Winter In-fill Diamond Drill Program Begins on Viking Yellowknife Joint
Venture Property, Morris Lake Project, Yellowknife, NWT.
Outstanding Shares: 50,696,023
TORONTO, Feb. 28 /CNW/ - Lakota Resources Inc. (TSXV-LAK) ("Lakota" or
the "Company") today announced that Viking Yellowknife Gold Mines, a 78.8%
owned subsidiary of Lakota Resources Inc., and its 60% Joint Venture partner
and program operator, Viking Gold Exploration Inc. (VGC: TSX-V) has started
its winter diamond drill program on the Viking Yellowknife joint venture
property. The property is within Viking Gold Exploration's Morris Lake
project, 70 km north of Yellowknife, NWT. Lakota is financing Viking
Yellowknife Gold Mines, 40% participation in the joint venture on a flow
The purpose of the drill program is to provide sufficient data to produce
a gold resource estimate in the area surrounding the underground workings. The
current drill program is a follow up to the two previous drill campaigns
successfully carried out by Viking Gold Exploration in 2005 (18 holes,
2,848.0 m) and 2007 (13 holes 1,324.4 m) in and around the Viking Zone, site
of the original gold discovery.
The current program consists of 12 diamond holes from four set ups in the
vicinity of an inclined exploration shaft that was sunk in 1947. Each set up
will consist of three holes dipping 70 degrees, 60 degrees and 45 degrees (see
figure 1). The drilling will be centred on the shaft and will test 200 m of
strike length to a vertical depth of about 260 m. The 12-hole drill program
contracted to Foraco Drilling Ltd., will total approximately 2,500 m.
The exploration shaft was sunk to investigate the continuation of gold
mineralization that was discovered in outcrop in what is now the Viking Zone.
Underground exploration, at the time, consisted of slightly more than 120 m of
drifting, crosscutting and slashing and 224 m of diamond drilling. This work
does not appear to have tested the current exploration drill targets.
Historic drilling carried out by several operators has tested the Viking
Zone over a strike length of 1,800 m. The current drill program will increase
the drill density sufficiently to establish a gold resource estimate in the
most prospective and tested area of the Viking Zone mineralized horizon.
The program is being carried out under the direct supervision of Robert
Ginn, P.Eng, President and CEO of Viking Gold Exploration Inc. and Mr. Ginn is
a Qualified Person as defined in NI-43-101, for this drill program.
CAUTIONARY STATEMENT ON HISTORICAL RE
The joint venture property contains an historic resource which is being
currently evaluated by the Company with its joint venture partner. A diamond
drill program is underway to classify the historical resources as current
mineral resources or mineral reserves. The Company is not treating the
property as current mineral resources or mineral reserves according to the CIM
definitions of such terms. Until confirmed by the current exploration programs
undue reliance should not be placed on the historical estimates. The Company
considered the historical resources as relevant for purposes of acquiring the
property and undertaking the program but, the historical resources may not be
relevant for any other purpose.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this Press Release, including any
information as to our future financial, operating or exploration performance
and other statements that express management's expectations or estimates of
future performance, constitute "Forward-Looking Statements" within the meaning
of Section 21E of the United States Securities Exchange Act of 1934, as
amended and "Forward Looking Information" within the meaning of applicable
Canadian securities legislation.
All statements, other than statements of historical fact, are
forward-looking statements. The words "believe", "expect", "will",
"anticipate", "contemplate", "target", "plan", "continue', "budget", "may",
"intend", "estimate" and similar expressions identify forward-looking
statements. Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by management, are
inherently subject to significant business, economic and competitive
uncertainties and contingencies.
The Company cautions the reader that such forward-looking statements
and/or forward looking information involve known and unknown risks,
uncertainties and other factors that may cause the actual financial results,
performance or achievements of the Company to be materially different from the
Company's estimated future results, performance or achievements expressed or
implied by those forward-looking statements and, the forward-looking
statements are not guarantees of future performance. These risks,
uncertainties and other factors include, but are not limited to: changes in
the worldwide price of gold, or other commodities (such as, fuel and
electricity); fluctuations in currency markets; changes in interest rates or
gold lease rates; risks arising from holding derivative instruments; ability
to successfully complete announced transactions and integrate acquired assets;
legislative, political or economic developments in the jurisdictions in which
the Company carries on business; operating or technical difficulties in
connection with exploration, development or mining activities; employee
relations; availability and increasing costs associated with exploration or
mining inputs and labour; the speculative nature of exploration and
development, including the risks of obtaining necessary licenses and permits
and diminishing quantities or grades of reserves; adverse changes in our
credit rating, contests over title to properties, particularly title to
undeveloped properties; and the risks involved in the exploration, development
and mining business. Accordingly, readers should not place undue reliance on
forward-looking statements and/or forward looking information
The Company disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise, except as required by applicable law.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: George Breuler, President and CEO, Tel: (772)
633-0923; Ian F.T. Kennedy, Director, Tel: (416) 598-7700