VANCOUVER, Oct. 30, 2014 /CNW/ - Lakeland Resources
Inc. (TSXv: LK) (FSE: 6LL) (OTCQX: LRESF) (the "Company" or
"Lakeland") is pleased to provide further results from the summer
2014 exploration at its 100% owned Lazy Edward Bay Property (the
"Property") located at the southeastern margin of the Athabasca Basin, Saskatchewan.
Highlights:
- Liberty Trend – Surface rock samples with 537 and 896 ppm
U3O8; strongly anomalous soil samples with
peak values of 14.8 ppm U; 2,920 ppm As; 119 ppm Co; and 112 ppm
Ni; and
- Bay Trend - Soil and RadonEX samples show strong anomalism atop
known conductors.
LIBERTY Trend
Exploration at the Liberty Trend focused on
confirming the presence of radioactive springs reported along
conductive trend(s) and investigating the association of uranium
mineralization with diabase dykes. Two samples of soil
proximal to the radioactive springs returned 13.7 and 14.8 ppm
Uranium; 2,920 ppm As; 119 ppm Co; and 112 ppm Ni.
According to Jonathan
Armes, President and CEO of Lakeland "The Liberty Trend
appears to be a rare combination of favorable geochemistry,
geophysics and surface rock samples anomalous in radioactivity;
coupled with a series of radioactive springs within a complex
structural setting. This confluence of geologic features
attests to the potential of this area to host a large mineralizing
system. The encouraging results at the Lazy Edward Property
confirm that it is amongst the most promising early-stage
exploration projects that Lakeland has assembled, which include the
Gibbons Creek, Star and Newnham Lake Properties. "
Two radioactive boulders collected near the
radioactive springs reveal 537 and 896 ppm
U3O8 as, with highly anomalous pathfinder
elements such as As, Co, Cr, Ni, and Pb. An outcrop sample
from the diabase dyke located approximately 350 metres to the south
encountered low uranium, but was also enriched in base metals such
as Cu, Co, Zn.
These results bolster the significance of the
Liberty Trend in relation to historic exploration highlighted by
known uranium mineralization within drill holes, structural
off-sets and conductive basement rocks. The Liberty Trend
consists of a wide, approximately five kilometre long, conductive
zone within the southwest portion of the property. A portion of the
trend is intruded by diabase dykes, which were the focus of
historic exploration and where uranium mineralization was noted. A
large vertical displacement (reverse fault) of up to 80 metres has
also been identified. Conductive (graphitic) basement rocks and
structural disturbances at the Liberty Trend were examined by
Uranerz Exploration and Mining Ltd. in 1979. Within Hole DDH
LE-1 highly anomalous uranium (224 ppm U3O8 across 0.5 metres) was
encountered within highly altered basement rocks. Other notable
anomalous drill intersections include DDH LE-14 with up to 5,100
ppm Cobalt.
In 2007 a ground Fixed Loop Transient
Electromagnetic (FLTEM) survey, conducted by JNR Resources, refined
the conductor along more than three kilometres along the Liberty
Trend. The conductors were drill tested with four holes in
2008, and intersected significant structural features composed of
brittle fracturing and/or ductile shearing with anomalous
pathfinder elements. Depths to the sub-Athabasca unconformity vary between 80 and 200
metres along the Liberty Trend. Additional drilling was
recommended but apparently not conducted. The targets on the
Liberty Trend are considered to be high-priority drill-ready
targets.
BAY Trend
Exploration at the Bay Trend consisted of 150
conventional soil samples atop a larger, 789 sample, Radon in soil
grid. The radon sampling was conducted by RadonEx Ltd. whose
Electret Ionization Chamber technology was highly successful in
detecting the Patterson Lake South uranium deposit. The
conventional soil samples targeted a northwest trending conductor
located immediately south of the shore of Lazy Edward Bay, and
approximately 1.5 kilometres south of the Athabasca Basin.
The Radon in soil grid covered the same conductor plus one
additional arcuate conductor located two kilometres to the
south. The surveys have resulted in several anomalous
geochemical targets that are coincident with basement conductors.
(See the accompanying map on the company's website).
Results highlight the significance of the
historic exploration by Uranerz in 1982, where drill hole LE-50
intersected basement rocks about 1 kilometre south of the
Athabasca Basin. Here, moderately
chloritized and sericitized, and weakly hematized migmatitic,
graphitic pelites returned 908 ppm U3O8 along
with anomalous boron, nickel, pathfinder metals (Sask AR:
74G07-0042). A 2005 VTEM survey conducted by JNR Resources
confirmed the historic conductors, and a follow-up 2007 ground
Fixed Loop Transient Electromagnetic (FLTEM) survey refined the
conductor location. The FLTEM targets have yet to be drill
tested. The 2014 geochemical surveys have further refined the
geophysical targets and are now considered to be high-priority
drill-ready targets.
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.
The 2014 geochemical results reported herein were
analyzed by SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025:
2005 Accredited Facility) of Saskatoon for analysis with a multi-element
ICP package. The uranium content throughout the news release
and maps is reported as ICP-MS (partial digestion). The soil
samples are reported as parts per million (ppm) U, whereas rock
samples are reported as ppm U3O8 in order to compare to historic
intersections that have been reported as oxide. The
conversion from U to U3O8 used a factor of 1.1792.
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
worlds' largest and richest high-grade uranium deposits. The
Company is well funded to carry out its short term exploration
programs.
Lakeland has assembled one of the most exciting
and promising early-staged exploration property portfolios within
the Athabasca Basin region, which
include the Star Property, Gibbons Creek, Newnham Lake and Lazy
Edward Bay. These properties are host to numerous Uranium
and/or Precious metal showings of which several are at the drill
ready stage. Cumulative historic expenditures at these
properties are well in excess of $20
million.
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 the confluence of geologic features
attests to the potential of this area to host a large mineralizing
system and that the property is the most promising early-stage
exploration project assembled by the Company.
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 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.