VANCOUVER, Aug. 27, 2014 /CNW/ - Lakeland Resources
Inc. (TSXv: LK) (FSE: 6LL) (OTCQX: LRESF) (the "Company" or
"Lakeland") is pleased to announce that it has acquired additional
claims through option agreements near its Newnham Lake Property
(the "Property"), within the northeast portion of the Athabasca
Basin. The property is situated along the shallow basement
margin where depth to basement is expected to be from zero to
around 100 metres. The Property is now approximately 24,500
hectares.
- The Property now includes the entire folded and faulted,
graphitic meta-pelite trend which was the subject of the historic
work.
- Drill hole intervals of up to 0.20% U3O8
along this trend.
- There are several untested portions of the trend, and
mineralization at depth has not been fully tested.
About the Newnham Lake Property
The Newnham Lake Property and surrounding area was the subject
of intense exploration efforts by Saskatchewan Mining and
Development Corporation ("SMDC") for shallow, unconformity-style
uranium deposits from about 1976 to 1984. JNR Resources
conducted exploration on and near the Property between 1997 and
2011. The recent work includes a ground electromagnetic
(HLEM) survey with targets on the Property not yet drill
tested. Other recent work includes airborne VTEM and ZTEM
surveys, and an airborne full tensor gravity gradiometry
survey.
Highlights of historic drilling results include:
- DDH 66 encountered a 20 cm interval of 0.20%
U3O8 along with high Ni, As, Pb immediately
below the sub-Athabasca
unconformity.
- DDH 104 encountered 20 cm of 0.13% U3O8
within basement metapelite.
- DDH 37 encountered 2 cm of sooty pitchblende in the
Athabasca sandstone immediately
above the unconformity. A 1 metre sample graded 389 ppm
U3O8.
The Property now includes the entire folded and faulted,
graphitic meta-pelite trend which was the subject of the historic
work. In excess of 140 drill holes targeted this trend prior
to 1984, and were focused on mineralization at the unconformity.
Limited work was done exploring for deeper basement
style mineralization despite extensive alteration, anomalous
geochemistry and favorable rock types, with most holes continuing
less than 25 metres past the sub-Athabasca unconformity. The exploration
in the area of the Newnham Lake Property was largely prior to the
understanding of the importance of basement-hosted
unconformity-style uranium deposits. Recent discoveries such
as the Gryphon Zone of Denison Mines Corp. highlight the
significance of basement hosted mineralization where grades of
21.2% U3O8 over 4.5 metres have been encountered up to 200 metres
below the sub-Athabasca
unconformity.
According to Jon Armes, President
and CEO of Lakeland Resources "The consolidation of the Newnham
Lake Property is an important step for us, as it allows us to
control yet another flagship project at the margin of the Athabasca
Basin. There are a multitude of positive attributes of this
Property in addition to un-tested targets"
About the Transaction:
The Company has entered into an option agreement to acquire
three mineral claims from Anstag Mining Inc., for total
consideration of up to $50,000 cash
and up to 1,000,000 common shares of the Company, subject to TSX
Venture Exchange ("Exchange") approval. In addition, the
Company commits to incur up to $1.5 million
dollars in exploration expenditures on or before 5 years
from the Exchange approval date. The property is subject to a
1% gross overriding royalty ("GORR"), to which Lakeland may
purchase ½ of the GORR for $1 million
dollars at any time.
The Company has entered into a purchase agreement with Kalt
Industries Ltd. and DG Resource Management Ltd., for the
acquisition of the 1333 Property for total consideration of up to
$50,000 cash and the issuance of up
to 750,000 common shares of the Company, subject to Exchange
approval. The Company commits to expend not less than
$1 million dollars in exploration
expenditures on or before the date which is 5 years from Exchange
approval, of which $50,000 must be
spent in year one. The property is subject to a 3% GORR, to which
Lakeland may purchase up to a 1% for $1
million dollars for up to 5 years from Exchange
approval.
Stock Option Issuance:
The Company has issued 2.050,000 incentive stock options
exercisable at $0.10 per share for a
period of 5 years of which 1,300,000 options have been issued to
directors, officers and insiders of the Company.
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 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", on the Frankfurt Stock Exchange
under the symbol "6LL"and on the OTCQX under the symbol
"LRESF".
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 references to cash and share payments; proposed
exploration expenditures on the properties; purchase of any of the
gross overriding royalties and any references to historic
exploration results.
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.