Thursday 6th August 2020

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Away from the crowd

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Just a few kilometres from Gibbon’s, the town of Stony Rapids will serve as a base of operations. Lakeland also plans a reconnaissance visit to its Perch Lake property on the Basin’s northeastern edge, site of a four-kilometre-long basement conductive trend that coincides with a radiometric anomaly.

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

A chart for the year ending
September 13, 2013, shows how
last spring’s transition to a pure-play uranium explorer affected
Lakeland stock.

Fletcher’s confident about those who’ll carry out the work. Jody Dahrouge and Neil McCallum of Dahrouge Geological Consulting “carry a one-two punch,” he says. “They both have lengthy experience in the Basin. They’re young, they’ve had success with discoveries before. They were instrumental in staking and developing Waterbury Lake’s J zone discovery for Fission Energy, before it was sold to Denison. Every discovery takes many people, but they were also involved in Patterson Lake North, which Fission Uranium has optioned to Azincourt. Jody was involved in Patterson Lake South too.”

Lakeland’s advisory board includes Rick Kusmirski, “who’s been involved in exploration primarily in the Basin for 40 years,” says Fletcher. “He was an exploration manager for Cameco in the Basin and president of JNR Resources before they were taken out by Denison early this year.”

Also on the advisory board is Tom Drolet, “a nuclear energy specialist and a well-known speaker about the uranium market,” Fletcher adds. “He’s been to Fukushima, he understands reactors, he understands the business end of it. So from a geological viewpoint we rely a lot on Rick and from the market end on Tom.”

Another distinguishing feature of Lakeland is its share structure, which Fletcher calls “one of the best of the juniors in the Basin.” On closing a $738,770 first tranche of a private placement September 3, the company had 29.4 million shares outstanding which were held 15% by Zimtu Capital TSXV:ZC and 25% by management, founders and insiders. As for its nine-property, 100,000-hectare Basin portfolio, Lakeland could see further expansion as the company considers additional uranium projects.

Disclaimer: Lakeland Resources Inc and Zimtu Capital Corp are clients of OnPage Media Corp, the publisher of The principals of OnPage Media may hold shares in those companies.

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