VANCOUVER, Sept. 20, 2011 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (the "Company" or "Lakeland") is pleased to report the
discovery of a new, high-grade gold occurrence on its 100%-owned Midas
Gold Property near Wawa, Ontario. Mapping of the property, being
conducted in conjunction with the Company's 1,500 metre summer diamond
drill program, identified a new surface gold discovery which returned
grab sample values ranging from 2 g/t gold to 130 g/t (4.1 oz/t) gold.
Spectacular visible gold was found in one sample (this sample was not
sent for assay) and a picture can be viewed on the Company's website at
http://www.lakelandresources.com. This new discovery is located approximately 500 metres west, and along
strike of drill hole M-11-04 which returned 5.92 g/t gold over 4.70
metres from the M-16 Zone (see press release of May 18, 2011).
The new discovery is located along a prominent geophysical trend which
links the M-16 and M-11 Zones discovered earlier this year to this new
surface gold discovery. Stripping and detailed sampling of the new
discovery will be undertaken as soon as freezing conditions provide
better access for mechanized equipment.
The Company also reports that the Phase II, eleven hole, drill program
has now been completed on the Midas Property. Assay results will be
released in their entirety upon receipt. Holes M-11-06 through M-11-16
were drilled to test the strike and depth potential of the M-16 and
M-11 gold discoveries announced in May, as well as other geophysical
anomalies that were left untested after the Phase I drill program. A
drill hole location map will be posted on the Company's website.
"The discovery of a new, high-grade gold occurrence along the projection
of the Midas Gold Trend continues to highlight the potential of the
project which is road accessible and located proximal to currently
producing gold mines in the Wawa area," stated Jonathan Armes,
President. "The new discovery adds a significant strike component to
the trend and will lead to an expanded surface mapping and sampling
program on the property."
Highlights from the five hole, Phase I drill program included 4.7 metres
of 5.92 g/t gold; including 8.88 g/t gold over 2.6 metres and 12.07 g/t
gold over 0.8 metres in drill hole M-11-04 (M-16 Zone) and 7.03 g/t
gold over 2.0 metres in drill hole M-11-05.
The Midas Gold Property is geologically situated within the Michipicoten
Greenstone belt and consists of 10 claims (107 claim units) covering
1,712 hectares approximately 50 km northeast of Wawa Ontario. The
property is road accessible and is located approximately 20 km
southeast of Richmont Mines' (TSX: RIC) Island Gold Mine complex and
Prodigy Gold's (TSXv: PDG) Magino Gold Project and less than 30 km from
the past producing Edward's Mine.
Appointment Alex Falconer as CFO and Director
The Company also announces the appointment of Alex Falconer, C.A. to the
position of Director and CFO. Mr. Falconer brings over ten years
experience in the junior mining exploration field, and currently serves
as CFO for Rainbow Resources Inc. Alex has an in-depth knowledge of the
junior financing markets and regulatory processes as well as a proven
record of accomplishments in structuring and securing capital for
initial business funding through to the public company finance stage.
Mr. Falconer replaces Troy Nikolai as CFO and Director. Lakeland wishes
to extend its thanks and appreciation for his tenure over the past
NI 43-101 Disclosure
The technical information in this news release 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
Robert Duess, P.Geo., a Qualified Person.
Lakeland has implemented a quality control program for all of its drill
programs to ensure best practice in the sampling and analysis of the
drill core which includes the insertion of blanks and certified
standards into the sample stream. NQ-sized drill core is saw cut or
split with half of the drill core sampled and the remaining half of the
core stored on-site at the Company's core shack in Wawa, Ontario. Drill
core samples are transported in security sealed bags to Accurassay
Laboratories in Thunder Bay, Ontario for industry standard analysis.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a publicly-traded mineral exploration company
focused on creating shareholder wealth through the discovery of new
gold deposits with a 100% focus on Canadian assets principally in
Ontario. Lakeland aims to create value through the drill bit and build
a successful mineral exploration company by combining technical
knowledge, a motivated management team and board, strong and clear
messaging and supportive investors.
Lakeland has 19,472,878 shares outstanding. The Company's common shares
trade on the TSX Venture Exchange under the symbol "LK."
For more information, please visit the corporate website at http://www.lakelandresources.com
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
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 stripping and detailed
sampling of the new surface discovery will be undertaken as soon as
freezing conditions provide better access for mechanized equipment and
that assays results from the Phase II summer drill program will be
released in their entirety upon receipt.
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. Readers
should refer to the risk disclosures outlined in the Company's
Management Discussion & Analysis of its audited financial statements
filed with the British Columbia Securities Commission.
For further information:
President, CEO and Director