VANCOUVER, Jan. 27, 2015 /CNW/ - Lakeland Resources
Inc. (TSXv: LK; FSE: 6LL; OTCQX: LRESF) (the "Company") is
pleased to announce drilling has begun at its Star/ Gibbons Creek
properties where a minimum 1,500 metre Phase I diamond drilling
program will take place. The property is located along the
north central edge of the Athabasca Basin in Northern Saskatchewan, near the community of
Stony Rapids. Exploration by the Company in 2013 and 2014
confirmed the exploration potential of the Star and Gibbons Creek
Properties.
The key objectives of the program are:
- Follow up historic drill holes including GC-15 (0.18% U3O8 over
13 cm), and along strike of a prominent east-west resistivity
low. Multiple holes in the area encountered anomalous uranium
and nickel (over 200 ppm uranium at the unconformity) and extensive
basement alteration.
- Investigate the resistivity low anomaly and magnetic contact
up-ice from the radioactive boulder-field.
- Investigate structural and geological setting of gold
mineralization (multiple surface samples from 1 to 5.7 g/t Au) at
the Star Property.
"We are very pleased to announce Lakeland's Phase I drill
program on the Star/Gibbons Creek properties is underway. The
augmentation of historic exploration data with recent exploration
results for these properties, coupled with a modern understanding
of uranium mineralization in the basin has greatly enhanced the
potential of this Phase I drill program." Jonathan Armes, President and CEO of Lakeland
Resources Inc. stated. "The Company is well funded to carry
out exploration on a number of its wholly owned Basin properties,
and we expect a very busy and exciting year."
About the Star Property:
The Star Property benefits from significant 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 road access.
During 2014, exploration expanded upon the Gold, Platinum Group
Element ("PGE") and Rare Earth Element ("REE") results discovered
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 earned a 100% interest in the Star Property by
making cash payments totaling $60,000
and issuing 600,000 common shares. 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:
The Gibbons Creek Property is comprised of five contiguous
claims totaling 12,771 hectares, located to the west of the
community of Stony Rapids. The
Property is adjacent to the Black Lake Project, held jointly by
Uracan Resources Ltd. and UEX Corporation. The Gibbons Creek
Property encompasses a portion of the Company's 100% owned, 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 Gibbons Creek is known to
be shallow (ie. ~50 to 250 metres) increasing the economics of
exploration. The Gibbons Creek Property also benefits from
significant 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 previously announced in its January
8th, 2014 news release, Lakeland has generated several drill
targets at Gibbons 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.
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
the proposed 1,500 metre diamond drill program will take place;
meeting of the key objectives; plans to carry out exploration on a
number of properties; suggestions of a robust hydrothermal system;
references to the depth to the unconformity and being able to
increase the economics of exploration.
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.