VANCOUVER, Nov. 19th, 2014 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is pleased to announce the acquisition, by staking, of four new uranium properties totaling 17,954 hectares; and the expansion of five of its existing properties totaling an additional 22,264 hectares all located within the Athabasca Basin region, Saskatchewan.
The properties that were expanded include: Lazy Edward Bay, Riou Lake, Hawkrock Rapids, Small Lake and Fedun Lake. The new claims were acquired in order to cover targets identified from a review of historic work. A highlight of the review is at the expanded Lazy Edward Property, where two conductive trends were defined by an airborne VTEM survey by Dejour Enterprises in 2006. One of the trends was followed up on the ground in 2009 with a Fixed-loop Time-Domain (FLTEM) survey and was apparently not drill-tested. The Lazy Edward Property, now totaling 31,128 hectares in size, contains eight significant exploration trends, many of which are drill-ready.
An updated property map of the Athabasca Basin can be found on the Company's website:
With the addition of four additional mineral claims, totaling 1,508 ha, Lakeland has gained a presence in the southwest part of the Athabasca Basin. The Carter Lake Property covers a portion of the Carter Lake Structural Corridor, which is parallel to the Patterson Structural Corridor (host to the PLS Zone of Fission Uranium Corp.; and the Arrow Zone of NexGen Energy Corp.). Depth to the sub-Athabasca unconformity in the property area is estimated at or about 600 metres.
Five claims totaling 1,077 ha located at the southern margin of the Athabasca Basin. Historic exploration, most recently by the previous operator, JNR Resources included airborne Electromagnetic (EM), high-resolution airborne magnetic and ground EM surveys. The Cable Bay Property includes a trend of graphitic meta-sedimentary rocks in the basement, with Athabasca Sandstone cover of only 10 metres or less. The trend was drill-tested on a reconnaissance-scale by Saskatchewan Mining Development Corporation (SMDC) in 1979.
Three claims totaling 6,479 ha located at the southeastern margin of the Athabasca Basin. The property is underlain by both Athabasca sandstone and basement rocks. A GeoTEM survey by International Uranium Corp. and Phelps Dodge Corporation identified a moderate-strength conductor which was not followed up.
Eleven claims totaling 8,889 hectares located at the eastern margin of the Athabasca Basin. The Wright River Property is largely outside of the Basin, where lake sediments samples of the regional Geological Survey of Canada (GSC) are elevated (up to 61 ppm). Additionally, a coincident airborne radiometric anomaly, as defined by a 2009 regional GSC survey, highlights the centre of the Property.
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 of Lakeland.
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 world's largest and richest high-grade uranium deposits. The Company is well funded to carry out its near term exploration programs.
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, but are not limited to - estimated depth to the unconformity at Carter Lake to be at least 600 metres and references to historic exploration results.
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: 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: [email protected]