LANDORE RESOURCES LIMITED - 2024 Soil Sampling Programme Identifies New Gold Anomalies at the Junior Lake property
LONDON, Feb. 12, 2025 /CNW/ - Landore Resources Limited (AIM: LND) ("Landore Resources" or the "Company") is pleased to announce the results of its 2024 soil sampling programme carried out along strike to the east of its flagship BAM Gold Project ("BAM Gold"), on the Junior Lake property, Ontario, Canada.
During the Autumn of 2024, a soil sampling programme was conducted on the group's Junior Lake property, collecting 255 soil samples (inclusive of QAQC samples) for a further 2.8 kilometres eastwards from previous soil sampling programmes into the highly prospective Toronto Lake gold area. The programme covered a total area of approximately 3 km² along 200 metre spaced lines and has identified a number of gold anomalies representing targets for future exploration activities, including drilling. The latest programme, together with the findings of previous soil sampling conducted between 2019 and 2023 (see soil sampling reports dated 30 November 2019, 11 January 2020, 31 March 2023 and 30 January 2024), has demonstrated excellent gold potential along strike east and west of the BAM Gold deposit along, and adjacent to, the Junior Lake shear zone, which transects the property for 30+ kilometres.
Highlights:
- Soil sampling confirms the presence of anomalous gold along strike to the east from the existing BAM Gold Project in the underexplored Toronto Lake gold area - potentially representing a significant extension to the deposit or a complementary gold system.
- 20.8 kilometres along the Junior Lake shear zone from the Placer Dome Gold prospect in the west to the BAM Gold deposit and east into the Toronto Lake area has now been covered by extensive soil sampling.
- Results from the recently completed BAM Gold structural assessment by an independent consultancy firm, TECT Geological Consultancy, and infill sampling of historic drill core is expected to be reported in Q1 2025, which will serve to enhance the BAM Gold deposit's existing geological model and maximise our understanding of the orebody architecture.
- A 3,500-metre drilling programme is scheduled to commence on the BAM Gold deposit in early March 2025 and will focus on providing greater clarity on the structure of the orebody, increasing the overall confidence in the grade, size and continuity of the resource, as well as testing the considerable down-dip potential of BAM Gold.
2024 SOIL SAMPLING PROGRAMME, JUNIOR LAKE PROPERTY
Landore Resources' geological team completed a soil sampling campaign during the Autumn of 2024 within the Toronto Lake area of the Junior Lake Property along strike eastwards from the existing BAM Gold Project, thereby expanding on the successful 2019 to 2023 soil sampling campaigns and confirming the presence of widespread anomalous gold and multiple gold trends. Soil sampling results from the Toronto Lake area have indicated gold anomalies which, with further planned infill soil sampling, could represent an eastern extension of the BAM Gold trend itself.
A full report on the 2024 soil sampling programme has been prepared by the Company entitled 'Soil Sampling of the Junior Lake property - 2024 Update' dated 17 January 2025 (the "2024 Report"), which can be viewed on Landore Resource's website at: www.landore.com and contains maps and charts of the zone assessed.
Commenting on this report, Landore Resources' CEO, Alexander Shaw, said: "I am very encouraged by the progress we are making at our flagship BAM Gold Project in Ontario, with these latest soil sampling results confirming the presence of anomalous gold along strike – thereby confirming our belief that the gold system, which hosts BAM extends far beyond the currently-defined deposit area, representing significant expansion potential.
"This confirms what I have always believed - namely that we are only just getting started at BAM Gold and that the potential of what is our 'jewel in the crown' at Junior Lake is considerable. There is also significant potential for higher grades at BAM Gold, which could add high-grade ounces to an updated MRE, which we are targeting for completion in mid 2025. We look forward to providing further technical results in the months ahead."
To view an additional video by Alexander Shaw, and the chance to have your questions directly answered by the management team, please head to our interactive investor hub via: https://investors.landore.com/link/4r80Mr.
Key Extracts from the Summary Section of the 2024 Report are as follows:
"In 2024 an explorative soil sampling program (255 samples, inclusive of QAQC samples) was conducted on the Junior Lake property. The program extended 2.8 kilometers to the east of previous sampling programs and covered an additional 3km2, extending into the highly prospective Toronto Lake region (see soil reports dated 30 November 2019, 11 January 2020, 31 March 2023, and 30 January 2024).
The 2024 soil sampling program consisted of a series of ~200m spaced lines and identified numerous anomalies warranting additional follow up work. Two new locations with highly anomalous gold values were identified. The two new anomalous locations are south of the Junior Lake shear zone and represent exciting targets in an underexplored area. The largest area is adjacent to Toronto Lake, currently covers approximately 0.6km2 and is open to both the east and south. The second area is approximately 1km west of Toronto Lake and is currently approximately 0.1km2 in area. In addition, several discrete anomalies were identified within the survey in the Junior Lake shear zone. Further infill soil sampling is required to refine the main BAM Au and other regional trends."
"The 2024 soil program has extended to the east of the previous sampling programs, identifying new targets along the 20.8-kilometre-long surveyed area of the Junior Lake property. The multi-year soil sampling programs have identified four priorities across the project area, all of which should be followed up with additional work:
Operational Update
The Company intends to proceed with a 3,500-metre drilling campaign at the BAM Gold Project in early March 2025, designed to provide greater clarity on the structure of the ore body, prove the validity of the block model and increase overall confidence in the grade size and continuity of the resource, as well as testing the considerable down-dip potential of BAM Gold.
The results from such drilling will be used to update the existing BAM Gold Mineral Resource Estimate ("MRE"), which will in turn support the Company's plans to proceed with a pre-feasibility study expected to commence in late 2025.
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 22,037 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 Deposit; the VW Nickel-Copper-Cobalt Deposit; the Lamaune Gold Prospect and numerous other precious and strategic metal occurrences.
Michele Tuomi, (P.Geo., BSc. Geology), Director/CEO of Landore Resources Canada Inc. and a Qualified Person as defined in the Canadian National Instrument 43-101 and with respect to the AIM Rules for Companies, has reviewed and verified all scientific or technical mining disclosures contained in this announcement.
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About Landore Resources
Landore Resources (AIM: LND) is the 100% owner of the highly prospective BAM Gold Project, Northwestern Ontario, Canada, which has an NI 43-101 compliant resource estimate of 1.5m oz Au (Indicated: 1.03m oz from 30.96Mt @ 1.0g/t; Inferred: 467,000oz from 18.3M/t @ 0.8g/t). Ontario is Canada's largest gold producing province, and produced 3.9m oz, accounting for 41% of Canada's total gold production in 2023. Landore Resource's strategic objective is to crystallise value from BAM Gold's last estimated NPV of US$333.6m @ US$1,800/oz spot (from May 2022 PEA), as well as generating additional value from its non-core portfolio of precious and battery metals projects in eastern Canada and the USA.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
SOURCE Landore Resources Limited