VANCOUVER, Oct. 28, 2014 /CNW/ - Lakeland Resources
Inc. (TSXv: LK) (FSE: 6LL) (OTCQX: LRESF) (the "Company" or
"Lakeland") is pleased to announce that planning of a 1,500 metre,
Phase One, drill program at the Gibbons Creek and Star Properties
is finalized. The company is in receipt of the necessary
permits to carry out the work program; a drilling contract has been
negotiated; and the company currently is fully funded to complete
the work. The drill program will commence as soon as winter
ground conditions permit.
The Gibbons Creek and Star Properties are host to a regional,
multi-staged, structural lineament that transects the project from
north-northwest to south-southwest. This feature is
immediately west of the Star Uplift, and continues further south
where it transects the historic uranium mineralization and uranium
boulder field (up to 4.28% U3O8) at the
Gibbons Creek Property.
The Star Property has been the focus of recent sampling where
outcrop and soil sampling has resulted in the definition of a gold
trend. The gold trend is located on an uplifted basement
block, known as the Star Uplift, with basal Athabasca Group
sandstone and mudstone at the southwestern edge of the
outcrop. Drilling at the Star Property gold trend is designed
to follow-up on the encouraging surface sampling, at the same time
as providing an understanding of the basement geology as it relates
to the Gibbons Creek targets located approximately 3 kilometres to
the south.
The Gibbons Creek drill targets have been defined by the 2013
exploration by Lakeland which included a land-based RadonEX™
survey, a boulder prospecting survey and a DC-Resistivity survey.
This exploration resulted in the discovery of highly anomalous
radon values, the confirmation of high-grade boulders of up to
4.28% U3O8, and the definition of an
east-west resistivity low, interpreted as an alteration
corridor. This confirmed some of the historic exploration by
Eldorado Nuclear where anomalous concentrations of uranium were
encountered near the alteration trend with results of up to 0.18%
U3O8 over 0.13 metres in drill hole
GC-15.
About the Gibbons Creek Property:
The Gibbons Creek Property is comprised of five contiguous
claims totaling 12,771 hectares, located less than 3 kilometers
from the settlement of Stony
Rapids. The Property is adjacent to the Black Lake Project,
held jointly by Uracan Resources Ltd. and UEX Corporation. The
Gibbons Creek Property encompasses a portion of the Company's 100%
owned, 35,463 hectare Riou Lake Property. The Property benefits
from nearby infrastructure, with power lines and highways
transecting the claims. The depth to the unconformity at Gibbons
Creek is known to be shallow (ie. ~50 to 250 metres) increasing the
economics of exploration. The Gibbons Creek Property also benefits
from a significant database of historic exploration information
from work completed by UEX Corp. as well as Eldorado Nuclear (one
of the two predecessors to what is now Cameco).
As announced in the January 8th,
2014 news release, Lakeland has generated several drill
targets at Gibbons Creek based on fall, 2013 exploration including
a land-based RadonEX™ survey, a boulder prospecting survey and a
DC-Resistivity survey. This exploration resulted in the discovery
of highly anomalous radon values, the confirmation of high-grade
boulders of up to 4.28% U3O8, and the definition of an east-west
resistivity low, interpreted as an alteration corridor.
About the Star Uranium Property:
The Star Property benefits from historic exploration including
modern geophysics and drilling completed by Star Minerals in 2005
to 2008; and work by Eldorado Nuclear in the 1970's and 1980's. The
Property is considered highly prospective for U, Au, PGE's and REE
mineralization. It also benefits from nearby infrastructure, with
power lines and highways nearby.
The 2014 work was completed in order to define the deposit model
and the source of the gold and Platinum Group Element ("PGE") and
Rare Earth Element ("REE") results obtained in the fall of
2013. The 2013 sampling explored a small portion of the
uplifted basement outcrop on the Star Property. Anomalous
concentrations of gold (up to 5.7 g/t Au), platinum group elements
(0.75 g/t PGE's), rare earth elements (up to 6.9% TREO) and highly
anomalous uranium; suggest the presence of a robust hydrothermal
system.
Lakeland has the right to earn a 100% interest in the Star
Property by making cash payments totaling $60,000 and issuing 600,000 common shares; of
which $40,000 has been paid to date
and 400,000 common shares have been issued. The remainder due
by November 28th 2014. A vendor
buyback option is in place and will be exercisable at any time up
to a 90 day period following the completion and publication of a
43-101 compliant resource estimate. The Vendor will retain
the option of a 25% buyback for 4 times the exploration monies
spent by the Purchaser to the date that the buyback option is
exercised.
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.
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 worlds' largest and richest high-grade uranium
deposits. The Company is well funded to carry out short 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 the drill program will commence;
drilling will provide an understanding of the basement geology;
references to shallow depth to the unconformity increasing
economics of exploration; the Star property being highly
prospective for certain mineralization and suggestions of a robust
hydrothermal system.
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 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.