TSXv: LK FSE: 6LL
VANCOUVER, Oct. 31, 2013 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is pleased to announce that its joint-venture partner New Dimension Resources Ltd. ("New Dimension") has informed the Company that permits have been received and a minimum 1,800-metre diamond drilling program will commence shortly at the Midas Gold Property (the "Property"), located approximately 50 kilometers northeast of the town of Wawa in north central Ontario.
The drilling program is being funded 100% by New Dimension whom has an option to earn up to a 70% interest in the Property from Lakeland by spending $1.2 million in exploration expenditures, issuing 1.5 million shares of New Dimension and paying $100,000 to Lakeland on or before December 31, 2016. Lakeland will then be free carried with its remaining 30% interest until New Dimension completes an initial NI 43-101 resource estimate for the Property.
Midas Property - Background:
In keeping with the Company's focus on uranium exploration in the Athabasca Basin, Lakeland optioned a 70% interest in the Midas Gold Property to New Dimension in September, 2013.
The Midas Property consists of 12 staked claims (139 units) covering 2,112 hectares within the Sault Ste. Marie Mining Division. The Property is road accessible and lies 20 kilometres southeast of Richmont Mines' Island Gold Mine complex and Argonaut Gold's Magino Gold Project (recently acquired for approximately ~$350 M from Prodigy Gold).
Click the following link to view a location map of the Midas Gold Property:
Sporadic exploration has been carried out in the Midas Property area, beginning in the 1940's, with most work completed in the late 1970's to 1990. Past exploration has included surface sampling, trenching airborne and ground geophysics and diamond drilling.
During the winter of 2011, Lakeland carried out ground magnetics and induced polarization in the southwestern area of the Property. To follow up this program Lakeland completed sixteen (16) diamond drill holes totaling 2,353 metres. The drilling was designed to test induced polarization anomalies and surface gold showings. Drilling partially defined two gold bearing zones (zones M-11 and M-16) with fourteen (14) of the holes reporting gold mineralization. Highlights of the drilling are summarized in the following table:
Midas Gold Property - Significant Drill Hole Intervals
|Drill Hole|| From
| Grade Au
- All results shown are over core lengths. True widths are not known;
- Drill core was industry standards NQ in size. All split or sawn core samples from Phase 1 drilling were submitted to Swastika Laboratories of Swastika, Ontario for analysis; samples from Phase II drilling were submitted to Accurassay Laboratories of Thunder Bay, Ontario. All gold assaying was performed using a 30g standard fire assay with an AA and /or gravimetric finish.
Please click the following link to view a map of the drill plan at the Midas Gold Property:
The drilling identified a broad gold-bearing structure, which can be traced for over 500 metres in strike length. Work to date indicates that the gold system lies along the southern limb of a broad anticlinal fold structure and is associated with widespread silicification and carbonatization. Gold mineralization remains open on strike and down dip.
Results from the drilling program will be reported jointly by the partners as they become available during the program.
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 Mr. Garry Clark (P.Geo), a Director of Lakeland.
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.
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 New Dimension will complete a minimum 1,800 metre drilling program at the Midas Gold Property and that results from the drilling program will be reported jointly by the partners as they become available during the program.
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: [email protected]