VANCOUVER, Aug. 21, 2014 /CNW/ - Lakeland Resources
Inc. (TSXv: LK) (FSE: 6LL) (OTCQX: LRESF) (the "Company" or
"Lakeland") is pleased to provide an update on recent and planned
work at its 100% owned Athabasca
Basin uranium properties.
Highlights
- Star Uranium Property:
Completion of follow-up
mapping and prospecting at the Star Uranium Property. This
work was completed in order to define the deposit model and the
source of the gold, Platinum Group Element ("PGE") and Rare Earth
Element ("REE") mineralization observed during the fall of
2013.
- Lazy Edward Bay Property:
Exploration permits have been received for the proposed summer work
program and crews will begin mobilization to the property as soon
as possible. The BAY trend will be the focus of
exploration.
- Fond Du Lac Property:
Exploration permits have been received for the proposed summer work
program and crews will begin mobilization to the property as soon
as possible. The Fond du Lac Property is targeting a
coincident geochemical and conductive target at the margin of the
Athabasca Basin.
Star Uranium Property:
Crews from Dahrouge Geological
Consulting Ltd. recently completed a six day sampling and mapping
campaign at the Star Uranium Property. A total of 73 rock
samples and 124 soil samples were collected from in and around the
uplifted basement block at the northeastern portion of the
property, immediately north of the margin of the Athabasca
Basin. This work was completed in order to define the deposit
model and the source of the gold and Platinum Group Element ("PGE")
and Rare Earth Element ("REE") results obtained in the fall of
2013. The 2013 sampling explored a small portion of the
uplifted basement outcrop on the Star Property. 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.
Lazy Edward Bay Property:
Exploration permits have
been received for the proposed summer work program and mobilization
to the property will begin as soon as possible. The BAY trend
will be tested with a RadonEX survey. This and other targets
will be prospected in order to locate boulders or other surface
expressions of shallow unconformity-style uranium
mineralization.
The BAY trend consists of two parallel conductive trends at the
southern margin of the Athabasca
Basin. The BAY trend is highlighted by historic exploration of
Uranerz in 1982, where 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).
Fond Du Lac Property:
Exploration permits have been
received for the proposed summer work program and crews will begin
mobilization to the property as soon as possible. The Fond du
Lac Property is targeting a coincident geochemical and conductive
target at the margin of the Athabasca Basin.
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.
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, all references to summer work
programs and the mobilization of crews; that work completed will
define the deposit model and the source of the gold, PGE and REE
mineralization; and suggestions of the presence of a robust
hydrothermal system.
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.