horizons and to illustrate the fabric within an area.
It is important to note that there are cross cutting structures within the area. These structures may play an important role in the gold mineralization, acting both as pathways and aiding in concentrating the auriferous fluids. As such they will require additional investigation and follow-up in the future.
Appendix I contains a map illustrating the trend of gold within the soil samples taken. In order to help prioritize them, a signature for the gold mineralization of the BAM deposit was established. To do this examination of the three control lines (L1000E, L2700E and L3400E) through the defined deposit was conducted. Examination of the control lines yielded mixed results with the combination of Au+As+Cu being considered most useful.
L1000E covers the historic BAM occurrence (located on the western limit of the defined BAM Gold deposit), values up to 11gpt/Au at surface, as well as the BAM Gold zone defined by drilling. The soil geochemistry response near the surface occurrence shows a dramatic arsenic spike (RR 11-54) as well as copper (RR 7-11) and anomalous gold (RR 5-6) and a broader silver (RR 4-5) response.
Additional Au and Au+As+Cu anomalies are located along the southern portion of the sampled line. Sparse previous drilling has been conducted for nickel in this area in the past.
L2700E covers the drilled portion of the BAM deposit with no surface exposure. Due to the disturbed nature of the soil the area overlaying the projected gold zone could not be sampled. Samples analyzed from near the projection contained no anomalous values.
L3400E is located 100m to the west of an established drill line. The projected gold zone correlates with anomalous gold (RR 8, 10), silver (RR 4, 5) and copper (RR 3, 5) anomalies. A 100m silver anomaly is located 100m south of the projected BAM gold zone but does not have any other correlating signatures.
To determine significant anomalies several elements with RR>=5 were looked at. Au, Ag, As, Cu and Au+As+Cu (see Appendix I) were looked at. Locations with coincident Au+As+Cu, and to a lesser extent Ag, anomalies were considered to have the same characteristics as the BAM occurrence and examined in detail.
Thirty-one sites were found with coincident Au+As+Cu anomalies and are listed in Table 3.
Table 3: Samples containing anomalous Au +As +Cu. Location and RR values given. A) Felix Lake Grid. B) Junior Lake Grid.
A) Felix Lake Grid
|A0058622||L5700W||S200||5||11||77||8||Location has anomalous Au in sample 100m along strike to the SE, limited strike length|
|A0058707||L5000W||S360||29||12||23||10||Location along southern margin of a swamp also along edge of interpreted iron formation may represent edge of anomaly. May have additional strike length|
|A0058817||L4300W||S275||7||11||12||3||Anomalous Au +As values in sample 25m north. Interpreted to be part of a continuous trend <=800m in length|
|A0058908||L3700W||N75||6||125||15||17||Located ~50m N of the projected metasediments of the BAM Gold deposit, within a larger Cu anomaly that extends 25m south and 125m north on L3500W. Parallel Au trend 25m north.|
|A0059060||L2800W||N200||13||6||10||4||Additional anomalous Au +As values 25m N, swamp located ~30m prevented further sampling to north. Part of 900m Au trend extending to W. Alternative trend can connect to samples A0058909 & A0058951|
|A0059103||L2500W||N775||8||286||41||10||Additional anomalous results 25m N (Cu), 25m S (As +Cu), 50m S (Au) and along strike 200m SE of Au and Cu.|
|A0059277||L1700W||N500||11||6||9||1||Located ~150m N of the interpreted BAM Gold metasedimentary sequence. Cu anomaly continues 75m S and As anomaly continues 25m S, additional Cu anomalies 200m SE along strike.|
|A0059316||L1500W||N400||12||11||11||2||Located ~50m N of interpreted BAM Gold metasedimentary sequence. Cu anomalies continue 25m S and 100m N. Interpreted to be part of ~1.3km long trend parallel to BAM sequence.|
|A0058531||L1000W||N25||5||10||13||4||Samples within swampy region with sparse samples. Nearest samples contain anomalous Cu (150N), As (175N) and Cu +As (50N). Due to sparse samples correlation is difficult, possible extension of sample trend A0059434.|
|A0059437||L100W||N550||5||8||9||1||Sample within a large N-S-E Cu anomaly. Location is ~150m south of the BAM Gold metasedimentary package.|
|A0059434||L100W||N300||21||29||7||2||Location north of historic drilling in area of disturbed soils. Located 100m W of A059413.|
B) Junior Lake Grid
|A0059416||L000||N375||7||14||9||2||Locations are part of a large zone of anomalous Cu, As and Au values surrounding an E-W swampy area south of the BAM Gold trend. Samples part of ‘Y’ shaped trend west of BAM Gold drilling. May represent Au bearing splays from main structure.|
|A0059471||L500E||N600||9||140||96||7||Locations above and north of the BAM Gold metasedimentary sequence. Connects to anomalous As and Au to the E and to the BAM occurrence.|
|A0059606||L4100E||S200||147||44||80||40||Locations are within 200m swampy area. Additional anomalous Au +Cu located at the southern swamp boundary.|
|A0059621||L4100E||S600||70||6||5||4||Samples are within the middle of a ~300m wide series of Cu, As +Cu and Au +As anomalous values.|
Gold appears to respond well to the sampling program conducted. It is possible to link together anomaly trends across 100s of meters. It is important to not just rely on the intensity of the RR but to also use a multi-element classification. This is highlighted when the BAM occurrence is examined where multiple gram surface samples generate an Au RR of 5-6 in the immediate samples. This criteria is not meant to exclude single element Au anomalies.
Through use of the soil data the BAM Gold trend is extended 1.5km to the west. Additional anomalies continue for 1.5km and may be proven to be connected. Multiple additional areas of interest have also been generated and may correlate to addition gold horizons.
The response of nickel to the use of soil sampling was also examined. A total of 37 samples had RR >= 5 for Ni. Of these samples 90% of them correlate with anomalies from the 2019 VLF and MaxMin surveys and are interpreted to be a result of sedimentary sulphide package used as a marker horizon in the footwall of the BAM Gold deposit. In addition the Ni anomalies are single sample responses and have limited strike. As such, soil sampling has limited use for generating nickel targets and more traditional ground or airborne EM should be used
Conclusions and Recommendations:
The 2019 soil sampling program was successful in generating several anomalies of interest. Gold is shown to respond well to the low cost survey and has strong potential for future exploration
– Additional infill lines should be conducted in areas of interest. These lines can be done quickly via GPS and do not require a cut line. Line spacing should be reduced to 100m spaced lines with samples every 25m. The length of the infill line should extend a minimum of 100m above and below the interpreted anomaly.
– Intensive prospecting to be conducted along anomalous gold trends. Previous work has indicated that unassuming, weakly sheared surface samples can return significant gold values. Due to this sampling of all outcrops, where they occur, needs to be conducted in high priority areas. Ideally samples perpendicular to the trend should be spaced 10m while sampling along the strike of the anomaly <50m.
– Property scale exploration to be done using 500m spaced lines across areas of interest both east and west.
– Test lines should be done over the Lamaune Gold occurrence to determine its characteristics.
From the soil sampling program there are four areas identified as priority targets:
1. Gold anomaly trend west of Juno Lake, adjacent to the interpreted BAM Gold metasedimentary sequence. The presence of anomalous gold values along this trend gives additional strength to the continuation of gold mineralization along this horizon.
2. Follow up on the anomalous trends between Felix Lake and Boras Lake associated with the iron formations. Unfortunately terrain may prove to be a problem as much of the area has thick overburden.
3. Follow up on the gold trend westwards from line 1000E, towards Juno Lake along the projected metasedimentary sequence of the BAM Gold deposit and coincident gold anomalies. The possibility of a southwest auriferous splay occurring and passing just south of Juno Lake needs to be evaluated.
4. L4100E, located 1.1 km east of the defined BAM Gold deposit, contains numerous anomalies including the highest Au RR (147) of the survey. Past work in the area is limited to five exploration diamond drill holes conducted in 2018 and located 100m east. These exploration diamond drill holes intersected elevated gold values and are project along strike to occur.”
End of extracts from the 2019 Soil Sampling Programme Report
A copy of the full Report on 2019 Soils Sampling Programme, Junior Lake Property can be viewed on Landore’s website www.landore.com
ONTARIO GEOLOGICAL REPORT
Open File 6223, 43p.
In 2008 the Ontario Geological Survey published a report by P. J, Barnett on the ‘Till signature of the Caribou Lake greenstone belt area, Armstrong, Ontario.’
The Abstract reports:
“Surficial sediments in the area north of Lake Nipigon can be successfully used for mineral exploration and to determine the natural distribution of elements in the environment. Till, the ideal sediment for sampling, is wide spread and commonly reflects local bedrock conditions in the area. Over 130 samples were collected for geochemical analysis and 92 samples were collected for heavy mineral analysis over an area of 5000 km2 centred on the Caribou Lake greenstone belt. The Caribou Lake greenstone belt ranges from 3 to 17 km wide and extends for nearly 100 km where it merges with the Onaman-Tashota greenstone belt. It consists primarily of massive to pillowed basalts, iron formation and komatiite with minor amounts of conglomerate. It is being explored for gold, molybdenum, copper-nickel-platinum group elements (PGE) and rare-element pegmatites.”
The Junior Lake Project is situated in the eastern 32 kilometres of the above-surveyed Caribou Lake Greenstone belt. Till samples taken by the Ontario Geological Survey that are within the Junior Lake Project area are recorded to contain high levels of gold and other metals, supporting Landore Resources’ findings from its 2019 soil sampling program and establishes the Junior Project to be a prime gold address.
BAM Gold Deposit:
The BAM Gold Deposit, discovered in December 2015, is located in the south-central area of the Junior Lake property and is interpreted as an Archean-aged mesothermal gold deposit in which gold mineralisation is hosted by sheared and altered rocks of the Grassy Pond (Gabbro) Sill and the BAM Sequence. The host rock units strike in an east-southeast direction (average of azimuth 105°) and dip steeply to moderately to the south at 70 to 80 degrees. The gold mineralisation is interpreted to reside within a series of tabular shaped zones that are oriented in a roughly en-echelon configuration and are generally parallel to the overall strike of the host rock units.
BAM Gold Resource and PEA:
A Technical Report and Preliminary Economic Assessment (“PEA”) of the BAM Gold Project was reported 20th February 2019. The report is in compliance with the requirements of the Canadian National Instruments 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
BAM Gold Resource and PEA Update:
Cube Consulting Pty Ltd (“Cube”) has been engaged by Landore Resources Canada Inc. (“Landore”) to complete an ‘in house’ update the BAM Gold Resource to include the 2019 drilling campaign.
The proposed update of the PEA and preparation of an Independent Technical Report on the BAM Gold Project has been deferred until additional resource drilling has been completed on the new targets identified by the 2019 soil sampling program.
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.
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
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
Derrick Lee / Peter Lynch Tel: 0131 220 6939
Cenkos Securities plc
Nominated Advisor and Broker
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