Monday 24th November 2014

Resource Clips


Away from the crowd

Lakeland Resources sees under-explored uranium potential in the Athabasca Basin

by Greg Klein

Next Page 1 | 2

Lakeland Resources sees under-explored uranium potential in the Athabasca Basin

Of Lakeland’s nine properties, most take up large positions
in the Athabasca Basin’s under-explored north.

With so much excitement in and around the Athabasca Basin’s southwest, why would a newly arrived uranium explorer head north? According to Lakeland Resources TSXV:LK director Ryan Fletcher, Patterson Lake South—until recently a long-neglected area itself—simply highlights the potential of the Basin’s under-explored areas.

Prior to PLS, he says, “most of the activity had been focused in the eastern Basin. Then Fission and Alpha went into the southwest and created an entirely new play. A lot of money had gone into the east, so there’s a lot more deposits there. Now there’s a lot of money going into the southwest. The northern end has the geology and the potential, but hasn’t had as much attention or activity.”

Hence Lakeland’s acquisition of nine properties totalling over 100,000 hectares in the Basin’s north-central, northeastern and eastern areas. The company’s primary focus is Riou Lake, South Pine and Otherside, three north-central properties totalling 45,285 hectares along a roughly 80-kilometre east-west expanse.

You could name several Basin discoveries that took place after following up on boulders, like Cluff Lake, Rabbit Lake, Collins Bay, Eagle Point, Patterson Lake South. The boulders were an important part of the discovery process.—Lakeland Resources director Ryan Fletcher

And while the area might be under-explored, it hasn’t been entirely ignored. The projects come with considerable historic data.

At least 23 holes were sunk around Riou Lake’s Gibbon’s Creek target during the 1970s and ’80s. “The depths to the target were shallow, 100 metres and even 50 metres, which means we can stretch our budget, making the economics of a discovery better,” Fletcher says. “It looks good in cross-sections, there’s uranium and alterations, but it hadn’t really been followed up on. Since the ’80s we’ve had better technology for exploration, and better thinking as well. At that time people were looking at the unconformity instead of going down to the basement rock. In the mid-2000s UEX flew a $3-million gravity and magnetic survey that they hadn’t thoroughly followed up on. Magnetics surveys will show conductors and gravity will show alterations. We’ve got both at the Gibbon’s target.”

Samples taken from glacial till down ice show results as high as 5% uranium and, farther yet on the neighbouring UEX Corp TSX:UEX property, 11.3%. “The source hasn’t been identified,” Fletcher says. “That gives us further confidence in the region.”

He adds, “You could name several Basin discoveries that took place after following up on boulders, like Cluff Lake, Rabbit Lake, Collins Bay, Eagle Point, Patterson Lake South. The boulders were an important part of the discovery process.”

Adjacently west of Riou Lake, South Pine has 17 historic holes showing several anomalous intervals and shallow depths. With funding from a recent private placement, both Gibbon’s Creek and South Pine have imminent work scheduled that includes ground magnetics and induced polarization surveys, boulder sampling and prospecting. Radon gas sampling will be conducted by RadonEx Exploration Management, which uses a proprietary technique, Fletcher explains. “It’s a quicker way to get readings of radon gas. They’re just coming off the PLS property to come up to ours.”

Next Page 1 | 2

Pages: 1 2


Comments are closed.

Share | rss feed

View All: Feature Articles