TSXv: LK FSE: 6LL
VANCOUVER, Jan. 8, 2014 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") and its option partner, Declan Resources Inc. (TSXv: LAN) ("Declan"), are pleased to provide an update on recent work completed at the Gibbons Creek Uranium Property ("Gibbons Creek") located along the northern margin of the Athabasca Basin, Saskatchewan.
- Successful completion of a land-based RadonEx™ survey at Gibbons Creek, with a peak of 9.93 pCi/m2/sec (believed to be one of the highest reported RadonEx values recorded to date for the Athabasca Basin).
- Ground-prospecting and sampling program confirm the existence of a historic radioactive boulder field on the Gibbons Creek Property. Results include eight boulders with assays greater that 1.0% U3O8, and a high of 4.28% U3O8.
- Successful completion of approximately 38 line-kilometres of a DC-Resistivity survey. Robust resistivity trends are roughly coincident with historic alteration and mineralization.
"We are excited to report on these results today, as they confirm the potential for a significant uranium discovery at the Gibbons Creek Uranium Property. Of particular interest are the extremely high 'Radon' values reported by RadonEx, which to our knowledge, are the highest ever reported for the Athabasca Basin area," stated Jonathan Armes, President of Lakeland Resources Inc.
Gibbon's Creek is comprised of five contiguous claims totaling 12,771 hectares, located less than 3 kilometers from the settlement of Stony Rapids. The Property is adjacent to the Black Lake Project, held jointly by Uracan Resources Ltd. and UEX Corporation. The Gibbon's Creek Property encompasses a portion of the Company's 35,463 hectare Riou Lake Property and is where Lakeland's fieldwork has been largely focused to date.
Declan can acquire up to a 70% interest in the Gibbons Creek Uranium Property by incurring $6,500,000 of staged exploration expenditures, paying $1,500,000 in cash and making share payments totaling 11,000,000 shares over a 4 year period.
Lakeland contracted RadonEx Ltd. to conduct Radon surveys at the Gibbons Creek Property, whose Electret Ionization Chamber technology was highly successful in detecting the Patterson Lake South uranium deposits. A total of 592 samples were taken on the Gibbons Creek Property over areas with historic drilling and other positive uranium indications. The survey was conducted on lines spaced 200 metres apart, and sample stations spaced 50 metres apart. Results of the survey indicate a maximum of 9.93 pCi/m2/sec, with nine samples greater than 3.2 and a background level of about 1.3. The maximum radon value is coincident with a historically defined uranium-in-soil anomaly. These results have both confirmed current drill targets based on historic results and defined new high-priority targets.
Plans are being made to conduct a follow-up radon survey as soon as possible in order to expand on these positive results.
Prospecting and Sampling
Prospecting crews of Dahrouge Geological Consulting Ltd. successfully confirmed the historically defined radioactive boulder field at the Gibbons Creek Property. Historic work by Eldorado Nuclear identified sandstone boulders with uranium contents of up to 4.9% U3O8.
The recent prospecting work has identified an area of approximately 1.2 kilometres by 1.0 kilometre containing radioactive boulders. Results indicate eight sandstone boulders with assays greater than 1.0% U3O8, with the highest assay of 4.28% U3O8. Additionally, 11 samples assayed greater than 0.2% U3O8. The remaining 9 boulders sampled in the boulder-field assayed less than 0.2% U3O8. Many of the mineralized boulders contain anomalous values of nickel, arsenic, lead and cobalt.
The precise bedrock source of the boulders is not known at this time, and the next field season will concentrate on detailed glacial studies in order to better define their source. The size of the boulders range from about 15 and 80 centimetres across, measured in their longest dimension. The altered sandstone boulders are commonly sub-angular to rounded. The ratio of sandstone boulders to basement boulders is approximately 100:1, but varies locally throughout the property. Two separate groups of glacial striations are recorded from the project area, the first trending roughly 235 degrees and the other roughly 275 degrees.
Patterson Geophysics Inc. of La Ronge, Saskatchewan completed approximately 38 line-kilometres of pole-dipole D.C. Resistivity survey on the Gibbons Creek Property. The survey is designed to map the extent of basement alteration which was identified in the historic drilling campaigns by Eldorado Nuclear in 1978 to 1980. Historic drill records report "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.
Interpretation of the resistivity survey was conducted by Livingsky Geophysics of Saskatoon, Saskatchewan. A 3D model of the resistivity data was created and depth-slice images created at varying levels in order to map the resistivity at specified depths. The unconformity is at about 70 metres depth at the north end of the survey area, and about 120 metres depth at the south end of the survey area. At a depth of about 100 metres below the surface (150 metre a.s.l. depth slice), a distinct east-west low-resistivity trend of less than 1,000 ohm-m is apparent and is roughly coincident with the historic basement alteration and mineralization. This robust resistivity trend is apparent at near surface (250 m a.s.l.) all the way to a depth of about 200 metres (50 metres a.s.l.). Another distinct resistivity anomaly is roughly coincident with the strong radon anomalies located at the northern end of the survey. Both resistive trends represent high priority targets for follow-up drill testing.
About the Property
The Riou Lake Property benefits from $3M+ of historic exploration including modern geophysics completed by the previous owner UEX Corp. in 2005 and work by Eldorado Nuclear. The property benefits from nearby infrastructure, with power lines and highways transecting the claims. 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.
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., a qualified person, of Dahrouge Geological Consulting Ltd. and a Director of Lakeland.
All rock samples were delivered to Activation Laboratories Ltd. ("Actlabs") of Ancaster, Ontario. Actlabs is an ISO Certified Laboratory, and independent of the issuer. All samples were analyzed with a 39-element "partial digestion" with ICP-MS/ICP-OES analysis; and a 49-element "total digestion" with ICP-MS/ICP-OES analysis. Samples that returned greater than 8,000 ppm Uranium with either digestion were analyzed with the 8-U3O8-XRF method whereby a 0.5 gram sample is fused with lithium metaborate/tetraborate and analyzed by XRF. Samples below 8,000 ppm Uranium are reported herein by the partial digestion and ICP-MS method. Samples over 8,000 ppm Uranium are reported herein by the XRF method. Uranium values are converted to U3O8 values with the conversion factor of 1.1792.
All samples were tested for Au, Pt, Pd with the 1C-OES-Exploration method Fire Assay 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 that the RadonEx survey is believed to be one of the highest recorded in the Athabasca basin; these results confirm the potential for a significant uranium deposit; all references to historic drill reports and other positive uranium indications; the Company will conduct a follow-up radon survey; any references to next seasons field work; references to the depth of the unconformity in relation to the economics of exploration.
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]