TSXv: LK FSE: 6LL
VANCOUVER, Nov. 27, 2013 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is pleased to announce that the Company has signed a Joint Venture Agreement (the "JV Agreement") with Star Minerals Group Ltd. ("Star Minerals") granting Lakeland an option to acquire a 100% interest in two strategic claims totaling 1,092 hectares located in the Athabasca Basin, Saskatchewan.
The new claims tie onto the Company's Riou Lake Property and are adjacent and to the north of the Gibbon's Creek target where fieldwork is currently underway in preparation for an initial Q1 2014 winter drilling program. Management determined it prudent to acquire the ground ahead of field results and the commencement of drilling.
Lakeland recently commenced a field program at the Gibbon's Creek target with results from boulder sampling, a RadonEx survey and a ground DC resistivity geophysical survey pending.
Geologic maps showing the location of the new claims and the Riou Lake Property and Gibbon's Creek target will be uploaded to the Company website.
About the Transaction
Under the terms of the joint venture agreement, Lakeland has the right to earn a 100% interest in the two claims by making cash payments totaling $60,000 and issuing 600,000 common shares over a 12 month period. The Vendor will retain the option of a 25% buyback for 4 times the exploration monies spent by the Purchaser to the date that the buyback option is exercised. The buyback option will be exercisable at any time up to a 90 day period following the completion and publication of a 43-101 compliant resource estimate. The transaction is subject to acceptance by the TSX Venture Exchange.
About the Acquired Claims
The property consists of two mineral claims, S-108135 and S-107355, with a total size of approximately 1,092 hectares. The claims are located less than 2 kilometres from the settlement of Stony Rapids, which is approximately 485 km north of the town of La Ronge and is on the bank of the Fond du Lac River in northern Saskatchewan, Canada.
Including the three drill holes completed by Star Minerals in 2008, the property has 14 historic drill holes. At the east end of the Property, an uplifted block of basement rock stands as a distinct topographic feature. The uplifted block, interpreted as a horst structure is significant as it highlights the evidence for structural off-sets, a key feature of known unconformity-type uranium deposits. Additionally, historic exploration by Eldorado Nuclear Limited in 1977 reveal anomalous Rare-Earth-Element (REE) concentrations of rock samples taken from trenches along a narrow radioactive shear with values of 2337 ppm cerium, 1269 ppm lanthanum, 149 ppm yttrium, 818 ppm neodymium, 140 ppm praseodymium and 95 ppm samarium. In many parts, this basement block is hematite-rich and elevated rare-earth element values were found throughout (Assessment report 74P04-0013). The REE concentrations themselves are not considered to be significant, but are useful as a proxy for indications of unconformity-style uranium mineralization. Authors Fayek and Kyser (1997) have outlined the significance of the relationship between rare-earth-element concentrations and uranium mineralization in the Athabasca Basin. The uplifted basement block has several anomalous soil samples, with peak values of 103 ppm uranium, as outlined in historic Eldorado Nuclear Limited exploration. The Company plans to follow up on this historic work and review it in a modern context, as the company vectors drill targets at the Gibbons Creek target.
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., of Dahrouge Geological Consulting Ltd., a qualified person.
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 the following statements - transaction accepted by the Exchange; Lakeland to complete the option to acquire 100% of the property; the exercise the buyback option by Star Minerals; a joint venture agreement entered into; and the completion of a 43-101 resource compliant estimate. In addition references to historical evidence pertaining to interpretation as a horst structure; key features of unconformity-type uranium deposits and the significance of the relationship between rare-earth element concentrations and uranium mineralization.
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]