TSXv: LK FSE: 6LL
VANCOUVER, July 8, 2014 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is pleased to provide an update on exploration activities for the Star Property, located along the northern margin of the Athabasca Basin. The Star Property is directly adjacent to the Company's Gibbons Creek Property and west of the community of Stony Rapids, Saskatchewan.
In preparation for the summer 2014 field program at the Star Property, the Company has received a review of historic and recent exploration from project consultants Dahrouge Geological Consulting Ltd. of Edmonton, AB; and notes the following:
- A one-day exploration program in 2013 found a number of surface grab samples enriched in gold, platinum group elements (PGE's), and Rare Earth Element's (REE's);
- Two outcrop samples described as altered, black, cryptocrystalline and approximately 200 m apart contained highly anomalous concentrations of gold and PGE's, as follow:
- Sample 79441: 1.8 g/t Au, 0.08 g/t Pt; 0.12 g/t Pd
- Sample 79447: 5.7 g/t Au; 0.36 g/t Pt; 0.39 g/t Pd
- A sandstone boulder with anomalous uranium values also contained strong enrichment in heavy rare earth elements; while a nearby outcrop contained 6.9% TREO's:
- Sample 79442 (boulder sample): 257 ppm Uranium, 0.3% TREO (includes 1,216 ppm Dy2O3 and 321 ppm Y2O3)
- Sample 79447 (outcrop sample): 6.9% TREO (dominantly Light REE enriched).
Project Geology and Target Potential
The Star Property covers a quasi-circular basement uplift along the northern margin of the Athabasca Basin, immediately north of the Company's Gibbons Creek Property (under option to Declan Resources Inc.). This structural feature is considered an ideal location for the development of uranium occurrence's associated with the unconformity or sub-unconformity of the Athabasca Basin.
A small portion of the uplifted basement outcrop on the Star Property was prospected with very promising results, as highlighted earlier. In total, 8 outcrop samples and 2 boulder samples were collected. The highly anomalous concentrations of gold (up to 5.7 g/t Au), platinum group elements (0.75 g/t PGE's), rare earth elements (up to 6.9% TREO) and highly anomalous uranium; suggest the presence of a robust hydrothermal system.
The potential for such a regional hydrothermal system is demonstrated by intense alteration associated with historic uranium mineralization within the Gibbons Creek Property located immediately to the south. Within the Athabasca Basin, there are a number of projects where highly anomalous precious metals and/or rare earth elements occur in spatial relation to Uranium deposits and/or mineralization. Examples of such mineralization include the Nicholson Bay and Fish Hook Bay U-Au-PGE occurrences, and the MAW Zone- Wheeler River occurrences.
Preliminary mineralogical work on the REE-bearing samples includes SEM analysis (Scanning Electron Microscope); BSE analysis (Electron Back-Scatter Analysis); and EDS (Energy Dispersive Spectrometry) and reveals the following:
Sample #79442 – The Heavy REE values are from fine-grained xenotime. The modal mineralogy of the sample reveals primarily quartz, with xenotime (3.1%) and about 1.3% kaolinite/illite clay. Diagenetic-Hydrothermal xenotime accumulations are known elsewhere in the Athabasca Basin region, and have been associated with some unconformity-style uranium deposits (McArthur River, Key Lake, McLean Lake and others).
Sample #79446 – The sample contains 23.6% monazite, with 16.75% kaolinite/illite clay.
According to Jonathan Armes, President and CEO of Lakeland Resources Ltd.:
"We are extremely excited about the noteworthy U-Au-PGE +/- REE occurrence identified at the Star Property, and are looking forward to completing a near term mapping and sampling program to determine the extent of the mineralization. In addition, the historic association and spatial relationship of these commodities with large uranium mineralizing systems bodes well for the ongoing Uranium exploration at the Star Property and our adjacent Gibbons Creek Project."
About the Property
The Star Property benefits from historic exploration including modern geophysics and drilling completed by Star Minerals in 2005 to 2008; and work by Eldorado Nuclear in the 1970's and 1980's. The Property is considered highly prospective for U, Au, PGE's and REE mineralization. It also benefits from nearby infrastructure, with power lines and highways nearby.
Lakeland has the right to earn a 100% interest in the Star Property 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
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.
All rock samples were delivered to Activation Laboratories Ltd., an ISO Certified Laboratory. All samples were analyzed by a 39-element "partial digestion" with ICP-MS/ICP-OES analysis; and a 49-element "total digestion" with ICP-MS/ICP-OES analysis. Uranium values are converted to U3O8 values with the conversion factor of 1.1792.
Samples with high REE values were tested using the 8-REE method whereby the sample is treated with lithium metaborate/tetraborate fusion with subsequent analysis by ICP-MS and ICP/MS analysis. All REE samples reported herein were derived using this method. Total Rare Earth Oxides ("TREO") include: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, and Y2O3.
All samples were tested using the 1C-OES-Exploration method Fire Assay (with Platinum and Palladium) on a 30 gram aliquot with an ICP finish.
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 but are not limited to conclusions that are based on historic data; that the quasi-circular basement uplift is an ideal location for uranium occurrences; suggestions of a robust hydrothermal system; potential for a regional hydrothermal system; discussion of future sampling and mapping programs; that the property benefits from historic exploration; and the property being highly prospective for U, Au, PGE's and REE's.
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: 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]