LAKELAND RESOURCES INC. PROVIDES UPDATE ON 2014 EXPLORATION
Lakeland Resources Inc. is providing an update on recent and planned work at its 100-per-cent-owned Athabasca basin uranium properties.
Highlights
- Star uranium property: completion of follow-up mapping and prospecting at the Star uranium property. This work was completed in order to define the deposit model and the source of the gold, Platinum group element (PGE) and rare earth element (REE) mineralization observed during the fall of 2013;
- Lazy Edward Bay property: exploration permits have been received for the proposed summer work program and crews will begin mobilization to the property as soon as possible. The BAY trend will be the focus of exploration;
- Fond Du Lac property: exploration permits have been received for the proposed summer work program and crews will begin mobilization to the property as soon as possible. The Fond du Lac property is targeting a coincident geochemical and conductive target at the margin of the Athabasca basin.
Star uranium property
Crews from Dahrouge Geological Consulting Ltd. recently completed a six-day sampling and mapping campaign at the Star uranium property. A total of 73 rock samples and 124 soil samples were collected from in and around the uplifted basement block at the northeastern portion of the property, immediately north of the margin of the Athabasca basin. This work was completed in order to define the deposit model and the source of the gold, platinum group element and rare earth element results obtained in the fall of 2013. The 2013 sampling explored a small portion of the uplifted basement outcrop on the Star property. Anomalous concentrations of gold (up to 5.7 grams per tonne gold), platinum group elements (0.75 g/t PGE), rare earth elements (up to 6.9 per cent total rare earth oxides (TREO)) and highly anomalous uranium suggest the presence of a robust hydrothermal system.
Lazy Edward Bay property
Exploration permits have been received for the proposed summer work program, and mobilization to the property will begin as soon as possible. The BAY trend will be tested with a RadonEX survey. This and other targets will be prospected in order to locate boulders or other surface expressions of shallow unconformity-style uranium mineralization.
The BAY trend consists of two parallel conductive trends at the southern margin of the Athabasca basin. The BAY trend is highlighted by historic exploration of Uranerz in 1982, where drill hole LE-50 intersected the basement rocks about one kilometre south of the Athabasca sandstones. Moderately chloritized, sericitized and weakly hematized migmatitic, graphitic pelite returned an assay value of 770 parts per million uranium along with anomalous boron, nickel, pathfinder metals (Sask AR: 74G07-0042).
Fond Du Lac property
Exploration permits have been received for the proposed summer work program, and crews will begin mobilization to the property as soon as possible. The Fond du Lac property is targeting a coincident geochemical and conductive target at the margin of the Athabasca basin.
National Instrument 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, PGeo, of Dahrouge Geological Consulting Ltd., a qualified person.