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Landore Resources Limited identifies new gold zone at Junior Lake

Landore Resources Ltd said further trenching and sampling will be carried out on a new gold zone identified at its flagship Junior Lake property in Ontario.

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Landore said the new gold zone zone sits half way along a 2.7km long geophysical anomaly (MM-7),

Landore Resources Ltd (LON:LND) said further trenching and sampling will be carried out on a new gold zone identified at its flagship Junior Lake property in Ontario.

The new zone at the site, which is also prospective for nickel, copper and platinum group metals, was discovered as a result of drilling works in December last year and reaffirmed by a follow-up diamond drill programme last month.

Landore said the zone sits half-way along  a 2.7km long, east-west trending, MaxMin geophysical anomaly (MM-7), which has not previously been drill tested.

At the western end is the historical BAM gold zone discovered by Landore in 2003.

A trenching and channel sampling program will be done along this anomaly in the second quarter, the firm said, and, subject to positive results from the winter 2016 drill program, further drilling will be planned to extend the new zone down plunge and along strike.

Drilling in December hit a wide zone of gold mineralisation close to surface including 31.29 metres at 1.12 grams per tonne (g/t). A notable intersection was also 3.70 metres 4.21g/t gold in another hole.

The programme in February consisted  of five NQ diamond drill holes as 50 metres step-outs to the December holes, all of which have intersected similar lithological units. Results are pending, Landore said.

Junior Lake already a resource estimate of around 33,000 tonnes at what's called the B4-7 area, 22,000 tonnes at the mainly nickel VW zone, and a 20,000 tonne 'exploration target' west of B4-7.

Quick facts: Landore Resources Ltd

Price: 26.75 GBX

AIM:LND
Market: AIM
Market Cap: £24.12 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