Landore Resources Limited: Final Results and Notice of AGM
22 June 2022
Landore Resources Limited
(“Landore Resources” or the “Company”)
Final Results and Notice of AGM
The Board of Landore Resources (AIM: LND) is pleased to announce its audited results for the year to 31 December 2021.
The Company’s Annual General Meeting (“AGM”) is to be held at La Tonnelle House, Les Banques, St Sampson, Guernsey, GY1 3HS on 22 July 2022 at 12.30 pm.
The full text of the Annual Report, the Notice of AGM and the associated imagery will be available from the Company’s website shortly, www.landore.com
For more information, please contact:
Landore Resources Limited
Bill Humphries, Chief Executive Officer
Tel: 07734 681262
Glenn Featherby, Finance Director
Tel: 07730 420318
Cenkos Securities (Nominated Advisor and Broker)
Derrick Lee / Peter Lynch
Tel: 0131 220 9100
Chief Executive Officer’s statement
I am pleased to present the 2021 Annual Report for Landore Resources Limited (“Landore Resources” or “the Group”).
2021 saw further disruption around the globe due to the spread of a novel strain of coronavirus (“COVID-19”). The Group, however, continued to safely maintain its Canadian operations to achieve significant exploration milestones.
During 2021 all of Landore Resources’ exploration efforts were focussed on the Junior Lake property; drilling to further infill, extend and deepen the BAM Gold resource to 1,496,000 ounces of gold (reported by the Company on 8 February 2022) – a considerable increase of 481,000 ounces (47%) from the 2019 Mineral Resources Estimate (“MRE”) (reported by the Company on 7 January 2020).
In the year ended 31 December 2021, the Group incurred a loss, after tax, of £3,911,717 (2020: £2,553,556).
Operating expenses were in line with our budgets and expectations. Financing was secured in February 2021, at which time the Group raised gross proceeds of £3.5 million by the issuance of shares at an issue price of 30p per share. In addition, a number of existing warrants over Ordinary Shares in the Group have been exercised pre and post 31 December 2021 and have provided further funding to the Group to continue its operations.
The Group has no debt and believes it is capable of continuing to raise further equity as needed to carry out its development plans. Shareholders have been very supportive of the Group’s financing needs and the Directors are confident of raising further funds as required.
The Junior Lake Property
The Junior Lake property, 100 per cent. owned by Landore, 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-PGEs Deposit, the VW Nickel-Copper Deposit and numerous other highly prospective mineral occurrences.
The Junior Lake property together with the adjacent 90.2% owned Lamaune Lake property extends for 31 kilometres across highly prospective Archean greenstone belt and covers an area of 33,029 hectares.
BAM Gold Deposit: In May 2021 Landore re-commenced drilling aimed at further infilling and extending the defined resource and to test the depth potential of the previously delineated mineralization.
Up to December 2021, a total of 353 NQ and HQ diamond drill holes for approximately 69,857 metres have been completed on the BAM Gold Resource maintaining the highly successful discovery rate of 21 ounces of gold for every metre drilled.
The BAM Gold Deposit now extends 4,300 metres from grid line 200W to 4100E and remains open down dip and along strike to the east and the west.
The continued rapid growth of the BAM Gold Deposit, together with the possible future development of the other known gold prospects along this highly prospective 31 kilometre long Archean greenstone belt, bodes well for the high potential of the Junior Lake Property hosting a multi-million ounce gold deposit.
Battery Metals Deposits: The burgeoning interest for electric cars has significantly increased demand for battery metals throughout the world, such as nickel, cobalt and lithium. The Junior Lake Property is host to two defined battery metals deposits, the B4-7 and VW, which between them contain 55,581 tonnes of Nickel Equivalent Metals, both deposits have growth potential. In addition there are numerous polymetallic prospects ranged along the southern margin of the major zoned gabbro complex (“the “Grassy Pond Sill”).
Landore is currently reviewing its Battery Metals Deposits and occurrences with the aim of maximising value in this promising uplift in demand in this sector.
Further details are set out in the Operations Report.
Planned works for 2022: Drilling will re-commence in July 2022 to further delineate and test the depth potential of the BAM Gold Deposit together with drilling the highly prospective Felix area along strike and to the west for both Gold and battery metals. In addition, drilling will be carried out on the Lamaune Gold deposit to advance it to defined resource status.
Landore also plans to commence pre-feasibility studies in H2 2022 on the BAM Gold Deposit, now that the Indicated portion of the resource has passed the one million ounce target.
Social and Environmental Responsibility: The Group continues to enjoy solid working relationships with the local First Nations on whose traditional lands our Junior Lake Property is located. Landore believes that a successful project is best achieved through maintaining close working relationships with First Nations and other local communities.
On behalf of my fellow directors I wish to thank our shareholders for their continued support together with Landore’s Management and Exploration team for their dedication and perseverance in advancing our highly prospective Junior Lake Property.
Chief Executive Officer
21 June 2022