VANCOUVER, Oct. 2, 2014 /CNW/ - Lakeland Resources
Inc. (TSXv: LK) (FSE: 6LL) (OTCQX: LRESF) (the "Company" or
"Lakeland"), a uranium focused explorer, is pleased to announce the
results of the recently completed work at the Star Property, which
is located adjacent to the north of the Gibbons Creek Property,
along the northern margin of the Athabasca Basin, Saskatchewan. This work
has confirmed the presence of significant gold and PGE
mineralization on the Star Property and believes that it is
suggestive to the presence of uranium nearby.
Star Property Exploration Highlights:
- 73 rock samples were collected, with 9 samples greater than 0.1
g/t Au including 2 samples greater than 2.0 g/t Au, and a peak
value of 3.7 g/t Au.
- 124 soil samples were collected, with 29 samples greater than
0.1 g/t Au, including 6 samples greater than 1.0 g/t Au, and a peak
value of 2.21 g/t Au.
- A basement uplift, herein known as the "Star Uplift", measuring
approximately 700 m by 350 m, was mapped and sampled; at the
western margin of the uplift, an elongated zone measuring about 625
m by 175 m with locally intense alteration (hematite, chlorite,
sericite, +/- potassic feldspar) was identified;
- Samples enriched in gold were notably accompanied by enrichment
in Platinum Group Elements (Pt and Pd).
- The relationship of this recently identified gold
mineralization to uranium mineralization is supported by anomalous
levels of uranium, of up to 177 ppm U.
According to Jonathan Armes,
President and CEO of Lakeland:
"These results are exceptional, and are further confirmation in
our belief that such a large alteration system as evidenced for the
Star – Gibbon's properties, will likely host significant
mineralization across multiple elements. This recently
completed program at the Star Property emphasizes the significance
of having 100% ownership of the Gibbons Creek Property once
again."
The Star and Gibbons Creek properties are host to a regional,
multi-staged, structural lineament that transects the project from
north-northwest to south-southwest. This feature is
immediately west of the Star Uplift, and continues further south
where it transects the historic uranium mineralization and uranium
boulder field (up to 4.28% U3O8) at the
Gibbons Creek Property.
The newly discovered Gold – PGE – Uranium mineralization, herein
termed the Star Gold Zone, will be the subject of follow-up
exploration this fall. Work will include follow-up geologic
mapping and sampling, plus ground geophysical surveys.
The company anticipates a drill program scheduled for the
1st quarter of 2015 or earlier if possible, which will
target both the Star Gold Zone and the Gibbons Creek uranium
mineralization. All of the current targets are located on dry
land that can be easily accessed in winter and summer. The Company
is in receipt of the necessary permits that allow it to drill up to
52 drill holes on both properties.
Additional results will be reported, as they are received.
About the Sampling:
Table 1. Selected results of highest gold rock samples
Sample
|
Sample
Type
|
Au (g/t)
|
Pd (g/t)
|
Pt (g/t)
|
Ni (ppm)
|
Cu (ppm)
|
Zn (ppm)
|
As (ppm)
|
Ag (ppm)
|
U (ppm)
|
98942
|
Grab
|
3.70
|
0.18
|
0.04
|
70
|
10
|
30
|
29
|
4.6
|
177
|
98929
|
Grab
|
2.43
|
0.19
|
0.10
|
170
|
10
|
60
|
10
|
6.1
|
164
|
SK-2014-020
|
Chip (30
cm)
|
0.77
|
0.16
|
0.09
|
170
|
20
|
120
|
5
|
1.7
|
140
|
98941
|
Chip (50
cm)
|
0.75
|
0.05
|
0.03
|
80
|
10
|
160
|
17
|
5.1
|
51.8
|
About the Star Uranium Property:
The Star Property benefits from historic exploration including
modern geophysics and drilling completed by Star Minerals in 2005
to 2008; and work by Eldorado Nuclear in the 1970's and 1980's. The
Property is considered highly prospective for U, Au, PGE's and REE
mineralization. It also benefits from nearby infrastructure, with
power lines and highways nearby.
The 2014 work was completed in order to define the deposit model
and the source of the gold and Platinum Group Element ("PGE") and
Rare Earth Element ("REE") results obtained in the fall of
2013. The 2013 sampling explored a small portion of the
uplifted basement outcrop on the Star Property. Anomalous
concentrations of gold (up to 5.7 g/t Au), platinum group elements
(0.75 g/t PGE's), rare earth elements (up to 6.9% TREO) and highly
anomalous uranium; suggest the presence of a robust hydrothermal
system.
Lakeland has the right to earn a 100% interest in the Star
Property by making cash payments totaling $60,000 and issuing 600,000 common shares; of
which $40,000 has been paid to date
and 400,000 common shares have been issued. The remainder due
by November 28th 2014.
A vendor buyback option is in place and will be
exercisable at any time up to a 90 day period following the
completion and publication of a 43-101 compliant resource estimate.
The Vendor will retain the option of a 25% buyback for 4
times the exploration monies spent by the Purchaser to the date
that the buyback option is exercised.
About the Gibbons Creek Property:
Gibbon's Creek is comprised of five contiguous claims totaling
12,771 hectares, located less than 3 kilometers from the settlement
of Stony Rapids. The Property is
adjacent to the Black Lake Project, held jointly by Uracan
Resources Ltd. and UEX Corporation. The Gibbon's Creek Property
encompasses a portion of the Company's 35,463 hectare Riou Lake
Property. The Property benefits from nearby infrastructure, with
power lines and highways transecting the claims. The depth to the
unconformity at Gibbon's Creek is known to be shallow (ie. ~50 to
250 metres) increasing the economics of exploration. The Gibbons
Creek Property also benefits from a significant database of
historic exploration information from work completed by UEX Corp.
as well as Eldorado Nuclear (one of the two predecessors to what is
now Cameco).
As announced in the January 8th,
2014 news release Lakeland developed several drill targets
at Gibbon's Creek based on fall, 2013 exploration including a
land-based RadonEX™ survey, a boulder prospecting survey and a
DC-Resistivity survey. This exploration resulted in the discovery
of highly anomalous radon values, the confirmation of high-grade
boulders of up to 4.28% U3O8 and the definition of an east-west
resistivity low, interpreted as an alteration corridor.
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.
Analytical Methods
All rock and soil samples were delivered to Activation
Laboratories Ltd., an ISO Certified Laboratory. All samples were
analyzed by Activation Laboratories of Ancaster, ON using its method eight -- major
oxide, rare earths and trace element package by lithium
metaborate/tetraborate fusion ICP and ICP/MS. REE samples
reported herein were derived using this method. Total Rare Earth
Oxides ("TREO") include: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3,
Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, and
Y2O3.
All samples were tested using the 1C-OES-Exploration method Fire
Assay (with Platinum and Palladium) on a 30 gram aliquot with an
ICP finish.
Soil samples were dried at 60° and sieved to -80 mesh prior to
analysis.
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.
For more information,
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 that the Gibbons properties will
likely host significant mineralization; anticipation of a
1st quarter drill program; that the Star property is
considered highly prospective for U, Au, PGE's and REE
mineralization; and suggestions of a robust hydrothermal
system.
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.