TSXv: LK FSE: 6LL
VANCOUVER, July 21, 2014 /CNW/ - Lakeland Resources
Inc. (TSXv: LK) (FSE: 6LL) (OTCQX: LRESG) (the "Company" or
"Lakeland") is pleased to announce that it has acquired the Newnham
Lake Property (the "Property"), within the northeast portion of the
Athabasca Basin. Newnham Lake is contiguous to the south of
the Company's Karen Lake Property, and increases the company's land
position in the area by approximately 20,218 ha (49,961 acres).
The property is situated along the shallow basement margin
where depth to basement is expected to be from zero to around 100
metres.
The Newnham Lake Property and surrounding area was the subject
of intense exploration efforts by Saskatchewan Mining and
Development Corporation ("SMDC") for shallow, unconformity hosted
uranium deposits from about 1976 to 1984. JNR Resources
conducted exploration on and near the Property between 1997 and
2011. The recent work includes a ground electromagnetic
(HLEM) survey with targets on the Property not yet drill
tested. Other recent work includes airborne VTEM and ZTEM
surveys and an airborne full tensor gravity gradiometry
survey.
The Property encompasses parts of an approximately 25 km long,
folded and faulted, graphitic metapelite trend which was the
subject of the historic work. In excess of 140 drill holes
targeted this trend prior to 1984, and were focused on
mineralization at the unconformity. Limited work was
done exploring for deeper basement style mineralization despite
extensive alteration, anomalous geochemistry and favorable rock
types, with most holes continuing less than 25 metres past the
sub-Athabasca unconformity.
The exploration in the area of the Newnham Lake Property was
largely prior to the understanding of the importance of
basement-hosted unconformity-style uranium deposits. The
Newnham Lake region was one of the most developed trends in the
Athabasca Basin, outside of the
prolific Eastern Athabasca Trend and Cluff
Lake. The company believes that the historic work
indicates a large amount of positive exploration indications and
that there are several targets yet to be tested.
To the northeast of the Property, within Lakeland's Karen Lake
Property, historic work shows extensive enrichment within lakes and
stream sediments of Uranium, Nickel and other pathfinder
elements. Organic-rich overburden samples at Karen Lake are
reported to contain in excess of 1% uranium.
According to Jon Armes, President
and CEO of Lakeland Resources "We are excited about the opportunity
to acquire another project such as Newnham Lake with significant
historic work that suggests the presence of a large mineralized
system, as evidenced by highly anomalous uranium, nickel and other
pathfinders in both drill holes and surface samples. We look
at this as an excellent opportunity to grow the Company's stable of
high-quality projects."
Concurrent with the acquisition of the Newnham Lake Property,
the company has also agreed to acquire the Hatchet Lake Property
(the "Hatchet Property"). It is located east of the Company's
recently acquired Fond du Lac Property, and covers the easterly
extension of what is interpreted as the same basement graphitic
meta-sedimentary basin. The Hatchet Property has not seen any
serious historic exploration campaigns despite its favourable
geological setting. The Hatchet Property is located
approximately 12 kilometres outside of the Athabasca Basin sandstones, and is considered
highly prospective for basement hosted mineralization. It
also benefits from nearby infrastructure, as is common to all
projects located within the northeastern part of the Athabasca Basin, and which are in reasonable
proximity to the Uranium Mining and Milling infrastructure.
Lakeland has the right to earn a 100% interest in the Newnham
Lake Property by making cash payments totaling $100,000 and issuing 2,500,000 common shares over
a 24 month period. The Vendor will retain a 2.5% GORR, subject to a
1% buyback provision. The Hatchet Lake Property can be
acquired by making a cash payment of $13,500 and issuing 500,000 shares. The
Vendors will retain a 2.5% GORR, subject to a 1% buyback
provision.
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 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 where the depth of the basement is expected to be
from zero to around 100 metres; belief that the historic work
indicates a large amount of positive exploration indications;
suggestions that a large mineralized system exits and that the
property is considered highly prospective for basement hosted
mineralization.
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.