VANCOUVER, May 1, 2015 /CNW/ - Lakeland Resources
Inc. (TSXv: LK; FSE: 6LL; OTCQX: LRESF) (the "Company") is
pleased to provide the following exploration update for its
Phase 1 drill program at the Gibbons Creek/ Star Properties in the
Athabasca Basin, Northern
Saskatchewan. The Phase 1 exploration program included
drilling a total of 2,550 metres, and a total of 14 holes at the
Gibbons Creek – Star Property(s).
Highlights (South Trend):
- Drill holes within an approximately 2 to 3 km long coincident
Resistivity Low – Gravity Low trend returned strongly anomalous
radioactivity and pathfinder geochemistry (B, Co, Cu, Ni);
- click on link
http://lakelandresources.com/_resources/photos/figure
- Drill Hole GC15-03 intersected 0.13% U3O8
over 0.23 metres, within a 1.1 metre interval of 333.8 ppm Uranium
(see Figure 1) immediately below the sub-Athabasca unconformity.
- GC15-03: 106.8 to 107.9 metres (1.1 m interval): 333.8 ppm
U3O8
Including 107.67 to 107.9 metres
(0.23 m interval): 0.13% U3O8
- Uranium enrichment, strong hydrothermal alteration and
pathfinder geochemistry (B, Co, Ni) was noted lower in hole
GC15-03, between 106.8 m to 133.0 m depth;
- Two holes were completed to the north and south of hole
GC15-03, in order to follow up on the promising results, both
returned anomalous uranium within basement lithologies:
- GC15-04: 114.2 to 115.2 metres (1.0 m interval): 86.7 ppm
U3O8
- GC15-11: 103.4 to 105.5 metres (2.1 m interval): 123.3 ppm
U3O8
- Drill Hole GC15-02, collared near historic drill hole GC-15
(0.18% U3O8 over 0.13 metres) returned:
- GC15-02: 101.0 to 102.0 metres (1.0 m interval): 120.3 ppm
U3O8
- Drill hole GC15-10, at the eastern end of the South Zone,
returned a strong illite clay alteration assemblage from the
unconformity (80.9 m) to 148 metres depth. This interval
corresponds to a zone of strong ductile shearing and local
brittle-ductile cataclastic brecciation.
Highlights (Center Zone):
- One drill hole was completed at the center zone where a recent
Radon-Ex Survey showed some of the strongest land-based radon
values (9.93 pCi/m2/sec) known from the Athabasca Basin;
- Drill hole GC15-06 encountered strongly altered basement
lithologies (see Figure 2) including strongly
hematized-quartz-carbonate-chlorite alteration / brecciation.
Highly anomalous geochemical pathfinders were noted throughout the
hole, including a zone of uranium enrichment from approximately 41
m to 109.5 m depth. Elevated Boron approximately 6 metres
below the unconformity: 52.8 to 56.7 metres (3.9 m interval) of
1,213 ppm B; was noted within a wider zone of anomalous Boron from
41 to 72.8 m. Highly anomalous Ni (up to 0.19%) and Co were
noted within this hole.
click on link
http://lakelandresources.com/_resources/photos/figure2
"Given the early stage of exploration at Gibbons Creek, results
obtained from this first round of drilling are very
encouraging. The geochemical, clay and alteration results are
suggestive of a nearby basement hosted or unconformity hosted
uranium occurrence. As such, we are in the process of
planning follow-up exploration, which will include further drilling
in the vicinity of the South Trend and proximal to Hole
GC15-06. Lakeland will have multiple exploration programs
ongoing in and around the Athabasca Basin this summer and fall, which
should provide for an exciting year." Stated Jonathan Armes, President of Lakeland
Resources.
Within the vicinity of hole GC15-06 only limited historic
electromagnetic data and modern ground gravity and IP Resistivity
data was available for assisting in drill hole selection. As
such, the company is in the process of contracting an airborne EM
survey near the eastern margins of the Gibbons and Star properties.
Concurrent with the airborne work, a program of ground
gravity will be completed to expand the existing survey at the
South Trend, and which will be utilized to identify areas of strong
basement alteration. Further Radon-Ex work is also planned to
follow up on the anomalous values from the 2013 survey.
Further information will be forth coming as the work
progresses.
Star Drill holes:
No significant gold or PGE elements were recovered from any of
the three drill holes on the target.
All intersections are down-hole, core interval measurements and
true thickness is yet to be determined.
The uranium values above, where reported, are by the ICP-MS
(partial digestion) method.
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 were 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. Basement samples were
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.
Updated maps and photos can be found on the Company's website
at:
http://lakelandresources.com/projects/gibbons-creek/
click on link
http://lakelandresources.com/_resources/photos/gibbonsmap
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, but are
not limited to all references to follow-up exploration such as
future drilling, EM surveys and ground gravity surveys; suggestions
of a nearby basement hosted or unconformity hosted uranium
occurrence and references to multiple 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; 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.