- 5 new properties totaling 52,255 hectares staked.
- Lakeland's project portfolio now totals 16 projects (~157,000
hectares); making it one of the largest of the exploration
companies in the Athabasca
Basin.
- Technical team focused on properties and acquisitions where
target depth of uranium mineralization is expected to be shallow,
and a significant amount of historic exploration data exists.
- Portfolio to be advanced via exploration, joint-ventures,
option agreements or other means.
VANCOUVER, April 11, 2014 /CNW/ - Lakeland Resources
Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is
pleased to announce the acquisition, by staking, of 5 uranium
properties totaling 52,255 hectares in the Athabasca Basin region, Saskatchewan. The newly acquired properties
are referred to as Lazy Edward Bay, Karen Lake, Black Lake, Hidden Bay and Fedun Lake.
"The current uranium spot price environment continues to present
excellent opportunities to increase Lakeland's exposure to, and
ownership of, high quality uranium projects in the Athabasca Basin," stated Jonathan Armes, President and CEO of Lakeland.
"The Lakeland team is nimble and motivated and we were able to
secure these properties by competitive staking adding to our
growing portfolio of high quality and shallow target depth
properties in the Basin. We will seek to continue to advance our
property portfolio via exploration, joint-ventures, option
agreements or otherwise, giving our shareholders exposure to
continued exploration successes as well as improving fundamentals
for the uranium space."
An updated claim/property map can be found on the Company's
website: http://www.lakelandresources.com.
Highlights:
Lazy Edward Bay:
Ten
claims totaling 21,990 ha located at the southern margin of the
Athabasca Basin. Depths to the
sub-Athabasca unconformity range
between 0 and 350 metres below surface. At least 45 historic
drill holes on the property targeted the four prospective trends on
the property. Each trend is between 5 and 7 kilometres long,
and considered to be under-explored. Historic exploration by
SMDC, Cameco and Uranerz was conducted in the years 1974 to 1988.
Recent exploration by JNR Resources and Titan Uranium was conducted
in the years 2000 to 2010.
Recent work by JNR Resources includes airborne VTEM, GeoTEM,
gravity and high-resolution magnetic surveys. This was
followed up by ground Fixed Loop surface Transient Electromagnetic
(FLTEM) surveys on the "Liberty" and "Bay" Trends. Four holes were
drilled along the Liberty Trend whereas the Bay Trend was not
drilled. Drilling on the Liberty Trend revealed elevated
uranium in the sandstone, along with sandstones high in illite
contend and faulting observed in the sandstone and basement
rocks.
Recent work by Titan Uranium includes an airborne MegaTEM
survey, a ground boulder survey and FLTEM surveys, followed up by
drilling four holes along the "Turner" and "Snow" Trends. The
eight kilometer long Turner Trend
was tested with two holes, one of which failed to reach the
unconformity in two attempts due to unconsolidated sands at about
50 metres depth.
The highlight of the historic exploration by Uranerz in 1982
along the Bay Trend is drill hole LE-50 which intersected the
basement rocks about 1 kilometre south of the Athabasca sandstones. Moderately
chloritized and sericitized, and weakly hematized migmatitic,
graphitic pelite returned an assay value of 770 ppm uranium along
with anomalous boron, nickel, pathfinder metals (Sask AR:
74G07-0042). This trend remains un-tested in recent
years.
As a result of the historic and recent exploration, all four
trends are considered "drill ready".
Karen Lake:
Three claims totaling 7,195
ha located approximately one kilometre from the northeastern edge
of the Athabasca Basin. Historic exploration by SMDC in the
years 1976 to 1982 uncovered the Louise Lake and Karen Lake
showings consisting of highly uraniferous soil and
overburden. 16 drill holes were completed at the Louise Lake
showing in order to follow up the overburden anomalies.
Detailed overburden sampling of the Karen Lake showing reveal
uraniferous lake-bottom silts, with several samples of greater than
1.0% uranium (Sask AR: 74P-0003). The Karen Lake showing has
not been drill tested. JNR Resources operated the project
between 1997 and 2011. Previous operators were unable to
definitively explain the source of the uranium in overburden.
Black Lake:
Two claims totaling 2,889 ha
located at the northern margin of the Athabasca Basin. Depth
to the sub-Athabasca unconformity
is about 260 metres below surface. The project benefits from
both historic and recent exploration including modern airborne
geophysics (MegaTEM, Full-Tensor Gravity). The project is
situated along the Snowbird tectonic zone, a major transcrustal
structural feature that includes the Black Lake fault zone.
Hidden Bay:
Three claims totaling 16,925 hectares located approximately
eight kilometres from the eastern edge of the Athabasca
Basin. An outlier of Athabasca sandstone is located within the
property. The property is intersected by at least four
graphitic corridors which have seen historic drilling. Aside
from airborne electromagnetic surveys, the project has not seen
recent exploration with the current understanding of the importance
of basement-hosted unconformity-style deposits.
Fedun Lake:
Two claims totaling 3,258 hectares located approximately seventy
kilometres from the southern edge of the Athabasca Basin and the Key Lake uranium
mill. The project is within the southern extension of the
prospective western Wollaston Domain rocks. This lithostuctural
domain hosts the majority of basement and unconformity type uranium
deposits known in the Athabasca
Basin. The northern edge of the property is intersected by a
conductor defined by a 2005 VTEM survey by Forum Uranium
Corp. The target for the project is a basement-hosted
unconformity-style uranium deposit.
Lakeland staked the new properties in late 2013 to early 2014.
Lakeland now has a portfolio of 16 properties covering a total of
~157,000 hectares. The Company recently closed an over-subscribed
private placement led by Secutor Capital Management Corporation for
gross proceeds of C$2.8 million.
Lakeland will continue to advance its property portfolio via
exploration, joint-ventures, option agreements or otherwise.
Uranium Market:
Uranium demand is largely driven by energy demands. The spot
price of uranium is currently US$33.75/lb U3O8 (Source: UxC). There are
currently approximately 434 nuclear reactors in operation
world-wide. Global electricity demand is expected to grow
significantly through 2030 and the number of nuclear reactors is
rising to meet it. 72 new reactors are now under construction - new
build levels not seen since the 1970s - as well as an additional
173 planned and 309 proposed to 2030 (Source: World Nuclear
Association). The bulk of the new units are in four countries -
China, India, Russia
and Korea. Several near term catalysts for the uranium market
include (i) increased clarity on Japanese restarts; (ii) increased
Chinese utility buying; and (iii) the recent culmination of the
Russian HEU "Megatons to Megawatts" agreement reducing a
significant secondary source of supply (Source: Raymond James). Investor interest in the uranium
space has been largely focused on the Athabasca Basin given recent discoveries
there, as well as its position as a leading high grade uranium
district, with mining infrastructure and mills, the presence of
majors and relatively low geopolitical risk.
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., a qualified
person, of Dahrouge Geological Consulting Ltd. and a Director of
Lakeland.
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" and on the Frankfurt Stock Exchange
under the symbol "6LL".
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 that
Lakeland will seek to continue to advance its property portfolio
via exploration, joint-ventures, option agreements or otherwise,
giving its shareholders exposure to continued exploration successes
as well as improving fundamentals for the uranium space; as well as
that several near term catalysts for the uranium market include (i)
increased clarity on Japanese restarts; (ii) increased Chinese
utility buying; and (iii) the recent culmination of the Russian HEU
"Megatons to Megawatts" agreement reducing a significant secondary
source of supply.
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.