This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014.
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Highlights:
- The new Mineral Resource Estimate (MRE) modelling has increased the
BAM Gold Project's In-Situ resource to: 49,231,000 tonnes (t) at 1.0 grams/tonne (g/t) for 1,496,000 ounces of gold; an increase of 481,000 ounces of gold (47%) compared with the 2019 MRE of 1,015,000 ounces of gold, (reported 6thJanuary 2020 ). - The updated MRE includes 30,965,000t at 1.0g/t for 1,029,000 ounces gold in the Indicated Category and 18,266,000t at 0.8g/t for 467,000 ounces of gold in the Inferred Category.
- Up to
December 2021 , a total of 353 NQ and HQ diamond drill holes for approximately 69,857 metres have been completed at theBAM Gold Project , from which a total of 309 holes for a total of 62,719 metres have been used in the MRE. The BAM Gold Project now extends for 4,300 metres from grid line 200W to 4100E and remains open down dip and along strike to the east and the west. In addition, soil sampling has identified widespread gold mineralisation along strike to the west for a further 7 kilometres.
Commenting on this report, Chief Executive Officer of
"The Directors are delighted with the outstanding results of the latest drilling campaign on the
These results further support Landore's belief that the highly prospective Junior
The 2020-2021 drilling programme was completed against a particularly challenging backdrop, which required implementing and maintaining a high COVID-19 protocol and awareness throughout. The success of the program is once again a testament to the skill and high standards of Landore's Exploration Team."
Drilling Campaign 2020-21:
The combined 2020-2021 infill and step out drilling campaigns (the "Drilling Programme"), consisting of 102 holes HQ diamond core for a total of 24,171 metres, was completed at the
- Identifying additional shallow mineralisation along strike east and west of the main BAM Gold Deposit mineralisation.
- Infill drilling covering the following:
- Depth extension of high grade intersections, including the westerly down plunge extensions of the main BAM Gold Deposit unit mineralisation.
- Shallow hanging wall mineralisation within the Grassy
Pond Sill and targeting zones with good continuity for resource definition. - Conversion of Inferred Mineral Resources of the existing resource to the Indicated Mineral Resource category for inclusion in the upgraded
January 2022 Mineral Resource Estimate.
Up to
The results of the Drilling Programme have been incorporated into the
"CUBE Mineral Resource Estimate Executive Summary:
Landore is a fully-owned subsidiary of
The objectives of the
The BAM Project Mineral Resource, Effective Date as at
Table 1; is a summary of the In-situ Indicated and Inferred Mineral Resources, effective as of
Table 1:
Resource Category | Zone | Au g/t cut off | Tonnes (kT) | Grade (g/t Au) | Contained Metal (kOz Au) |
Indicated | ALL | >0.0 | 33,201 | 1.0 | 1,045 |
>0.3 | 30,965 | 1.0 | 1,029 | ||
Inferred | ALL | >0.0 | 21,254 | 0.7 | 488 |
>0.3 | 18,266 | 0.8 | 467 | ||
Total | ALL | >0.0 | 54,455 | 0.9 | 1,533 |
>0.3 | 49,231 | 1.0 | 1,496 |
Geology and Mineralisation
A highly prospective Archean greenstone belt traverses the Junior
Mineralised structures appear to strike at approximately parallel to lithology's, averaging at 280° strike and steeply dipping to the south between -65 to -80°. Gold mineralisation remains open along strike to the east and west, and down dip.
The gold mineralization is interpreted to reside within a series of continuous, tabular shaped zones that are oriented in a roughly en-echelon configuration and are generally parallel to the overall strike of the host rock units. The gold mineralization is commonly observed in drill core to exist as visible gold that is hosted by very thin, foliation-parallel quartz-rich veinlets, hosted by highly fissile ultramafic sediments of the BAM Sequence, or by foliated rocks of the Grassy
Drilling
From 2015 to 2021, Landore has completed several diamond drilling campaigns at the
The 2020-2021 drilling has confirmed the continuity of the gold mineralisation at depth within the main BAM mineralisation zone and also upgraded the mineralisation within the hanging wall GPS unit.
The new drilling results have allowed for conversion of Mineral Resources from Inferred to Indicated, and also demonstrated the continuation of the main BAM mineralisation to the west to local grid line 200W.
The drilling has continued to show the close association between gold mineralisation and the VTEM geophysical anomaly trend. The BAM gold mineralisation trend has now been confirmed by diamond drilling over a strike length 4.3 km, extending from the local grid line 200W and passed line 4100E. Drill testing has confirmed gold mineralisation within the main BAM zone extends from below the glacial till overburden (~8m average depth) surface to a maximum vertical depth of approximately 380m. The maximum width of the gold mineralisation envelope being approximately 50m, down to a minimum mining width of 2 m.
Gold mineralisation hosted within the BAM sequence remains open to the east and west and down dip.
Mineral Resource Estimation
- The data used for the resource estimation is informed by good quality drilling on regular drill spacing – down to 50mE x 25mN for the central areas of the project, stepping out to a nominal 100mE x 50mN to the east and west of the main mineralisation. Maximum extrapolation of wireframes from drilling was 25 m to 50 m along strike and 50 m down-dip
- Geological and mineralisation interpretations in plan and cross sections were provided by Landore and used to assist with updating 3D wireframe models of the gold mineralisation envelopes based on analysis of all the recent information collated. A total of 25 mineralised domains were modelled for the
January 2022 MRE. - Assessment of the raw assay interval lengths and raw gold assay values were completed in order to determine the most appropriate length for compositing of the samples. The most common sample length is 1.0 m and covers the range of the Au grades. Therefore, 1 m composes were used as the source data for the gold grade estimates.
- Gold grade distributions within the estimation domains were assessed to determine if high grade cuts or distance limiting should be applied. The effects of grade capping were reviewed and applied on a domain basis where it was deemed appropriate). The range of cut off values varied from 10g/t Au to 25g/t Au.
- Variogram modelling conducted on estimation domains with sufficient data to provide parameters for OK estimation method – nugget, sill and range for 3 directions.
- Kriging Neighbourhood Analysis (KNA) was used to assist with assessing the most appropriate block sizes and other estimation parameters such as minimum and maximum samples, discretisation, to be used for the estimation.
- Parent block size of 25mE x 5mN x 25mRL in the X, Y, Z directions respectively was used and they were sub-blocked to 6.25m x 1.25m x 6.25m. This was deemed to be appropriate for block estimation and modelling the selectivity for a likely open pit operation.
- Ordinary Kriging (OK) estimation method was used to estimate gold into the 3D block model using spatial data analysis parameters informed from the variogram and KNA analyses.
- Au estimated in 2 passes – 1st pass using optimum search distances for each domain (max 120m) as determined through the KNA process, with a 2nd pass set at longer distances in order to populate all blocks (2nd = max >360m,).
- Local variations in domain orientations were managed by applying a dynamic anisotropy search in which the search neighbourhood ellipse dip and dip direction are defined separately for each block approximating the orientation of the estimation domain where appropriate.
- Blocks have been classified as Indicated Mineral Resources or Inferred Mineral Resources. The resource classification is based on the quality of information for the geological domaining, well established continuity of the gold mineralisation, as well as the drill spacing and geostatistical measures to provide confidence in the tonnage and grade estimates.
- The estimation domaining, MRE parameters, classification and block model report replication have all been internally peer reviewed by qualified professionals at Cube.
With the addition of the 2020-2021 drilling, the new data has resulted in the increase in Indicated and Inferred Resource of 47% (in-situ contained metal) above a cut-off of 0.3g/t Au compared with the MRE reported in 2019.
Mining Assumptions
Given the shallow nature of the mineralization and the initial metallurgical test results, material could be extracted by means of open pit mining methods and processed using conventional milling techniques. 3DM modelling and block construction were created with aim of preparing a suitable model for open pit mine design and pit optimisation with a minimum mining width of 2.5 m. Internal dilution has been considered by re-blocking the resource block model, with a maximum downhole width of 3m (2.5 m true width) of sub-grade material (<0.3 g/t Au).
Pit optimisation work is currently being prepared by Cube for the
Metallurgy Test work
A series of metallurgical test programs have been carried out on samples from the BAM Gold Deposit. ALS Metallurgy Americas was engaged by Landore in
Landore completed additional metallurgical testing on the
Exploration Potential
The infill and step out drilling conducted for the 2020-2021 drilling programmes further confirmed the correlation of an IP anomaly from geophysics conducted in 2004 with the main BAM gold mineralisation trend to the west passed local grid line 200W toward the Lamaune Gold Prospect, which contains anomalous gold mineralisation requiring further drill testing.
To the east past the local grid line 4100E, further exploration and drill testing is planned to test the relationship between the BAM mineralisation and other anomalies associated with the B4-7 Deposit.
Future drill testing recommendations to target gold mineralisation still open along strike and down dip and further targets identified and based on the following data are listed as follows:
- Highly prospective soil geochemistry results based on recent geochemical sampling
- IP anomaly targets have been identified by Landore previously in 2004 and related to FW massive to disseminated sulphides zones within the main BAM Au mineralised units. In addition, there are 3 to 4 WNW trending anomalies that are possible targets for exploration drilling (northern anomalies), and step-out drilling along strike from the BAM sequence
- Regional Prospectivity – other gold mineralisation targets along the 31km strike length of the Junior
Lake Shear (Lamaune Prospect), B4-7 Deposit and a historical discovery atToronto Lake .
Cube is an Australian owned geological and mining engineering consulting services company located in
End of CUBE Mineral Resource Estimate (MRE) Executive Summary"
Planning:
BAM Gold Deposit: Pit optimisation work is currently being prepared by Cube for the
Drilling will re-commence in early Q2 of 2022 on further delineation of the newly discovered western extension shoot together with commencement of drilling on the highly prospective Felix area along strike and to the west of the BAM Gold Deposit.
Landore is currently completing the planning and preparation requirements for the continued expansion of the
Landore is also planning to commence Pre-Feasibility studies in H2 2022 on the
The Junior
The Junior
Glossary of Key Terms
"assay" | The chemical analysis of rock or ore samples to determine the proportions of metals
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"Au" | chemical symbol for gold |
"diamond drilling" | drilling method which obtains a cylindrical core of rock by drilling with an annular bit impregnated with diamonds
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"drill core" | The cylindrical rock samples obtained by means of annular-shaped rock-cutting bits rotated by a borehole-drilling machines
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"g/t" | grams per tonne, equivalent to parts per million
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"grade" | relative quantity or the percentage of ore mineral or metal content in an ore body
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"greenstone" | green, chlorite rich, generally metavolcanic rocks resulting from low temperature and pressure metamorphism
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"indicated resource" | that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed
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"inferred resource"
| that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability |
"IP" | an electromagnetic geophysical method that uses electrodes with time-varying currents and voltages to map the variation of electrical permittivity (dielectric constant) in the earth at low frequencies
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"Kriging" | A method of interpolation which predicts unknown values from data observed at known locations. It uses the variogram to express spatial variation, and minimizes the error of predicted values that are estimated by spatial distribution of the predicted values
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"mineral resource" | a concentration or occurrence of material of intrinsic economic interest in or on the earth's crust in such form that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral resources are sub-divided, in order of increasing confidence, into Inferred and Indicated categories
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"mineralisation"
"NI 43-101" | process of formation and concentration of elements and their chemical compounds within a mass or body of rock
The reporting standard adopted for the reporting of the Mineral Resources is that defined by the terms and definitions given in the terminology, definitions and guidelines given in the
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"reserve" | the economically mineable part of a Measured and/or Indicated Mineral Resource
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"SMU" | selective mining unit-sized blocks
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"strike length" | the longest horizontal dimension of an orebody or zone of mineralisation
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"strike" | The direction, or bearing from true north, of a vein or rock formation measure on a horizontal surface
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"veinlets" | a deposit of non-sedimentary origin, which may or may not contain valuable minerals |
SOURCE
© Canada Newswire, source