LONDON, Jan. 17, 2013 /CNW/ - Landore Resources Limited ("Landore" or the "Company") (AIM: LND) today announced an updated resource estimate for the B4-7 Nickel-Copper project in its Junior Lake property, Ontario, Canada.
Commenting on this report, the Chairman of Landore Resources, Bill Humphries, said:
"Landore Resources has successfully and significantly increased the size and confidence level of the B4-7 resource, all in the Indicated category. In addition we believe that the resource is capable of further material
enlargement. The updated B4-7 resource together with the nearby VW Nickel resource allows Landore to proceed with pre-feasibility studies.
Landore is well-poised to advance the project towards production in 2015-16."
RPA Inc. (RPA) of Toronto, Canada, was retained by Landore Resources to complete an updated Mineral Resource estimate and a NI 43-101 Technical Report on the B4-7 Deposit, on Landore's Junior Lake property, located near Armstrong, Ontario.
Geophysical (magnetic) surveying of the B4-7 Deposit area has discovered the presence of a linear, east-west striking magnetic anomaly. Initial comparison of the results of the modelling of the Ni-Cu-PGM mineralization with this magnetic anomaly reveals that, for the most part, the mineralization is located along the northern contact of the magnetic anomaly (Figure 1). The western projection of this contact is considered to hold good potential for the discovery of additional B4-7 type mineralization. This view is supported by the results from recently completed drill hole 0412-446 which intersected an average grade of 0.52% Ni, 0.88% Cu, 0.06% Co, 0.02 g/t Pt, 0.43 g/t Pd, and 0.03 g/t Au along a core length of 11.57 m. RPA recommends that the source of the magnetic anomaly be explained from a lithologic perspective and the genetic relationship with the mineralization be studied. Should a genetic link be demonstrated or suspected, the southern contact of the magnetic anomaly may hold potential for hosting additional sulphide mineralization.
About Landore Resources Ltd.
Landore Resources Ltd. 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 Nickel Project, anticipated to enter into pre-feasibility stage Q1 2013. Landore Resources has mineral rights to 5 properties in eastern Canada. The Company is headquartered in London, UK, with an exploration office located in Thunder Bay, Ontario, Canada.
SOURCE Landore Resources Limited