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Landore Resources maps out multi-phase works plan

Results from Landore were in line with expectations.

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Landore is focusing on the highly prospective Junior Lake nickel-copper-cobalt-PGEs project in Ontario

The half-year results statement from Canada-focused minerals company Landore Resources (LON:LND) was dominated by the review of all geophysical work done at its flagship project.

Full details of this were released last week, but it is worth reiterating that the study determined that the Junior Lake property in Ontario is prospective for, among other things, nickel, copper, platinum group elements (PGEs) and gold.

Landore has embarked on a multi-phase works plan, starting with a number of geophysical studies, which will be followed up with phase 2 of its works programme consisting of metallurgical and geo-technical studies for optimisation of processing and pit parameters on both the B4-7 nickel-copper cobalt-PGEs deposit and VW nickel deposits, together with drilling to test prospective geophysical targets.

The third phase of works, currently scheduled to commence in the first quarter 2016, consists of a definition drilling programme as per the independent engineers' recommendations to bring the Exploration Target and Alpha Zone into the NI 43-101-compliant B4-7 resource, Landore told investors.

When results from the above works have been received, an updated resource estimate will be completed.

As should be clear from the heavy amount of preparation work the company has planned, Landore is still in the pre-revenue stage, and thus making a loss.

Loss before tax in the first half of 2015 was £1.18mln, compared to a loss of £809,560 in the same period of last year.

Shares in Landore were off 0.045p at 0.68p in lunchtime trading.

Quick facts: Landore Resources Ltd

Price: 27.1 GBX

AIM:LND
Market: AIM
Market Cap: £24.44 m
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Landore boosted by latest Junior Lake results

The CEO of AIM-listed Landore Resources (LON:LND), Richard Prickett, has described as "hugely positive" the discovery of what could be significant deposits of nickel at its Junior Lake project in Ontario, Canada.

on 04/24/2014

2 min read