VANCOUVER, May 28th, 2015 /CNW/
- Lakeland Resources Inc. (TSXv: LK; FSE: 6LL; OTCQX:
LRESF) (the "Company") is pleased to announce that, subject to the
TSX Venture Exchange acceptance, (the "Exchange") has acquired
additional mineral claims located along the Patterson Lake and
Carter corridors within the southwest part of the Athabasca Basin, Saskatchewan, Canada. The additional
claims are contiguous with Lakeland's Carter Lake Property (3,696
ha); and bring the total project size to approximately 10,052
ha.
The additional claims cover part of the Patterson Lake Corridor,
which is host to at least four significant uranium discoveries
since late 2012:
- Patterson Lake South (Alpha Minerals – Fission Energy);
- Patterson Lake South – R600W (Fission Uranium);
- Arrow (NexGen);
- Bow (NexGen); and
- Spitfire (Purepoint, Cameco, AREVA).
The most advanced discovery to date, the Patterson Lake South (PLS)
deposit, is host to a reported resource estimate of 79.6m lbs
Indicated U3O8 and 25.9m lbs Inferred
U3O8. 7.3 km to the northeast,
the Arrow Discovery of NexGen Energy Ltd. includes hole
AR-14-30, which returned 10.3% U3O8 over 46
metres. A further 5.3 km to the northeast, the Spitfire
Discovery by Cameco Corp, Areva Resources and Purepoint
Uranium, with drill hole HK15-27 returning 2.23%
U3O8 over 2.8 metres. The new Lakeland
Carter Lake Property is located a further 17 km to the northeast
along the Patterson Lake Conductive Corridor. Depths to the
sub-Athabasca unconformity at
Carter Lake are estimated at 500 metres or more, which is similar
to some of the depths of uranium mineralization encountered at the
Arrow Discovery where mineralization has been encountered between
300 and 800 metres below surface. Lakeland's Carter Lake
Property also encompasses parts of the relatively unexplored Carter
Conductive Corridor. This area has had only five
known historic drill holes, despite the positive exploration
potential. Management cautions that past results or
discoveries on proximate land are not necessarily indicative of the
results that may be achieved on the Carter Lake property.
"The summer of 2015 will see active exploration at multiple,
high-potential projects across the Athabasca Basin for Lakeland. In
addition to work programs at Gibbons, Newnham Lake, and Key Lake
Road, we will prepare for reconnaissance scale work at Carter Lake
given the number of recent uranium discoveries along the Patterson
Lake Corridor." Commented Jon Armes,
President and CEO.
By property purchase agreement dated May
27th, Lakeland acquired 28 mineral claims from
Eagle Plains Resources Limited (EPL), totaling 5,095.31
hectares. Under the terms of the agreement and subject to
Exchange approval, the Company shall pay $40,000 cash and issue a total of 800,000 common
shares. In addition, Lakeland acquired by staking, 10 mineral
claims, totaling 1,260.18 hectares. These 38 claims, in
addition to 4 claims of the original Lakeland Carter Lake Property
are subject to a 2% NSR payable to EPL. The Company may, at
any time purchase 1% of the NSR for $1
million.
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 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 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 for example include
that the purchase will be accepted by the Exchange and that the
cash and share issuances will be completed; references to summer
2015 exploration programs; estimated depths to the unconformity and
it should be noted that any references to mineral resources that
are not mineral reserves do not have demonstrated economic
viability 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.