VANCOUVER, Feb. 6,
2015 /CNW/ - Lakeland Resources Inc. (TSXv: LK;
FSE: 6LL; OTCQX: LRESF) (the "Company") is pleased to announce the
sale of the Ballard Lake Gold Property to RT Minerals Corp.
The property is located approximately 50 kilometres northeast
of Wawa, Ontario.
In order for RT Minerals Corp. ("RTM") to earn a
100% interest in the property, RTM must complete a minimum
$200,000 financing and thereafter
issue 4,000,000 shares to Lakeland Resources Inc. The
property is subject to a 2% Net Smelter Royalty ("NSR") to the
credit of the original and previous property vendors. The
transaction is subject to regulatory filing and acceptance.
BALLARD LAKE PROPERTY, ONTARIO
The Ballard Lake Property consists of 2
unpatented mining claims encompassing 17 claim units (272 hectares)
located in Echum and Dolson Townships within the Michipicoten
Greenstone Belt, Sault Ste. Marie Mining Division. The property is
road accessible and covers the Ballard Lake Shear Zone ("BLSZ") and
the main Ballard Lake Showing. The BLSZ has been exposed for over 1
km and reportedly returned gold assays from grab samples as high as
17.6 g/t Au from historic trenches. Past work by previous operators
(Noranda Mines in 1980 and Anglo
Porcupine Gold Exploration Ltd. in 1988) have established the
presence of gold mineralization at least intermittently along the
BLSZ as well as numerous other gold and base metal occurrences from
surface sampling within the property boundary. The main Ballard
Lake Showing has been described as a sulphide bearing quartz vein
that is commonly 30-40 centimetres wide with grab samples ranging
from trace to over 4.4 oz/t Au and 12.0 oz/t Ag.
A 1998 Ontario Prospectors Assistance Program
("OPAP") program on the Ballard Lake Property was comprised of
prospecting, line cutting and an Induced Polarization geophysical
survey. The 1998 program identified the shear zone as well as
several geophysical target areas (strong chargeability anomalies)
that were covered by overburden. Drilling was recommended but to
date has not been carried out.
Mr. Robert ("Bob") Duess
P.Geo, P.Eng., is the Independent Consultant and Qualified
Person who has prepared or supervised the preparation of the
information that forms the basis for the scientific and technical
disclosure in this news release.
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 include, but are not limited to, that the company will
complete the sale the property, will receive the shares and that
the financing will be completed.
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.