2022 Soil Sampling Confirms The Presence Of Significant Anomolous Gold And Strategic Metals Junior Lake Property

(AIM Ticker: LND.L)

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014

LONDON, April 13, 2023 - Landore Resources Ltd. (AIM: LND) ("Landore Resources" or the "Company") is pleased to report on the results of the 2023 soil sampling programme carried out along strike to the west of its BAM Gold Project ("BAM Gold"), Junior Lake Property, Ontario, Canada.

During the Summer/Autumn of 2022, a significant soil sampling programme was conducted on the Junior Lake property. The programme covered approximately 13km² and expanded on the previous soil sampling conducted in 2019 and 2020 (see soil report dated 30 November 2019 and 11 January 2020). The extensive 2022 soil sampling programme collected 1,699 samples, nearly doubling the total number of samples collected on the property, bringing the total to 3,852 soil samples.

Highlights:

• Extensive soil sampling along the Junior Lake shear zone now extends 16 kilometres from the Placer Dome Gold prospect in the west, to east of the BAM Gold Deposit. The soil sampling has successfully infilled and confirmed the presence of highly anomalous gold occurrences and trends on the Felix prospect in addition to extending the soil sampling further to the south of Felix and to the west into the Lamaune Gold area, identifying direct drill targets.
  
  
• In addition, the 2022 soil sampling also confirmed the presence of highly anomalous strategic and precious metals occurrences and trends, generally running parallel to and to the south of the above gold trends, along strike to the west of the B4-7 Deposit (Ni-Cu-Co-PGEs) and VW Deposit (Ni-Cu), a distance of 13 kilometres.

Commenting on this report, Chief Executive Officer of Landore Resources, Bill Humphries, said:

"The highly successful 2022 exploration drilling and soil sampling programmes on the Junior Lake Property, have identified new targets for both gold and strategic metals which have the potential of being advanced into additional resources. This further supports the Directors' opinion that the Junior Lake Property has the excellent potential to host significant volumes of both gold and the highly sought after Strategic Metals for battery production.

The burgeoning gold price, which is currently testing the US$2,000 level, further encourages Landore to concentrate its resources on advancing the BAM Gold project towards development through growth of the resource and the completion of a Pre-Feasibility Study, to increase the confidence level.

Meanwhile, the Company will continue to review alternative ways of advancing its strategic metals assets, including investigating possible JV partnership, a strategic partner or potential sale."

2022 Drill Campaign Update:

In July 2022, Landore commenced drilling aimed at targeting previously-identified gold and battery metals mineralisation over a distance of 8 kilometres westwards along strike from the BAM Gold and B4-7 Nickel-Copper-Cobalt-Palladium-Platinum deposits (Ni-Cu-Co-PGEs).

This drill campaign, completed in December 2022, consisted of 43 drill holes (0422-827 to 0422-846, and 1122-152 to 1122-175) for 7,635 metres of NQ and HQ size diamond core on the Felix - Carrot Top Zones and Lamaune Gold Prospect. Drilling successfully intersected precious and/or strategic metals mineralisation in all areas (Reports 221117 and 230125).

Final results for the Carrot Top infill drilling have also been received and are notated at the end of this announcement.

2022 SOIL SAMPLING PROGRAMME, JUNIOR LAKE PROPERTY

Landore Resources' geological team completed an extensive soil sampling campaign during the summer/autumn of 2022 within the Felix and Lamaune areas along strike to the west from the existing BAM Gold Project, infilling and extending the successful 2019 and 2020 soil sampling campaigns and confirming the presence of widespread anomalous gold and multiple gold trends.

A full report on the 2022 soil sampling programme has been prepared by the Company (the "2022 Report"), with extracts covering the key information from the 2022 Report set out below. The full 2022 Report containing maps and charts of zones in this report titled 'Soil Sampling of the Junior Lake property' and dated 31 March 2023 can be viewed on Landore's website at www.landore.com.

Extracts from the 2022 Report:

"Summary
The Junior Lake property is located approximately 230 kilometres north-northeast of Thunder Bay, ON. The property contains three NI 43-101 compliant mineral resources, one which is gold (BAM Gold Deposit), and two of which are battery metals (B4-7 Nickel-Copper-Cobalt-PGEs Deposit and VW Nickel Deposit).

In 2022, an extensive soil sampling program was conducted on the Junior Lake property. The program covered an approximate 13km² and expanded on the previous soil sampling programs conducted in 2019 and 2020 (see soil report dated 30 November 2019 and 11 January 2020). The extensive 2022 soil sampling program collected 1,699 samples (inclusive of QAQC samples), nearly doubling the total number of samples collected on the property, bringing the total to 3,852 soil samples, inclusive of QAQC samples.

The soil samples consist of 300-500g of material collected from the B horizon of the soil profile, at a nominal spacing of 25m along lines. Numerous areas were unable to be sampled due to swampy conditions, signs of disturbance from past forestry operations, or lack of soil profile above the bedrock.

The 2022 soil program has built and expanded upon previous sampling programs, further refining previous gold exploration targets as well as identifying new targets across the property. This includes further delineating and refining the western trend from the BAM Gold Deposit for greater than five kilometres. This report had focused on refined previous gold exploration targets as well as identified new targets across the property. The increased sample density has assisted with interpretation and enabled the identification of regional trends and possible Riedel shear structures. From these results four priority areas are detailed, all of which should be followed up with additional work:

1. Soil anomalies show a gold trend extending east of the BAM Gold deposit for 2.0km. Limited diamond drilling for 1.0km along the trend has shown that mineralization continues leaving the additional 1.0km untested and the anomaly open to the east;
2. Anomalous gold values are associated with linear, magnetic anomalies between Juno Lake and Boras Lake. These trends can be linked to the BAM Gold Deposit to the east and are open to the west;
3. Expansion of the northern portion of the Carrot Top Grid to the east, towards the Lamaune Gold prospect, and to the west, towards historical Placer Dome drilling. Data indicates a possible extension of the Lamaune Gold trend; and
4. Preliminary data from widely spaced lines south of the Felix Lake Grid have returned promising results from a previously under explored area. Additional work is needed to expand upon the results.

The multi-year soil sampling program has been deemed a successful, low-cost tool for exploration and should be expanded to cover the width of the property.

Introduction
The sampled locations for 2022 span three locations with a total area of approximately 13km² covered and 1,699 samples, including 187 reference samples. The 2022 program expanded on and infilled areas from the previous programs for a grand total of approximately 17.6km², with 3,852 samples including 410 reference samples.

Much of the 2022 program concentrated on infilling the central and western portion of the Felix Lake grid, located 1km to the west of the BAM Gold Deposit. The program infilled the Felix Lake grid to 100m spaced lines as well as extended the grid south 1.6km along a series of exploration lines. The remainder of the 2022 soil samples covered the Carrot Top prospect and test lines located to the west of the Lamaune Gold Prospect and south of the area historically drilled by Placer Gold.

Soil samples were collected from the B horizon at a nominal distance of 25m along traverse lines, using a Dutch auger. Samples had their location recorded using a handheld GPS as well as the nominal grid reference. Each sample also had the depth it was taken and description of colour and composition noted.

Much of the Junior Lake property was extensively logged in the early 2000's. As a result, areas with obviously disturbed soil were not sampled. In addition, areas with thick organics or A horizons >2m, the limit of the soil auger, or conversely no developed soil profile were not sampled.

Property Description and Location
The Junior Lake property is located approximately 230km north-northeast of Thunder Bay, ON and approximately 75km east-northeast of the village of Armstrong, Ontario. The property is accessible by heading east along gravel logging roads from the village of Armstrong.

The property consists of 1,318 mineral claims and six mining leases totaling 33,029 ha.

Regional Geology
The Junior Lake property is located within the Caribou Lake - O'Sullivan greenstone belt of the East Wabigoon Subprovince of the Superior Province. The greenstone belt ranges from 3.5 - 15 km in width, north-south, and extends for 80 - 100 km, east-west (MacDonald, 2006). To the south it is bordered by the Robinson Lake Batholith of the Lamaune Batholitic Complex and to the north by a roughly east-west trending fault zone. Northeast of the property the belt is intruded by the tonalitic to quartz dioritic Summit Lake Batholith. Nipigon diabase sills and cross-cutting dykes intrude the western portion of the greenstone belt.

Regional deformation is west to west-northwest trending and sub-vertical to steeply dipping foliation and small-scale folding. Metamorphism is generally greenschist, increasing to amphibolite near the contact of the batholiths.

BAM Gold Deposit
From 2015 to 2022 Landore has explored for gold on the property conducting multiple drill programs as well as ground geophysics, soil sampling and geological mapping.

The Junior Lake property is host to the BAM Gold deposit. A January 31^st, 2022, NI 43-101 compliant resource reports the deposit as having an in-situ resource of 49,231,000 tonnes (t) at 1.0 grams/tonne (g/t) for 1,496,000 ounces of gold consisting of 30,965,000t at 1.0g/t (1,029,000 ounces gold) Indicated and 18,266,000t at 0.8g/t (467,000 ounces gold) Inferred categories.

Soil Sampling Procedure
Soil samples were collected along traversed lines at a nominal spacing of 25m, their location was recorded using a handheld GPS as well as the nominal local grid location was noted. The soil samples consisted of a minimum of 500g of material collected from the 'B' horizon. Sample collection was done using a 4 cm Dutch auger and the sample was placed in clean, brown paper bag specifically designed for this type of material. All samples had their depth of collection noted as well as a general description of the sample itself (see Appendix II). In areas of poor soil development composite samples were taken using multiple holes. Locations where soil samples were unable to be taken, the location was noted as well as the reason for not sampling, such as soil disturbance, no soil development or thick organics. Once collected, samples were dried in camp before shipment to the laboratory.

Duplicate samples were taken (4% of samples) and silica blanks were inserted (4% of samples). Replicate samples were taken at multiple locations. The replicate samples consisted of three or four samples taken on an approximately 1 m x 1 m grid.

All soil samples were submitted to ALS Global Ltd. of Thunder Bay, ON for preparation and then sent to Vancouver, BC for analysis. The samples were analyzed for low level gold and additional elements in soils and sediments. The analytical package used was 'Prep-41, Au Me-ST 43' which involves drying at <60^oC and sieving to -180 micron followed by aqua regia digestion and ICP-MS finish for analysis of gold and 42 additional elements.

Soil Sampling Programs
The 2022 soil sampling program is the most recent and largest of three soil sampling programs conducted on the Junior Lake Property. In 2022, a total of 1,699 samples were taken representing 44% of the 3.852 samples taken on the project to date.

The soil sampling programs have covered approximately 17.6km² over four locations (see Figure 3). Previous sampling programs have focussed on areas adjacent to the BAM Gold Deposit and around the Junior Lake Shear zone. The 2022 soil program provided additional infill lines to these area and tested addition locations to the west.

2022 Soil Sampling Summary
Soil sampling was conducted along uncut, GPS traverses. The program covered three areas: 1) infilling and expanding the previously sampled Felix Lake grid, 2) a small grid over the Carrot Top Ni-Cu-Co-PGE Prospect, and 3) a preliminary grid in the area of historic drilling by Placer Dome, east of the Lamaune Gold Prospect.

Felix Lake Grid
In 2022, an additional 1,048 samples were taken on the Felix Lake grid (see Figure 4). Samples were taken along GPS traverse lines, infilling the previous cut lines to provide 100m spaced line coverage over the grid. The established grid was expanded to the southwest along traversed lines spaced 100-200m apart. In addition, samples were also taken along wide spaced, test lines extending approximately 1.6km south of the established grid.

Carrot Top Grid
In 2022, 337 soil samples were collected from the area surrounding the Carrot Top Ni-Cu-Co-PGE Prospect (see Figure 5). The Carrot Top Prospect consists of highly anomalous PGE's associated with nickel, copper and cobalt mineralization within a hydrothermally altered ultramafic. The soil samples were initially collected from 200m spaced, GPS traverses. Additional infill GPS traverses were done to bring the coverage to 100m spaced lines over the prospect itself.

Placer Grid
In 2022, 127 samples were collected from test lines conducted east of the Lamaune Gold prospect in the area of the historic Placer Gold exploration (see Figure 6). Due to time constraints and difficulties in access, terrain and soil conditions only four test lines of limited length were conducted. The test lines were unable to sample near the historic drilling.

2020 Soil Sampling Summary
Sampling was conducted along a combination of cut grid lines with a small amount of infill and line extensions done along uncut lines. A total of 1,013 samples were collected, including reference samples. The sampling program covered three areas: 1) the expanded Felix Lake grid, 2) extending the Junior Lake grid coverage, and 3) a new grid to the east of the BAM Gold deposit.

2019 Soil Sampling Summary
Sampling was conducted along cut grid lines with 1141 samples, including reference samples, taken. The sampling program was conducted over the Junior Lake grid and Felix Lake grid, roughly spanning a 5km x 1.2km area.

QAQC
Through all the sampling program a system of inserting a control sample every ten samples was used. Silica blanks and field duplicates were alternated. In addition, replicant samples, three to four samples taken on a 1m x 1m grid, have been taken throughout the sampled areas and during each program. The QAQC samples were examined in detail after each field season.

The duplicate samples taken to date have correspond well and have been acceptable through all the sampling programs. In 2022, 83 duplicate samples were taken. The majority of elements have 90% of the duplicate pairs within +/-20% of the duplicate values, that increases to >90% of the values when the range is expanded to +/-30%. The outliers are attributed to a combination of several factors. The outliers often have low values, within ten times detection limits, making precise values difficult. As well, numerous locations had thin B horizons which resulted in composite samples being taken from multiple holes and can lead to a higher degree of contamination (other soil horizons, organics).

The replicate samples were taken at multiple locations across the project and consist of three to four samples on an approximate one meter by one meter square. The replicate samples taken to date, generally, correspond well and have been deemed acceptable with the 2022 samples no different. In 2022 six replicant sample sets consisting of four samples were taken. Five of the replicant sets have four of the samples' values within <20%. One of the replicant sets had one of the four samples with gold >20% of the other samples.

Soil Sampling Results
The response ratios (RR) were calculated for all elements by taking the background value (average of the lower 25 quartile, see Table 1) and dividing it into the analytical value. The background value was determined using the complete sample set from all soil sampling programs. RRs are rounded and values of >=5 are considered anomalous, values >=10 are considered highly anomalous and RR's >=30 are considered significant.

Table 1: Select elements' calculated background values.

A correlation matrix was generated for the samples taken using both the Pearson and the Kendall correlation (see Table 2). The Pearson correlation coefficient measures the linear dependence between two variables, as X increases so does Y, while the Kendall correlation method is a non-parametric rank based analysis, the highest values of X occur with the values of Y. The Pearson correlation only shows a very weak correlation (0.2-0.3) between gold and tungsten. The Kendall correlation shows very weak to weak correlation (0.2-0.4 is weak correlation) between gold and chromium, copper, arsenic, cobalt and nickel with nor correlation to tungsten. The correlations are questionable and are a reflection of the gold mineralization being associated with a sulphide horizon (the BAM gold deposit has a sulphide horizon in the footwall; the Lamaune gold prospect is associated with banded iron formation) rather than being associated with the gold mineralization. As a result, the correlation matrixes were deemed to not be useful at this time for gold exploration.

Table 2: Select elements' correlation matrix values with Au.

The correlation matrix was also used to look at base metals and associated elements (nickel, copper, cobalt, chromium, iron, zinc, and arsenic; see Table 3). There is a weak to moderate correlation for the associated elements, much as expected. The PGE's analyses were examined but were unable to be used as <1% of the values were above detection levels.

Table 3: Select base metal elements' correlation matrix.

An examination of the gold RR showed there were 183 samples collected in 2022 with anomalous values (RR>=5; 434 samples inclusive of previous years). Of these samples 48 (91 inclusive) had RR values of 10-30 while 10 (36 inclusive) had RR >30.

Previously, to help prioritize anomalous samples a criterion of Au+As+Cu RR>5 was used. This criterion was established in 2019 as a signature of the gold mineralization of the BAM Gold deposit. The criterion was developed using the available, limited, samples above the known mineralization. Since then, expansion drilling has been conducted to the east and west of the BAM Gold deposit, over areas that were soil sampled prior to the surface diamond drilling and associated disruption of the soil.

In 2021, step out drilling to the east of the BAM Au deposit followed up on sporadic results from drilling in 2017 and followed the mineralized horizon as defined by drilling. Comparison of soil sample anomalies show a strong correlation between anomalous (RR>5) Au+As+Cu and Au samples with gold mineralization encountered in diamond drilling (see Figure 7). Additional anomalous soil samples occur to the south and north with the southern samples representing either additional mineralized lenses or weak soil dispersion. The anomalous samples to the north represent potential additional mineralized horizons.

Summary of Results
The complete set of soil data was used to identify anomalies and their trends. To identify anomalies, several elements with RR>=5 were examined. In particular Au, Ag, As, and Cu, with these elements often being closely associated with gold deposits and the combination of Au+As+Cu, characteristic of the BAM deposit. Using these criteria, locations with coincident Au+As+Cu, and to a lesser extent Ag, anomalies were examined in detail. Sites with anomaly trends consisting of coincident Au+As+Cu anomalies, as well as additional sites with Au RR>30, are listed in Table 4. The local grid locations are shown in Figure 8. Trends were grouped into regions, where possible and are shown in subsequent figures (Figure 9-13).

Interpretation
The multi-year soil sampling programs have shown promising results for gold exploration. Examination of the data after each program has allowed successive programs to build on the results. The programs have shown it is possible to correlate anomalous samples across great distances. It is important, while doing so, to not just rely on the intensity of the RR of elements but to also use a multi-element classification. This is highlighted when the BAM showing is examined. The original BAM occurrence has multiple gram surface samples but only generate an Au RR of 5-6 in the immediate samples. This criterion is not meant to exclude single element Au anomalies or deposits with different signatures.

The soil sampling data from 2022 has refined previously defined anomalies originating from the BAM Gold deposit. The new data has enabled the anomalies to be traced to the west 5.4km from the deposit, and previous data has trends extending 2.0 km to the east. Portions of these trends have been drilled during expansion of the deposit, showing that the gold mineralization does occurs along the defined trends and that soil sampling can be used in targeting and predicting. It is important to note that soil results should be part of a multiprong approach to gold exploration. Soil sampling is an excellent, low cost, quick exploration tool that when combined with geophysics, surficial mapping and sampling will provide drill ready targets. Soil anomalies taken alone do not give a pin point location for targeting but do highlight areas of increased prospectivity and interest for follow up exploration by more costly methods.

On the Junior Lake Property, to assist in correlating anomalies across multiple lines, the regional fabric of the area was used. The fabric, taken from field observations and geophysics, typically has an orientation of 105-115^o. The geophysics also highlights formational sulphide zones within the area that are used as both marker horizons and to illustrate the fabric within a region. Breaks within the geophysics indicate the presence of potential cross-cutting structures within the area.

A second interpretation of the soil anomalies was done removing the biases of the regional fabric. Only the soil anomalies were displayed and interpreted (see Figure 14 and Appendix I). After interpretation trends similar to the first interpretation were discarded. The trends left display a consistent trend to the northeast-southwest, the presumed direction of rideau shears within the area.

Conclusions and Recommendations
The 2022 soil sampling program was a success in helping to define and expand on anomalies from previous work as well as identification of trends in new locations. Anomalies have been traced from the BAM Gold deposit previously to the east, 2.0km, and to the west, over 5km. The 2022 soil results have further delineated and refined the western trend through additional sampling. In addition, newly defined anomalies have been identified along test lines extending to the south. Newly identified anomalies occur approximately 1.0km south of previously identified trends and represent a potential new gold horizon.

The 2022 soil program identified new potential gold bearing trends in the Carrot Top area. The trends represent a continuation of the Lamaune Gold mineralization located to the east. The test lines on the Placer Grid need extension as they did not reach the target area.

Diamond drilling have shown that soil anomalies do correlate with anomalous gold mineralization. Diamond drilling in the Felix Lake Grid area and diamond drilling along the eastern portion of the BAM Gold Deposit have returned anomalous gold (>100 ppb Au) in drill core. These locations have coincident soil anomalies associated with them.

Recommendations:

• Survey lines should be continued in areas of interest, such as south of the Felix Grid, expanding on existing work. Work in 2022 has shown these lines can be done quickly via GPS and do not require a cut line. Initial line spacing of 500m is useful to show potential within areas, with the line spacing changing to 200m to get a rough trend orientation. The line spacing should be further reduced in areas of interest. The length of the infill line should extend a minimum of 200m above and below the interpreted anomaly with consideration given to access to the area.
• Intensive prospecting is to be conducted along anomalous gold trends. Previous work has indicated that unassuming, weakly sheared surface samples can return significant gold values. Due to this, sampling of all outcrops, where they occur, needs to be conducted in high priority areas.
• The test lines in the area of the Placer Grid need to be extended to cover the area of historic drilling.
• Additional sample lines need to be done from the northern extent of the Carrot Top Grid to Lamaune Gold Prospect to the east.
• Test lines need to be done over the Lamaune Gold occurrence, if possible, to determine its characteristics and apply this as a filter to the existing samples collected. Sampling in the area will be complicated due to the extensive soil disturbance from past drilling, extra care will need to be taken.
• Property scale soil sampling to be done using 500m spaced lines to the east and the west.
• Areas with exploration drilling and surface sampling to have data integrated with soil samples.

From the soil sampling programs there are four areas identified as priority targets:

1. The eastern extension of the Junior Lake grid contains numerous anomalies. Work has been done in the area expanding the known BAM Gold mineralization. The soil sampling shows a continuous soil anomaly along the interpreted BAM Gold mineralization as well as possible additional anomalies to the north and south. Recommendations in the area consist of:
   1. 1. Continued drilling along the defined trend.
      2. Detailed prospecting along the possible anomalous trends to the north and south.
      3. Extension of the soil sampling grid to the east to follow along the anomalous values and guide exploration.
         
         
2. Follow up on the multiple anomalous trends between Juno Lake and Boras Lake. Unfortunately, terrain may prove to be a problem as much of the area has thick
   overburden. Identification of a fingerprint for the Lamaune Gold occurrence to the west may assist in narrowing down generated anomalies associated with prospective iron formations.
3. Expansion on the test lines done in the area east of North Lamaune Lake, testing the historic Placer Dome drilling and continuing to the east, through the Carrot Top grid to the Lamaune Gold prospect.
4. Expansion of the Felix Lake soil sampling to the south. Preliminary lines have returned numerous anomalies along widely spaced lines."

End of Extracts

Drilling Update
In the summer and autumn of 2022 Landore completed an exploration-drilling programme, consisting of 43 drill holes for 7,635 metres of diamond core, on the Felix - Carrot Top Zones located from one to eight kilometres west along strike from the 1.5-million-ounce BAM Gold Deposit and the B4-7/VW Nickel-Copper-Cobalt-Palladium-Platinum deposits (Ni-Cu-Co-PGEs). (Reports 221117 and 230125)

Carrot Top Zone:
A drilling programme consisting of 20 drill holes for 3,436m of NQ diamond core, 1122-154 to 1122-173, has been completed on Carrot Top Zone, located approximately 7 to 8 kilometres along strike to the west of the BAM Gold and B4-7/VW Battery Metals deposits. The Carrot Top Zone was previously drilled from 2003 to 2008 reporting significant palladium-enriched nickel mineralisation. The current programme was aimed at infilling and extending the above area to allow modelling for resource purposes. All assay results have now been received.

Results not previously reported include:

Planning: Landore's plans for 2023 are to focus on advancing its highly prospective BAM Gold project, targeting a two-million-ounce resource together with completing a pre-feasibility study, concentrating on:

• The underground potential at BAM as identified by CUBE in the May 2022 Resource Upgrade and presentation.
• Advancing the existing Inferred resource into an Indicated Resource together with infilling the exploration targets to the immediate east and west of the resource.
• Commencing pre-feasibility studies in Q3 to advance the BAM Project towards production.

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 33,029 hectares, is located in the province of Ontario, Canada, approximately 235 kilometers 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; Lamaune Gold Prospect and numerous other precious and strategic metal occurrences.

Michele Tuomi, (P.Geo., BSc. Geology), Director/VP Exploration of Landore Resources Canada Inc. and a Qualified Person as defined in the Canadian National Instrument 43-101 and the AIM Rules for Companies, has reviewed and verified all scientific or technical mining disclosure contained in this announcement.

SOURCE Landore Resources Ltd.