VANCOUVER, Oct. 30, 2014 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (OTCQX: LRESF) (the "Company" or "Lakeland") is pleased to provide further results from the summer 2014 exploration at its 100% owned Lazy Edward Bay Property (the "Property") located at the southeastern margin of the Athabasca Basin, Saskatchewan.
- Liberty Trend – Surface rock samples with 537 and 896 ppm U3O8; strongly anomalous soil samples with peak values of 14.8 ppm U; 2,920 ppm As; 119 ppm Co; and 112 ppm Ni; and
- Bay Trend - Soil and RadonEX samples show strong anomalism atop known conductors.
Exploration at the Liberty Trend focused on confirming the presence of radioactive springs reported along conductive trend(s) and investigating the association of uranium mineralization with diabase dykes. Two samples of soil proximal to the radioactive springs returned 13.7 and 14.8 ppm Uranium; 2,920 ppm As; 119 ppm Co; and 112 ppm Ni.
According to Jonathan Armes, President and CEO of Lakeland "The Liberty Trend appears to be a rare combination of favorable geochemistry, geophysics and surface rock samples anomalous in radioactivity; coupled with a series of radioactive springs within a complex structural setting. This confluence of geologic features attests to the potential of this area to host a large mineralizing system. The encouraging results at the Lazy Edward Property confirm that it is amongst the most promising early-stage exploration projects that Lakeland has assembled, which include the Gibbons Creek, Star and Newnham Lake Properties. "
Two radioactive boulders collected near the radioactive springs reveal 537 and 896 ppm U3O8 as, with highly anomalous pathfinder elements such as As, Co, Cr, Ni, and Pb. An outcrop sample from the diabase dyke located approximately 350 metres to the south encountered low uranium, but was also enriched in base metals such as Cu, Co, Zn.
These results bolster the significance of the Liberty Trend in relation to historic exploration highlighted by known uranium mineralization within drill holes, structural off-sets and conductive basement rocks. The Liberty Trend consists of a wide, approximately five kilometre long, conductive zone within the southwest portion of the property. A portion of the trend is intruded by diabase dykes, which were the focus of historic exploration and where uranium mineralization was noted. A large vertical displacement (reverse fault) of up to 80 metres has also been identified. Conductive (graphitic) basement rocks and structural disturbances at the Liberty Trend were examined by Uranerz Exploration and Mining Ltd. in 1979. Within Hole DDH LE-1 highly anomalous uranium (224 ppm U3O8 across 0.5 metres) was encountered within highly altered basement rocks. Other notable anomalous drill intersections include DDH LE-14 with up to 5,100 ppm Cobalt.
In 2007 a ground Fixed Loop Transient Electromagnetic (FLTEM) survey, conducted by JNR Resources, refined the conductor along more than three kilometres along the Liberty Trend. The conductors were drill tested with four holes in 2008, and intersected significant structural features composed of brittle fracturing and/or ductile shearing with anomalous pathfinder elements. Depths to the sub-Athabasca unconformity vary between 80 and 200 metres along the Liberty Trend. Additional drilling was recommended but apparently not conducted. The targets on the Liberty Trend are considered to be high-priority drill-ready targets.
Exploration at the Bay Trend consisted of 150 conventional soil samples atop a larger, 789 sample, Radon in soil grid. The radon sampling was conducted by RadonEx Ltd. whose Electret Ionization Chamber technology was highly successful in detecting the Patterson Lake South uranium deposit. The conventional soil samples targeted a northwest trending conductor located immediately south of the shore of Lazy Edward Bay, and approximately 1.5 kilometres south of the Athabasca Basin. The Radon in soil grid covered the same conductor plus one additional arcuate conductor located two kilometres to the south. The surveys have resulted in several anomalous geochemical targets that are coincident with basement conductors. (See the accompanying map on the company's website).
Results highlight the significance of the historic exploration by Uranerz in 1982, where drill hole LE-50 intersected basement rocks about 1 kilometre south of the Athabasca Basin. Here, moderately chloritized and sericitized, and weakly hematized migmatitic, graphitic pelites returned 908 ppm U3O8 along with anomalous boron, nickel, pathfinder metals (Sask AR: 74G07-0042). A 2005 VTEM survey conducted by JNR Resources confirmed the historic conductors, and a follow-up 2007 ground Fixed Loop Transient Electromagnetic (FLTEM) survey refined the conductor location. The FLTEM targets have yet to be drill tested. The 2014 geochemical surveys have further refined the geophysical targets and are now considered to be high-priority drill-ready targets.
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.
The 2014 geochemical results reported herein were analyzed by SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis with a multi-element ICP package. The uranium content throughout the news release and maps is reported as ICP-MS (partial digestion). The soil samples are reported as parts per million (ppm) U, whereas rock samples are reported as ppm U3O8 in order to compare to historic intersections that have been reported as oxide. The conversion from U to U3O8 used a factor of 1.1792.
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 worlds' largest and richest high-grade uranium deposits. The Company is well funded to carry out its short term exploration programs.
Lakeland has assembled one of the most exciting and promising early-staged exploration property portfolios within the Athabasca Basin region, which include the Star Property, Gibbons Creek, Newnham Lake and Lazy Edward Bay. These properties are host to numerous Uranium and/or Precious metal showings of which several are at the drill ready stage. Cumulative historic expenditures at these properties are well in excess of $20 million.
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 the confluence of geologic features attests to the potential of this area to host a large mineralizing system and that the property is the most promising early-stage exploration project assembled by the Company.
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 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]