Thursday, 13 December 2012

UPDATE: Landore Resources finds more mineralisation at depth at Junior Lake

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Landore Resources’ (LON:LND) latest in-fill drilling on its Junior Lake prospect in Canada has intersected broad zones of massive sulphide mineralisation at depth.
The best results, at drill hole 0412-450, intersected 17.2 metres at 0.84% Nickel, 0.46% copper, 0.06% cobalt, and 510ppb palladium.
Landore said that the B4-7 massive sulphide deposit at Junior Lake now extends over 700 metres from 500mE of the baseline to 200W and remains open to the west along strike and down dip.
The company added geophysical surveys on the Scorpion Zone at B4-7 had also been completed.
“Results of the DC Resistivity section of the survey received to date are highly promising indicating the potential extension of the B4-7 mineralisation to line 800W. Results for IP Chargeability and the MT survey are currently being collated,” it said.
The final results from the ground geophysics survey are anticipated by early in 2013, and will assist in drill targeting, the company added.
Further exploration and resource drilling on the western extension of the B4-7 is scheduled to commence in January 2013, when pre-feasibility studies on the combined B4-7 and the VW deposits are also due to begin.
The Junior Lake property, 100% owned by Landore, is approximately 235 kilometres north-northeast of Thunder Bay, and hosts the B4-7 Nickel-Copper-Cobalt-PGMs deposit, the VW Nickel deposit, the B4-8 prospect and other targets.
The site in Ontario province already has a 48,000 tonne NI 43-101 (mineral resource classification) compliant resource and is aNickel sulphide project.
Current drilling is on the western section of the 1,500 metre long Scorpion Zone and is testing the potential westward extension of the B4-7 massive sulphide mineralisation between lines 200W and 900W.
Alison Turner, an analyst at broker Panmure Gordon, said the drill results were good.
Previous exploration drilling on line 300W had intersected a broad zone of B4-7 style massive sulphide mineralisation at depth, which today’s results showed extended to the west, she said.
Four of the five holes reported today encountered significant Nickel rich intersections, while one included a two metre (m) intersection at 1.19% copper confirming the company’s hypothesis that copper content is increasing to the west.
Turner said there were also interesting platinum group metals (PGM) intersections including 1.22m at 3.33 grams per tonne (g/t) palladium and hole 0412-452 that showed 2m at 2.5g/t palladium.
The analyst kept her 12p per share target price.
Shares rose to 7.76p.

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