VANCOUVER, Feb. 9, 2012 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is pleased to announce the results of the channel sampling program conducted in and around the new surface showing on the Company's 100%-owned Midas Property located near Wawa, Ontario.
Significant gold mineralization grading up to 130 g/t Au (with significant visible gold) was discovered by traditional prospecting to the west and along strike of the Midas Gold Trend (see press release dated September 18, 2011). The mechanical stripping program has successfully traced the mineralized zone approximately 22 metres further eastward (toward the area of recent drilling) where it appears to be folded and strikes in a more north easterly direction, and then disappears under deeper overburden. The exposed area of approximately 700 square metres was washed, mapped and channel sampled. Two other areas of interest were also stripped, washed and channel sampled. In all, 92 saw cut channel samples were taken and submitted for assay.
Assays of up to 9.31 g/t Au over 1 metre (cut channel sample) have been returned from the channel sampling program in the immediate area of the new discovery. Additional assays from the trenching include 1.77 g/t Au over 0.97 m and 1.05 g/t Au over 0.85 m. The Midas Gold Trend now has an interpreted strike length, traced by drilling, surface mapping and trenching, of over 600 metres.
The Midas Gold Trend has only been tested with shallow drilling with gold bearing zones identified at surface to approximately 50 metres at depth. The strike remains open at depth and in both east and west direction. Assuming the structure to be an anticlinal fold, the North arm of the folded structure remains to be tested.
The Company is planning an additional exploration program for the 2012 exploration season, which will consist primarily of diamond drilling. Drilling will be targeted to further evaluate the main Midas Gold Trend, the new discovery area, as well as to test several remaining I.P. anomalies yet to be drilled on the current grid. Additional plans include expanding the current grid, followed by I.P. (induced polarization) surveying, and ground magnetic surveying.
"The recent drilling and channel sampling provides the Company with more evidence that the Midas Property has the potential to host a gold deposit and further exploration and development is warranted," stated President Jonathan Armes. "As only a small portion of the property has been explored to date, we would like to expand the current grid and carry out a more detailed exploration program to fully understand the gold bearing potential of the project."
The Midas Property is geologically situated within the Michipicoten Greenstone belt and consists of 10 claims (107 claim units) covering 1,712 hectares approximately 50 kilometres northeast of Wawa, Ontario. Multiple gold showings, in addition to the Midas Gold Trend, have been identified across much of the property. The property is road accessible and is located approximately 20 kilometres southeast of Richmont Mine Inc.'s (TSX: RIC) Island Gold Mine complex and Prodigy Gold Inc.'s (TSXv: PDG) Magino Gold Project.
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 Robert Duess, P.Geo., a Qualified Person.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a publicly-traded mineral exploration company focused on the discovery of new gold deposits with a 100% focus on Canadian assets principally in Ontario. Lakeland aims to create value through the drill bit and build a successful mineral exploration company by combining technical knowledge, a motivated management team and board, strong and clear messaging and supportive investors.
Lakeland has 19,472,878 shares outstanding. 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 Lakeland is planning an additional exploration program for the 2012 season and included in these plans will be to expand the current grid, carry out additional I.P. surveying, and follow-up with additional diamond drilling and that the program will be designed to further evaluate the main Midas Gold Trend, the new discovery area, as well as to test several remaining I.P. anomalies yet to be drilled on the current grid.
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. Readers should refer to the risk disclosures outlined in the Company's Management Discussion & Analysis of its audited financial statements filed with the British Columbia Securities Commission.
For further information:
please visit the corporate website at http://www.lakelandresources.com