VANCOUVER, March 1, 2012 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is pleased to announce that it has executed a letter of intent to earn a 100% interest in the Ballard Lake Gold Property located approximately 50 km's northeast of Wawa, Ontario.
Ballard Lake Property:
The Ballard Lake Property consists of 2 unpatented mining claims encompassing 17 claim units (272 hectares) located in Echum and Dolson Townships within the Michipicoten Greenstone Belt, Sault Ste. Marie Mining Division. The property is road accessible and covers the Ballard Lake Shear Zone ("BLSZ") and the main Ballard Lake Showing. The BLSZ has been exposed for over 1 km and reportedly returned gold assays as high as 17.6 g/t Au from historic trenches. Past work by previous operators (Noranda Mines in 1980 and Anglo Porcupine Gold Exploration Ltd. in 1988) have established significant gold assays along the BLSZ and numerous other gold and base metal occurrences within the property boundary. The main Ballard Lake Showing has been described as a sulphide bearing quartz vein that is commonly 30-40 centimetres wide with grab samples ranging from trace to over 4.4 oz/t Au and 12.0 oz/t Ag.
A 1998 Ontario Prospectors Assistance Program ("OPAP") program on the Ballard Lake Property was comprised of prospecting, linecutting and an I.P. ("Induced Polarization") geophysical survey. The 1998 program identified the shear zone as well as several geophysical target areas (strong chargeability anomalies) that were overburden covered. Drilling was recommended but never carried out.
Based upon the encouraging historical results found on the Ballard Lake Property, the Company has staked an additional 30 claim units to the east and 178 claim units to the northwest encompassing 3328 hectares. The property was acquired to cover the sheared contact area between the Murray Lake Stock and mafic metavolcanics. This geological setting is considered favourable for gold mineralization, as observed on the Ballard Lake Property. The property straddles approximately 7 km's of this contact and ties on to the east end of Lakeland's Midas Property.
"The Ballard Lake Property hosts a large untested structure with known gold and silver mineralization which has not been drill tested." stated Jonathan Armes, President of Lakeland Resources Inc. "The additional ground we acquired provides the Company with an excellent land package in an underexplored area of the Michipicoten Greenstone Belt."
Other companies operating in the area include: Prodigy Gold Inc. (TSXv: PDG), Richmont Mines Inc. (TSX: RIC) and Strike Minerals Inc. (TSXv: STK).
The Company is planning a drill program to target the IP anomalies identified during the 1998 exploration program on the Ballard Lake Property as well as prospecting and mapping along the extensive sheared contact on the newly staked ground.
Pursuant to the terms of the proposed option agreement, Lakeland can earn an undivided 100% interest in the Ballard Lake Property by making cash payments totalling $30,000 and issuing 300,000 common shares over a 3 year period. The property is subject to a 2% NSR with a buy-back of 1% for $1M.
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.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a publicly-traded mineral exploration company focused on 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" and on the Frankfurt Stock Exchange under the symbol "6LL."
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 the Company can earn a 100%-interest in the Ballard Lake Property by making cash payments totalling $30,000 and issuing 300,000 common shares over a 3 year period; that the Ballard Lake Property is subject to a 2% NSR with a buy-back of 1% for $1,000,000; that the Company is planning a drill program to target the IP anomalies identified during the 1998 exploration program on the Ballard Lake Property as well as prospecting and mapping along the extensive sheared contact on the newly staked ground.
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, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
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