TSXv: LK FSE: 6LL
VANCOUVER, April 24, 2014 /CNW/ - Lakeland Resources
Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is
pleased to announce that it has entered into a purchase agreement
to acquire 100% of three additional claims adjacent to its Lazy
Edward Bay Uranium Property in the southern Athabasca Basin region, Saskatchewan. The three isolated claims,
collectively known as the "Arbour Property" total 4,475
hectares.
The Lazy Edward Bay Property has increased in
size from 21,900 ha to 26,375 ha, while the number of prospective,
conductive trends has increased from 4 to 6, with the addition of
the Arbour Property.
"These claims strengthen our Lazy Edward Bay
Property and our presence in the southern rim of the Athabasca Basin, where discoveries, such as
Patterson Lake South (Alpha/Fission)
have brought new light and increased exploration activity and
interest to the region," stated Jonathan
Armes, President and CEO of Lakeland.
The "Ponderosa" Trend is the northern extension
of the Lodge Pole trend which was recently acquired by Noka
Resources Inc. The Ponderosa trend consists of two parallel
graphitic conductive trends, each approximately 2.5 kilometres
long. The trend was defined and tested by ground electromagnetic
surveys and seven reconnaissance-scale drill holes in 1989 by
Uranerz Exploration and Mining Limited. Recently, the trend was
re-defined and tested by ground EM and drilling one hole in 2001 by
JNR Resources.
The "Jack" Trend is located at the eastern end
of the property, and immediately south of the Grey Island Property
of Fission 3.0 Corp. 1.7 kilometres of the Jack trend is on the
original Lazy Edward Bay Property, and the additional claim adds
3.4 kilometres of conductive trend to the Project. The Jack trend
was recently defined by a ground Fixed Loop surface Transient
Electromagnetic (FLTEM) survey in 2007 by Titan Uranium Inc. The
trend remains un-tested by drilling.
Under the terms of the purchase agreement,
Lakeland can acquire a 100% of the Arbour Property for $5,000 and 250,000 common shares. The arm's
length Vendor will retain a 2% Gross Revenue Royalty ("GRR") on the
Property. The transaction is subject to acceptance by the TSX
Venture Exchange.
About the Lazy Edward Bay Property:
Thirteen claims totaling 26,375 ha located along
the southern margin of the Athabasca Basin, where depths to the
sub-Athabasca unconformity range
between 0 and 350 metres below surface. At least 53 historic
drill holes on the property targeted the six prospective trends on
the property. Each trend is between 5 and 7 kilometres long,
and considered under-explored. Historic exploration by SMDC, Cameco
and Uranerz was conducted from 1974 to 1989. Recent exploration by
JNR Resources and Titan Uranium was conducted in the years 2000 to
2010.
A significant highlight of the historic
exploration by Uranerz in 1982 along the Bay Trend is drill hole
LE-50 which intersected the basement rocks about 1 kilometre south
of the Athabasca sandstones.
Moderately chloritized and sericitized, and weakly hematized
migmatitic, graphitic pelite returned an assay value of 770 ppm
uranium along with anomalous boron, nickel, pathfinder metals (Sask
AR: 74G07-0042). This trend remains un-tested in recent years.
As a result of the historic and recent
exploration on the property, all six trends are considered "drill
ready".
Lakeland's Property Portfolio:
Lakeland has a portfolio of 16 properties
(~157,000 hectares); making it one of the largest of the
exploration companies in the Athabasca Basin. The Company's technical team
is focused on properties and acquisitions where target depth of
uranium mineralization is expected to be shallow, and a significant
amount of historic exploration data exists. The current uranium
spot price environment continues to present excellent opportunities
to increase Lakeland's exposure to, and ownership of, high quality
uranium projects in the Athabasca
Basin. Lakeland will seek to continue to advance its property
portfolio via exploration, joint-ventures, option agreements or
otherwise, giving it's shareholders exposure to continued
exploration successes as well as improving fundamentals for the
uranium space.
Uranium Market:
Uranium demand is largely driven by energy
demands. The spot price of uranium is currently US$32.50/lb U3O8 (Source: UxC). There are
currently approximately 434 nuclear reactors in operation
world-wide. Global electricity demand is expected to grow
significantly through 2030 and the number of nuclear reactors is
rising to meet it. 72 new reactors are now under construction - new
build levels not seen since the 1970s - as well as an additional
173 planned and 309 proposed to 2030 (Source: World Nuclear
Association). The bulk of the new units are in four countries -
China, India, Russia
and Korea. Several near term catalysts for the uranium market
include (i) increased clarity on Japanese restarts; (ii) increased
Chinese utility buying; and (iii) the recent culmination of the
Russian HEU "Megatons to Megawatts" agreement reducing a
significant secondary source of supply (Source: Raymond James). Investor interest in the uranium
space has been largely focused on the Athabasca Basin given recent discoveries
there, as well as its position as a leading high grade uranium
district, with mining infrastructure and mills, the presence of
majors and relatively low geopolitical risk.
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., a
qualified person, of Dahrouge Geological Consulting Ltd. and a
Director of Lakeland.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a pure play uranium
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's common shares trade on the TSX Venture Exchange under the
symbol "LK" and on the Frankfurt Stock Exchange under the symbol
"6LL".
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 that Lakeland will seek to continue to advance its
property portfolio via exploration, joint-ventures, option
agreements or otherwise, giving its shareholders exposure to
continued exploration successes as well as improving fundamentals
for the uranium space; as well as that several near term catalysts
for the uranium market include (i) increased clarity on Japanese
restarts; (ii) increased Chinese utility buying; and (iii) the
recent culmination of the Russian HEU "Megatons to Megawatts"
agreement reducing a significant secondary source of supply; and
that Lakeland will acquire 100% of the Arbour Property for
$5,000 and 250,000 common shares
subject to a 2% GRR in favour of the Vendor.
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.