VANCOUVER, Oct. 9, 2014 /CNW/ - Lakeland Resources
Inc. (TSXv: LK) (FSE: 6LL) (OTCQX: LRESF) (the "Company" or
"Lakeland") is pleased to announce that it has completed a summer
work program at its wholly owned Lazy Edward Bay Property, located
about 65 km due west of Key Lake Uranium mine, along the southern
margin of the Athabasca Basin. At Lazy Edward Bay, the
company completed rock, soil and water geochemical surveys, and a
Radon-Ex Survey.
The Lazy Edward Bay Property benefits from significant historic
exploration by multiple operators, from about 1974 to 2010.
Historic exploration included multiple airborne and ground
geophysical surveys and approximately 54 drill holes. This
work resulted in the identification of at least six conductive
trends extending over 30 km length, and the discovery of multiple
sites with strong alteration and/or anomalous radioactivity.
Depth to the unconformity varies from 0 to 350 m. Prior to
undertaking this year's field work, all available historic data was
compiled
(http://lakelandresources.com/projects/lazy-edward-bay/).
2014 Exploration Highlights - Lazy Edward Bay
Property
- At the BAY Trend conventional soil surveys, prospecting and a
RadonEX survey identified strong Radon anomalism associated with
historic conductive zones.
- Exploration at the LIBERTY Trend identified radioactive springs
with radioactive muds at surface, and strongly radioactive
boulders.
"Our corporate strategy of identifying early staged, grass-roots
projects, through the review of historic exploration data continues
to pay dividends as the Lazy Edward Bay Property is confirmed to
host multiple zones of radioactivity associated with historic
conductors" Stated Jonathan Armes, President of Lakeland
Resources "Having the benefit of several million dollars
worth of historic exploration has led to the identification of
radioactive springs, muds and boulders at the Liberty
Trend."
BAY Trend
The BAY Trend consists of two parallel conductive trends, each
about eight kilometres long, at the southern margin of the
Athabasca Basin. It is highlighted
by historic exploration of Uranerz in 1982, where drill hole LE-50
intersected basement rocks about 1 kilometre south of the
Athabasca Basin sandstones. Here,
moderately chloritized and sericitized, and weakly hematized
migmatitic, graphitic pelites returned 908 ppm
U3O8 along with anomalous boron, nickel,
pathfinder metals (Sask AR: 74G07-0042).
The recently completed Radon-Ex survey also highlighted strongly
anomalous Radon associated with the historic conductors.
Further planning for a winter program will be undertaken once
all results have been received from the summer exploration
program.
LIBERTY Trend
The recently completed summer field work at the Liberty Trend
highlighted several important discoveries.
- A strongly radioactive spring and bog which measured from 500
to 3,300 cps; and
- Radioactive diabase boulders associated with a presumed
structural discontinuity, with up to 5,600 cps.
The LIBERTY Trend consists of a wide, approximately five
kilometres long, conductive zone within the southwest portion of
the property. A portion of the conductive trend is intruded
by diabase dykes, which have been the focus of historic exploration
campaigns, where uranium mineralization has been noted. The
diabase dykes are associated with a large vertical displacement
(reverse fault) of up to 80 metres. Conductive (graphitic)
basement rocks and structural disturbances at the Liberty Trend
were examined by Uranerz Exploration and Mining Ltd.; in 1979
anomalous uranium (224 ppm U3O8 across 0.5
metres in DDH LE-1) was encountered within highly altered basement
rocks, and which is apparently not directly associated with the
diabase intrusion nearby. Other notable anomalous drill
intersections include DDH LE-14 with up 5,100 ppm Cobalt.
The surface radioactive occurrences along the LIBERTY Trend,
including radioactive springs were noted along a ridge formed by a
diabase intrusion. This site included radioactive boulders
with up 5,600 CPS.
NI 43-101 Disclosure
The technical information above has been prepared in accordance
with the Canadian regulatory requirements set out in National
Instrument 43-101 and reviewed on behalf of the company by
Neil McCallum, P.Geo., of Dahrouge
Geological Consulting Ltd., a qualified person.
Natural gamma radiation in drill core reported in this news
release was measured in counts per second (CPS) using a Radiation
Solutions Inc. RS-125 gamma-ray spectrometer. The reader is
cautioned that total count gamma readings may not be directly or
uniformly related to uranium grades of the rock sample measured;
and they should be used only as a preliminary indication of the
presence of radioactive minerals.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a uranium and mineral
exploration company focused on the Athabasca Basin in Saskatchewan, Canada; home to some of the
world's largest and richest high-grade uranium deposits. The
Company is well funded to carry out their near- term exploration
programs.
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
"Jonathan Armes"
Jonathan Armes
President, CEO and Director
Cell: 416.708.0243
Ph: 604.681.1568
TF: 1.877.377.6222
Email: jarmes@lakelandresources.com
Web: http://www.lakelandresources.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Statements in this document which are not purely historical are
forward-looking statements, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Forward-looking statements in this news release include but are not
limited to references to future work programs; planning for a
winter program and the reference to funding to carry out short term
exploration programs.
It is important to note that actual outcomes and the Company's
actual results could differ materially from those in such
forward-looking statements. Risks and uncertainties include
economic, competitive, governmental, environmental and
technological factors that may affect the Company's operations,
markets, products and prices. Factors that could cause actual
results to differ materially may include misinterpretation of data;
that we may not be able to get equipment or labour as we need it;
that we may not be able to raise sufficient funds to complete our
intended exploration and development; that our applications to
drill may be denied; that weather, logistical problems or hazards
may prevent us from exploration; that equipment may not work as
well as expected; that analysis of data may not be possible
accurately and at depth; that results which we or others have found
in any particular location are not necessarily indicative of larger
areas of our properties; that we may not complete environmental
programs in a timely manner or at all; that market prices may not
justify commercial production costs; and that despite encouraging
data there may be no commercially exploitable mineralization on our
properties.
SOURCE Lakeland Resources Inc.