TSXv: LK FSE: 6LL
VANCOUVER, Jan. 8, 2014 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") and its option
partner, Declan Resources Inc. (TSXv: LAN) ("Declan"), are pleased to provide an update on recent
work completed at the Gibbons Creek Uranium Property ("Gibbons Creek")
located along the northern margin of the Athabasca Basin, Saskatchewan.
Successful completion of a land-based RadonEx™ survey at Gibbons Creek,
with a peak of 9.93 pCi/m2/sec (believed to be one of the highest reported RadonEx values recorded
to date for the Athabasca Basin).
Ground-prospecting and sampling program confirm the existence of a
historic radioactive boulder field on the Gibbons Creek Property.
Results include eight boulders with assays greater that 1.0% U3O8, and a high of 4.28% U3O8.
Successful completion of approximately 38 line-kilometres of a
DC-Resistivity survey. Robust resistivity trends are roughly coincident
with historic alteration and mineralization.
"We are excited to report on these results today, as they confirm the
potential for a significant uranium discovery at the Gibbons Creek
Uranium Property. Of particular interest are the extremely high
'Radon' values reported by RadonEx, which to our knowledge, are the
highest ever reported for the Athabasca Basin area," stated Jonathan
Armes, President of Lakeland Resources Inc.
Gibbon's Creek is comprised of five contiguous claims totaling 12,771
hectares, located less than 3 kilometers from the settlement of Stony
Rapids. The Property is adjacent to the Black Lake Project, held
jointly by Uracan Resources Ltd. and UEX Corporation. The Gibbon's
Creek Property encompasses a portion of the Company's 35,463 hectare
Riou Lake Property and is where Lakeland's fieldwork has been largely
focused to date.
Declan can acquire up to a 70% interest in the Gibbons Creek Uranium
Property by incurring $6,500,000 of staged exploration expenditures,
paying $1,500,000 in cash and making share payments totaling 11,000,000
shares over a 4 year period.
Lakeland contracted RadonEx Ltd. to conduct Radon surveys at the Gibbons
Creek Property, whose Electret Ionization Chamber technology was highly
successful in detecting the Patterson Lake South uranium deposits. A
total of 592 samples were taken on the Gibbons Creek Property over
areas with historic drilling and other positive uranium indications.
The survey was conducted on lines spaced 200 metres apart, and sample
stations spaced 50 metres apart. Results of the survey indicate a
maximum of 9.93 pCi/m2/sec, with nine samples greater than 3.2 and a background level of about
1.3. The maximum radon value is coincident with a historically defined
uranium-in-soil anomaly. These results have both confirmed current
drill targets based on historic results and defined new high-priority
Plans are being made to conduct a follow-up radon survey as soon as
possible in order to expand on these positive results.
Prospecting and Sampling
Prospecting crews of Dahrouge Geological Consulting Ltd. successfully
confirmed the historically defined radioactive boulder field at the
Gibbons Creek Property. Historic work by Eldorado Nuclear identified
sandstone boulders with uranium contents of up to 4.9% U3O8.
The recent prospecting work has identified an area of approximately 1.2
kilometres by 1.0 kilometre containing radioactive boulders. Results
indicate eight sandstone boulders with assays greater than 1.0% U3O8, with the highest assay of 4.28% U3O8. Additionally, 11 samples assayed greater than 0.2% U3O8. The remaining 9 boulders sampled in the boulder-field assayed less
than 0.2% U3O8. Many of the mineralized boulders contain anomalous values of nickel,
arsenic, lead and cobalt.
The precise bedrock source of the boulders is not known at this time,
and the next field season will concentrate on detailed glacial studies
in order to better define their source. The size of the boulders range
from about 15 and 80 centimetres across, measured in their longest
dimension. The altered sandstone boulders are commonly sub-angular to
rounded. The ratio of sandstone boulders to basement boulders is
approximately 100:1, but varies locally throughout the property. Two
separate groups of glacial striations are recorded from the project
area, the first trending roughly 235 degrees and the other roughly 275
Patterson Geophysics Inc. of La Ronge, Saskatchewan completed
approximately 38 line-kilometres of pole-dipole D.C. Resistivity survey
on the Gibbons Creek Property. The survey is designed to map the extent
of basement alteration which was identified in the historic drilling
campaigns by Eldorado Nuclear in 1978 to 1980. Historic drill records
report "extensive basement alteration, up to 72 metres." (Assessment
Report 74P04-0024, pg. 20). The altered basement is further described
as soft, highly altered, with extensive hematite, chlorite and clay
Interpretation of the resistivity survey was conducted by Livingsky
Geophysics of Saskatoon, Saskatchewan. A 3D model of the resistivity
data was created and depth-slice images created at varying levels in
order to map the resistivity at specified depths. The unconformity is
at about 70 metres depth at the north end of the survey area, and about
120 metres depth at the south end of the survey area. At a depth of
about 100 metres below the surface (150 metre a.s.l. depth slice), a
distinct east-west low-resistivity trend of less than 1,000 ohm-m is
apparent and is roughly coincident with the historic basement
alteration and mineralization. This robust resistivity trend is
apparent at near surface (250 m a.s.l.) all the way to a depth of about
200 metres (50 metres a.s.l.). Another distinct resistivity anomaly is
roughly coincident with the strong radon anomalies located at the
northern end of the survey. Both resistive trends represent high
priority targets for follow-up drill testing.
About the Property
The Riou Lake Property benefits from $3M+ of historic exploration
including modern geophysics completed by the previous owner UEX Corp.
in 2005 and work by Eldorado Nuclear. The property benefits from nearby
infrastructure, with power lines and highways transecting the claims.
Lakeland is focused on testing targets, such as Gibbon's Creek, where
the depth to the unconformity is known to be shallow (ie. ~50 - 250
metres) increasing the economics of exploration.
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
All rock samples were delivered to Activation Laboratories Ltd.
("Actlabs") of Ancaster, Ontario. Actlabs is an ISO Certified
Laboratory, and independent of the issuer. All samples were analyzed
with a 39-element "partial digestion" with ICP-MS/ICP-OES analysis; and
a 49-element "total digestion" with ICP-MS/ICP-OES analysis. Samples
that returned greater than 8,000 ppm Uranium with either digestion were
analyzed with the 8-U3O8-XRF method whereby a 0.5 gram sample is fused
with lithium metaborate/tetraborate and analyzed by XRF. Samples below
8,000 ppm Uranium are reported herein by the partial digestion and
ICP-MS method. Samples over 8,000 ppm Uranium are reported herein by
the XRF method. Uranium values are converted to U3O8 values with the conversion factor of 1.1792.
All samples were tested for Au, Pt, Pd with the 1C-OES-Exploration
method Fire Assay 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.
President, CEO and Director
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 the RadonEx survey is
believed to be one of the highest recorded in the Athabasca basin;
these results confirm the potential for a significant uranium deposit;
all references to historic drill reports and other positive uranium
indications; the Company will conduct a follow-up radon survey; any
references to next seasons field work; references to the depth of the
unconformity in relation to the economics of exploration.
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.
For further information:
For more information, please visit the corporate website at http://www.lakelandresources.com or contact Roger Leschuk, Corporate Communications at Ph: 604.681.1568 or TF: 1.877.377.6222 or email: firstname.lastname@example.org