TSXv: LK FSE: 6LL
VANCOUVER, Oct. 2, 2013 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is pleased to announce that exploration is now underway on the Company's 100%-owned Riou Lake Uranium Property located along the northern rim of the Athabasca Basin, Saskatchewan.
The initial field program will be focused on the "Gibbon's Creek" target and will consist of:
- Surface prospecting and boulder sampling with hand-held scintillometers,
- A RadonEx™ soil gas radon survey,
- Line-cutting, and
- A ground DC resistivity geophysical survey.
The current program, in combination with the extensive historic exploration information available, will refine and define the targets for an anticipated initial drill program at Gibbon's Creek in the winter Q1 2014.
Jon Armes, Lakeland's President commented: "This is a very important milestone for the Company. Over the next several months there will be strong news flow from the program starting with the results from the RadonEx survey and boulder sampling leading to a drill program at Gibbon's Creek."
The Riou Lake Property consists of eight mineral claims totaling approximately 35,000 hectares that span roughly 80 kilometres between the communities of Fond du Lac and Stony Rapids, Saskatchewan. The property benefits from nearby infrastructure, with power lines and highways transecting the claims. The Gibbon's Creek target is accessible year-round via Highway 964 and is three kilometres west of Stony Rapids.
Gibbon's Creek - Historic Exploration
A recently completed compilation of the historic exploration information available for the Riou Lake Property identified the Gibbon's Creek target as a priority for immediate follow-up.
Significant previous exploration in 1978-1980 by Eldorado Nuclear consisted of:
- Boulder prospecting,
- Soil geochemical surveys,
- Ground geophysical surveys including DC resistivity, horizontal loop EM and gravity, and
The exploration identified a number of radioactive sandstone boulders, either coincident with the Gibbon's Creek target area, or immediately to the south of it. The boulders assayed up to 4.9% U3O8. Also coincident with the target area is a significant soil geochemical anomaly with strong uranium anomalism. Numerous soil samples from the Gibbon's Creek target contained between 5 and 10 ppm U, with background considered to be 1.0 ppm or less.
The Gibbon's Creek target area is roughly coincident with a gravity low, which measures about 3 kilometres east-west, by 1 kilometre north-south. The gravity low is situated at the northeast termination of a greater than 15 kilometre, northeast trending conductive zone.
Historic drilling of the target area by Eldorado identified approximately 14 holes with anomalous radioactivity and/or geochemistry. Multiple holes intersected from 100 to 1,000 ppm uranium at or near the unconformity (about 100 m depth), with hole GC-15 averaging 0.18% U3O8 across 0.13 m. Recent modeling of the historic drill data has identified a structural co-corridor up to 1 kilometre in length, and up to 100 m across. Holes within and flanking this zone contained significant radioactivity and or anomalous geochemistry. Notable results include:
|GC-15: 134.11 to 136.55 m: 257 to 1,520 ppm uranium and 86 to 222 ppm nickel;|
|GC-19: 99.08 to 110.38 m: 24 to 219 ppm uranium and 18 to 155 ppm nickel; and|
|GC-21: 141.27 to 142.80 m: 42 to 415 ppm uranium and 19 to 172 ppm nickel.|
Due east of GC-15 about 500 m away, Hole GC-22 was abandoned in the sandstone upon encountering significant clay, while Hole GC-26 which was designed to undercut GC-22, encountered "extensive basement alteration, up to 72 metres." (Assessment Report 74P04-0024, pg. 20). The altered basement is further described as soft, highly altered, with extensive hematite, chlorite and clay alteration.
Approximately 1,000 m east to southeast of Hole GC-15, three holes, each spaced about 100 m apart, were completed along a north-south fence (GC-23, 25 and 24). Anomalous radioactivity was noted at the unconformity, also with values of up to 2,900 ppm nickel across 3.0 m within altered basement of GC-24.
More recent exploration on the Gibbon's Creek target and the Riou Lake Property by UEX Corp. include airborne MegaTEM, gravity, magnetic and radiometric geophysical surveys, completed in 2005. Results of these surveys are being compiled, and will assist with exploration.
The extensive archived historic exploration data for the Riou Lake Property including the $3M+ of modern airborne geophysics completed by UEX Corp. is a great benefit to Lakeland. Lakeland is focused on testing targets, such as Gibbon's Creek, where the depth to the unconformity is known to be shallow (ie. ~50-250 metres) increasing the economics of exploration and accordingly the potential success rate. Much of the detailed ground prospecting and geophysical exploration on the property dates back to the late 1970's and only covered a portion of the Gibbon's Creek target. The current exploration program is designed to use modern exploration techniques and cover the entire 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 initial field program will be focused on the Gibbon's Creek target and will consist of: surface prospecting and boulder sampling, a RadonEx soil gas radon survey, line-cutting, and a ground resistivity geophysical survey; that the program, in combination with the extensive historic exploration information available, will refine and define the targets for an anticipated initial drill program at Gibbon's Creek in the winter Q1 2014; and that over the upcoming months there will be strong news flow from the program starting with the results from the RadonEx survey and boulder sampling leading to a drilling program at Gibbon's Creek.
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]