Lakeland Resources Inc. Acquires Additional Claims Along the Patterson Lake Corridor of the Athabasca Basin, Saskatchewan
28.05.2015 | CNW
VANCOUVER, May 28th, 2015 /CNW/ - Lakeland Resources Inc. (TSXv: LK; FSE: 6LL; OTCQX: LRESF) (the "Company") is pleased to announce that, subject to the TSX Venture Exchange acceptance, (the "Exchange") has acquired additional mineral claims located along the Patterson Lake and Carter corridors within the southwest part of the Athabasca Basin, Saskatchewan, Canada. The additional claims are contiguous with Lakeland's Carter Lake Property (3,696 ha); and bring the total project size to approximately 10,052 ha. The additional claims cover part of the Patterson Lake Corridor, which is host to at least four significant uranium discoveries since late 2012:
- Patterson Lake South (Alpha Minerals – Fission Energy);
- Patterson Lake South – R600W (Fission Uranium);
- Arrow (NexGen);
- Bow (NexGen); and
- Spitfire (Purepoint, Cameco, AREVA).
The most advanced discovery to date, the Patterson Lake South (PLS) deposit, is host to a reported resource estimate of 79.6m lbs Indicated U3O8 and 25.9m lbs Inferred U3O8. 7.3 km to the northeast, the Arrow Discovery of NexGen Energy Ltd. includes hole AR-14-30, which returned 10.3% U3O8 over 46 metres. A further 5.3 km to the northeast, the Spitfire Discovery by Cameco Corp., Areva Resources and Purepoint Uranium, with drill hole HK15-27 returning 2.23% U3O8 over 2.8 metres. The new Lakeland Carter Lake Property is located a further 17 km to the northeast along the Patterson Lake Conductive Corridor. Depths to the sub-Athabasca unconformity at Carter Lake are estimated at 500 metres or more, which is similar to some of the depths of uranium mineralization encountered at the Arrow Discovery where mineralization has been encountered between 300 and 800 metres below surface. Lakeland's Carter Lake Property also encompasses parts of the relatively unexplored Carter Conductive Corridor. This area has had only five known historic drill holes, despite the positive exploration potential. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Carter Lake property.
"The summer of 2015 will see active exploration at multiple, high-potential projects across the Athabasca Basin for Lakeland. In addition to work programs at Gibbons, Newnham Lake, and Key Lake Road, we will prepare for reconnaissance scale work at Carter Lake given the number of recent uranium discoveries along the Patterson Lake Corridor." Commented Jon Armes, President and CEO.
By property purchase agreement dated May 27th, Lakeland acquired 28 mineral claims from Eagle Plains Resources Ltd. (EPL), totaling 5,095.31 hectares. Under the terms of the agreement and subject to Exchange approval, the Company shall pay $40,000 cash and issue a total of 800,000 common shares. In addition, Lakeland acquired by staking, 10 mineral claims, totaling 1,260.18 hectares. These 38 claims, in addition to 4 claims of the original Lakeland Carter Lake Property are subject to a 2% NSR payable to EPL. The Company may, at any time purchase 1% of the NSR for $1 million.
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.
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 world's largest and richest high-grade uranium deposits. The Company is well funded to carry out its near term exploration programs.
On Behalf of the Board of Directors LAKELAND RESOURCES INC.
"Jonathan Armes"
Jonathan Armes, President, CEO and Director
Cell: 416.708.0243
Ph: 604.681.1568
TF: 1.877.377.6222
Email: jarmes@lakelandresources.com
Web: http://www.lakelandresources.com
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 for example include that the purchase will be accepted by the Exchange and that the cash and share issuances will be completed; references to summer 2015 exploration programs; estimated depths to the unconformity and it should be noted that any references to mineral resources that are not mineral reserves do not have demonstrated economic viability 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.
Contact
please visit the corporate website at www.lakelandresources.com or contact
Roger Leschuk, Corporate Communications at
Ph: 604.681.1568 or
TF: 1.877.377.6222 or
email: roger@lakelandresources.com