TSXv: LK FSE: 6LL
VANCOUVER, July 8, 2014 /CNW/ - Lakeland Resources
Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is
pleased to provide an update on exploration activities for the Star
Property, located along the northern margin of the Athabasca
Basin. The Star Property is directly adjacent to the
Company's Gibbons Creek Property and west of the community of
Stony Rapids, Saskatchewan.
In preparation for the summer 2014 field program at the Star
Property, the Company has received a review of historic and recent
exploration from project consultants Dahrouge Geological Consulting
Ltd. of Edmonton, AB; and notes
the following:
Highlights
- A one-day exploration program in 2013 found a number of surface
grab samples enriched in gold, platinum group elements
(PGE's), and Rare Earth Element's (REE's);
- Two outcrop samples described as altered, black,
cryptocrystalline and approximately 200 m apart contained highly
anomalous concentrations of gold and PGE's, as follow:
- Sample 79441: 1.8 g/t Au, 0.08 g/t Pt; 0.12 g/t Pd
- Sample 79447: 5.7 g/t Au; 0.36 g/t Pt; 0.39 g/t Pd
- A sandstone boulder with anomalous uranium values also
contained strong enrichment in heavy rare earth elements; while a
nearby outcrop contained 6.9% TREO's:
- Sample 79442 (boulder sample): 257 ppm Uranium, 0.3% TREO
(includes 1,216 ppm Dy2O3 and 321 ppm
Y2O3)
- Sample 79447 (outcrop sample): 6.9% TREO (dominantly
Light REE enriched).
Project Geology and Target Potential
The Star Property covers a quasi-circular basement uplift along
the northern margin of the Athabasca Basin, immediately north of the
Company's Gibbons Creek Property (under option to Declan Resources
Inc.). This structural feature is considered an ideal
location for the development of uranium occurrence's associated
with the unconformity or sub-unconformity of the Athabasca
Basin.
A small portion of the uplifted basement outcrop on the Star
Property was prospected with very promising results, as highlighted
earlier. In total, 8 outcrop samples and 2 boulder samples were
collected. The highly 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.
The potential for such a regional hydrothermal system is
demonstrated by intense alteration associated with historic uranium
mineralization within the Gibbons Creek Property located
immediately to the south. Within the Athabasca Basin, there are a number of
projects where highly anomalous precious metals and/or rare earth
elements occur in spatial relation to Uranium deposits and/or
mineralization. Examples of such mineralization include the
Nicholson Bay and Fish Hook Bay U-Au-PGE occurrences, and the MAW
Zone- Wheeler River occurrences.
Preliminary mineralogical work on the REE-bearing samples
includes SEM analysis (Scanning Electron Microscope); BSE analysis
(Electron Back-Scatter Analysis); and EDS (Energy Dispersive
Spectrometry) and reveals the following:
Sample #79442 – The Heavy REE values are from fine-grained
xenotime. The modal mineralogy of the sample reveals
primarily quartz, with xenotime (3.1%) and about 1.3%
kaolinite/illite clay. Diagenetic-Hydrothermal xenotime
accumulations are known elsewhere in the Athabasca Basin region, and have been
associated with some unconformity-style uranium deposits
(McArthur River, Key Lake,
McLean Lake and others).
Sample #79446 – The sample contains 23.6% monazite, with 16.75%
kaolinite/illite clay.
According to Jonathan Armes,
President and CEO of Lakeland Resources Ltd.:
"We are extremely excited about the noteworthy U-Au-PGE +/- REE
occurrence identified at the Star Property, and are looking forward
to completing a near term mapping and sampling program to determine
the extent of the mineralization. In addition, the historic
association and spatial relationship of these commodities with
large uranium mineralizing systems bodes well for the ongoing
Uranium exploration at the Star Property and our adjacent Gibbons
Creek Project."
About the 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.
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 over a
12 month period. 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. The buyback option will
be exercisable at any time up to a 90 day period following the
completion and publication of a 43-101 compliant resource
estimate
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 samples were delivered to Activation Laboratories Ltd.,
an ISO Certified Laboratory. All samples were analyzed by a
39-element "partial digestion" with ICP-MS/ICP-OES analysis; and a
49-element "total digestion" with ICP-MS/ICP-OES analysis.
Uranium values are converted to U3O8 values
with the conversion factor of 1.1792.
Samples with high REE values were tested using the 8-REE method
whereby the sample is treated with lithium metaborate/tetraborate
fusion with subsequent analysis by ICP-MS and ICP/MS
analysis. All 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.
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 but are not
limited to conclusions that are based on historic
data; that the quasi-circular basement uplift is an ideal location
for uranium occurrences; suggestions of a robust hydrothermal
system; potential for a regional hydrothermal system; discussion of
future sampling and mapping programs; that the property benefits
from historic exploration; and the property being highly
prospective for U, Au, PGE's and REE's.
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.