VANCOUVER, March 12,
2015 /CNW/ - Lakeland Resources Inc. (TSXv: LK;
FSE: 6LL; OTCQX: LRESF) (the "Company") is pleased to announce the
completion of its Phase 1 drilling program at the Gibbons Creek/
Star Property, Athabasca Basin
region in Northern Saskatchewan. Phase 1 consisted of a total
of 2,550 metres, totaling 14 holes at the Gibbons Creek – Star
Property(s). In total, four drill holes encountered anomalous
radioactivity near the sub-Athabasca unconformity; quantitative
analytical results will be reported when they are
received.
Lakeland considers the Phase 1 drill program to
be a success, and provides several additional targets for follow-up
drill testing. Lakeland currently has approximately
$2,000,000 budgeted for exploration
work in 2015, with several projects, including Newnham Lake and
Lazy Edward Bay at the drill ready stage.
Highlights:
- Six drill holes (GC15-02, 03, 04, 07, 08 and 11) were completed
along an approximately 1½ to 2 km long corridor with coincident
resistivity low, gravity low and historic alteration and/or
radioactivity. All holes intersected the unconformity at depths of
less than 125 m, and intersected either anomalous radioactivity and/or alteration, as detailed
below. Weakly graphitic pelitic gneiss was encountered in several
holes at depths of about 40 metres below the sub-Athabasca unconformity. This trend remains a
high priority exploration target.
- DH GC15-03 intersected highly anomalous
radioactivity below the sub-Athabasca unconformity within pelitic basement
rocks, the zone consists of a one metre interval with >800
Counts Per Second ("CPS") and peak value of 7,926 CPS. Variably
strong to intense basement alteration persisted until at least 175
m depth; with variable patchy to weak clay/chlorite alteration
continuing until 189.87 m. Drill hole GC15-03 is located
approximately 210 metres east of historic drill hole GC-15 with
historic analytical results of 0.18% U3O8 over 0.13 metres.
- DH GC15-11, drilled approximately 20 m north of GC15-03
intersected similar alteration to depths of 192 m. This zone
remains open in all directions, and requires following drilling
along strike and at depth.
- Three drill holes (GC15-01, 05 and 10) were completed along an
approximately 1 km long NNW trending structural corridor with a
coincident resistivity low, gravity low and magnetic contact; all
near the head of the historic Gibbons Creek boulder field. All
holes intersected the unconformity at depths of less than 110 m,
and intersected either anomalous
radioactivity and/or alteration, as detailed below. This trend
remains a high priority exploration target.
- Structural elements favorable for unconformity-style
mineralization were observed along this trend. Hole GC15-10
encountered strong ductile shearing adjacent to local
brittle-ductile cataclastic brecciation in the basement for a 37.4
metre interval between 111.0 and 148.4 metres.
"We consider the first winter drill program at
Gibbons a success, having encountered both anomalous radioactivity
and alteration suggestive of a proximal basement hosted or
unconformity hosted uranium occurrence." Stated Jonathan Armes, President of Lakeland
Resources. "During the coming weeks we will be in receipt of
geochemical results for uranium and pathfinder elements such as
Boron, Ni, Co, As; as with other historic uranium discoveries
within the Athabasca Basin, each
successful drill program helps guide the next towards the discovery
of a new uranium occurrence."
Drill targets at the Gibbons Creek Property were
defined with the use of boulder prospecting, soil radon surveying,
DC resistivity, magnetometer and gravity surveying. This is
in addition to the historic database of diamond drilling, ground EM
and soil geochemical surveys.
A ground gravity survey, consisting of 270
stations was conducted concurrent with the drill program by
Dahrouge Geological Consulting Ltd. in order to solidify
targets.
All of the holes at the Gibbons Creek Property
that were located along the gravity - resistivity trend
encountered elevated radioactivity near the sub-Athabasca unconformity, usually with maximum
values of 800 to 1,500 CPS over narrow intervals. Table 1 represent
holes with greater than 800 CPS over intervals of greater than 0.3
metres.
Table 1. Summary of Anomalous Down-hole Radioactivity
Results
Drill
Hole
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Average
(>800)
|
Maximum
|
GC15-01
|
81.2
|
81.6
|
0.4
|
1,104
|
1,379
|
GC15-02
|
99.0
|
99.3
|
0.3
|
1,204
|
1,589
|
GC15-02
|
99.6
|
100.3
|
0.7
|
1,072
|
1,312
|
GC15-03
|
107.1
|
108.1
|
1.0
|
2,828
|
7,926
|
GC15-11
|
102.9
|
103.5
|
0.6
|
1,415
|
1,740
|
All drill holes were surveyed with a down-hole
Mount Sopris 2PGA-1000 Poly-Gamma-Ray Scintillometer.
Background radioactivity levels are generally between 10 and
100 CPS in the sandstone and basement rocks. Lakeland considers
intervals of greater than-or-equal-to 0.3 m and greater than 800
CPS to be anomalous radioactivity; and intervals above 2,000
CPS to be highly anomalous radioactivity.
Note that the 2PGA-1000 down-hole scintillometer
records total gamma radiation which can be derived from potassium
(K), thorium (Th) or uranium (U) and its radioactive decay
products, and thus may not be directly related to uranium grades in
the drill core. Additionally, core recovery may also affect the
amount of material available for quantitative laboratory
sampling. All intersections are down-hole, core interval
measurements and true thickness is yet to be determined.
Split core samples were recovered though
intervals of anomalous radioactivity or sulphide content, and were
submitted to Activation Laboratories Ltd. ("Actlabs") of
Ancaster, Ontario. Composite
samples were collected systematically throughout the sandstone in
order to assess the geochemical profile above the sub-Athabasca unconformity. Actlabs is an
ISO Certified Laboratory, and independent of the issuer. All
samples will be analyzed with a 39-element "partial digestion" with
ICP-MS/ICP-OES analysis; and a 49-element "total digestion" with
ICP-MS/ICP-OES analysis; and boron. If samples return greater
than 8,000 ppm Uranium with either digestion, they will be analyzed
with the 8-U3O8-XRF method. Basement samples will be tested
for Au, Pt, Pd with the 1C-OES-Exploration method Fire Assay.
PIMA samples were also collected systematically throughout the
sandstone and basement in order to assess the clay alteration
minerals.
Drill core is being sent for both uranium and
multi-element analysis, which will be used in conjunction with
existing geophysical data for planning of follow up
drilling.
Updated maps and photos can be found on the
Company's website at:
http://lakelandresources.com/projects/gibbons-creek/
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.
Historic drill hole GC-15 results were disclosed
by Eldorado Nuclear and are considered to be reliable by
management; that information is publicly available. A qualified
person has not done sufficient work to directly verify the historic
results.
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 its 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
theTSX 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 of
our management. Forward looking statements in this news release
include our drilling plans, scheduling and expected analysis. 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; we may not be able to get
equipment or labour as we need it; we may not be able to raise
sufficient funds to complete our intended exploration and
development; our applications to drill may be denied; weather,
logistical problems or hazards may prevent us from exploration;
equipment may not work as well as expected; analysis of data may
not be possible accurately and at depth; results which we or others
have found in any particular location are not necessarily
indicative of larger areas of our properties; we may not complete
environmental programs in a timely manner or at all; market prices
may not justify commercial production costs; and that despite
encouraging data there may be no commercially exploitable
mineralization on our properties. We assume no responsibility to
update these forward looking statements except as required by
law.
SOURCE Lakeland Resources Inc.