Lakeland Expands Northern Basin Project Portfolio
VANCOUVER, June 25, 2014 /CNW/ – Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (OTCQX: LRESF) (the “Company” or “Lakeland”) is pleased to announce that it has entered into an option agreement to acquire a 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest, subject to TSX Venture Exchange (“Exchange”) acceptance, in the Fond du Lac Property (the “Property”), located in the northern Athabasca Basin region, Saskatchewan. The Property consists of one mineral claim, and is 2,827 hectares in size.
VANCOUVER, June 25, 2014 /CNW/ – Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (OTCQX: LRESF) (the “Company” or “Lakeland”) is pleased to announce that it has entered into an option agreement to acquire a 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest, subject to TSX Venture Exchange (“Exchange”) acceptance, in the Fond du Lac Property (the “Property”), located in the northern Athabasca Basin region, Saskatchewan. The Property consists of one mineral claim, and is 2,827 hectares in size.
The property is situated at the margin of the Athabasca Basin where the depth to the unconformity is relatively shallow. The historic and recent exploration has identified the presence of an optimal geological setting for the formation of unconformity-style mineralization.
Historic exploration was conducted in the 1976 to 1984 era by a Saskatchewan Mining and Development Corporation (SMDC) and Urangesellschaft Canada Ltd. Exploration consisted of regional airborne and geochemical surveys, followed by detailed ground EM, magnetic and gravity surveys and drilling of one hole in 1984.
Recent exploration by the property vendor, Anthem Resources, and its predecessors and Joint Venture partners (Denison) has confirmed the presence of a conductive target with a regional airborne GeoTEM survey. Regional and detailed geochemical surveying has confirmed the presence of uranium and pathfinder element geochemical anomalies on the Property that are roughly coincident with the conductive target.
Lakeland is in the process of designing a summer exploration program on the property in order to take advantage of the positive exploration results on this relatively un-tested property.
About the Transaction
Lakeland has the right to earn a 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in the Property by issuing 200,000 common shares to the Vendor on the closing date of the transaction. The purchase agreement is subject to Exchange acceptance.The Vendor will retain a 1.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} NSR.
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.
The Company would also like to announce that on May 30, 2014 the Company’s common shares commenced trading today on the OTCQX in the United States under the ticker symbol “LRESF.”
“We are pleased to be able to provide our current and potential U.S. investors an improved platform to access our company’s securities,” stated Jonathan Armes, President of Lakeland. The OTCQX is a highly visible trading platform that has emerged as the world’s leading, premier cross-listing venture for international issuers that wish to benefit from U.S. trading and investor demand without diluting their current shareholder base.
Investors can find current financial disclosure and real-time level two quotes for the company’s OTCQX listing onwww.otcmarkets.com. Burns, Figa and Will P.C. serves as Lakeland’s Principal American Liaison (“PAL”) on OTCQX, responsible for providing guidance on OTCQX requirements.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a pure play uranium exploration company focused on the Athabasca Basin inSaskatchewan, 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”, on the OTCQX under the symbol “LRESF” and on the Frankfurt Stock Exchange under the symbol “6LL”.
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
- Published in Mining