VANCOUVER, Feb. 20, 2015 /CNW/ - Lakeland Resources
Inc. (TSXv: LK; FSE: 6LL; OTCQX: LRESF) (the "Company") is
pleased to announce that the Company, subject to the TSX Venture
Exchange acceptance, (the "Exchange") has acquired additional
mineral claims located in the Athabasca Basin region, Saskatchewan, Canada.
The key properties, amongst others, are:
- Key Lake Area – two land packages (KLR and KLS) encompassing
six claims;
- Carter Lake Area – 6 mineral
claims located adjacent to Lakeland's existing land holdings in the
southwest part of the Athabasca
Basin.
- Mathews Lake Area – north of
Lake Athabasca, within basement rocks of the Beaverlodge
Domain.
- Carson Lake Area – within the
northwest part of the Wollaston Domain, host to a vast majority of
operating Uranium mines within the Athabasca Basin.
- Black Birch East – located south of the Athabasca Basin along the Cable Bay Shear
Zone, with anomalous uranium in lake sediment samples, radiometric
anomalies, and electromagnetic conductors.
By property purchase agreement dated January 28, 2015 the Company acquired a group of
ten exploration properties from DG Resource Management Ltd.
("DG"). The properties are strategically located within
basement rocks outside of and along the shallow margins of the
Athabasca Basin.
The Key Lake area properties compliment Lakeland's existing land
holdings within the region and are in close proximity to the
historic Key Lake mining operations, which produced in excess of
200 million lbs of uranium until 2002, when mining ceased.
The mill is still in operation and presently processes ore from the
McArthur River Mine.
The KLR property covers a significant number of historic
conductors within basement rock types and at least two unexplained
radiometric anomalies. At the KLR Property, surface rock
samples, lake and stream sediment samples with up to 691 ppm U, and
historic drilling which included 0.12% U3O8
across 0.1 metres attest to the potential of the Hobo Conductive
Trend.
In part, a second group of properties acquired from 877384
Alberta Ltd. ("877") and Zimtu Capital Corp. includes the Black
Birch East and Brassy Rapids properties.
The Black Birch East property covers an extensive land package
(26,389 ha) immediately south of Alpha Explorations Carpenter Lake
Property. This property covers the southerly extension of the
Cable Bay Shear Zone (CBSZ), which is considered highly prospective
for basement hosted uranium mineralization. Significant
historic exploration at this property showed a number of
electro-magnetic conductors and radiometric anomalies roughly
coincident with the CBSZ.
Under the terms of the DG agreement and subject to Exchange
approval, the Company shall pay $40,880 cash and issue a total of 1,120,000
common shares. The cash payments and share issuances will be
payable as: 50% upon Exchange acceptance and 50% in six months of
the Exchange acceptance date. The properties are subject to a
2% NSR. The Company may, at any time purchase 1% of the NSR for
$2 million per property.
Under the terms of the 877 and Zimtu agreement, includes
consideration payable for the acquisition of the Black Birch East
and Brassy Rapids claims of $32,636
cash and the issuance of 326,350 common shares of the
Company. The cash and the shares are to be issuable as: 50%
upon TSX Venture Exchange ("Exchange") acceptance, and 50% in six
months of Exchange acceptance date. The properties are
subject to a 2% Net Smelter Return ("NSR"). The Company may,
at any time purchase 1% of the NSR for $2
million per property.
In addition, Lakeland has applied to the Exchange for approval
to extend the expiry dates, by one year, 9,415,295
outstanding common share purchase warrants, exercisable at
$0.30 per common share,
currently scheduled to expire on March
20th, 2015. The terms of the warrants
will otherwise remain unchanged.
Insiders of the Company do not hold any warrants to be
amended. The extension of the warrant expiry date has been
accepted by the Exchange, subject to this announcement.
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
that the purchase will be accepted by the Exchange and that the
cash and share issuances 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.