Subject of a research report, uranium junior Lakeland Resources expands its Athabasca Basin presence
by Greg Klein
(Update: On January 3, 2014, Star Minerals began trading on the Canadian Securities Exchange under the symbol CSE:SUV.)
Just one day after a research report was released on Lakeland Resources TSXV:LK, the company reported expansionary plans in Saskatchewan’s Athabasca Basin. Announced November 27, a joint venture teams the company with Star Minerals Group on two claims totalling 1,092 hectares. The new turf sits adjacently north of the Gibbon’s Creek target, focal point of Lakeland’s Riou Lake property.
The acquisition takes place while results are pending from autumn field work at Gibbon’s Creek. “Based on preliminary findings we decided it was important that we acquire that ground,” Lakeland president/CEO Jonathan Armes tells ResourceClips.com. “Star Minerals is focused on a rare earth project north of the Basin so the agreement works well for both companies.”
Gibbon’s autumn campaign, including boulder sampling, line-cutting, a RadonEx survey and a ground DC resistivity survey, has just wrapped up, he adds. “We’re putting all the data together and we’ll get that out imminently.”
A distinct topographical feature of the new property is an uplifted block of basement rock that “highlights the evidence for structural offsets, a key feature of known unconformity-type uranium deposits,” Lakeland stated. Historic work by Cameco Corp TSX:CCO-predecessor Eldorado Nuclear found several anomalous soil samples around the uplifted block measuring up to 0.01% uranium. Trenching by Eldorado showed concentrations of rare earths that might also indicate unconformity-type uranium mineralization. The property has also undergone 14 historic drill holes.
Lakeland plans to follow up on the previous work while reviewing Gibbon’s Creek data to identify drill targets. “We still have two other priority projects, South Pine bordering Riou Lake on the west, and Perch Lake farther east,” Armes says. “There’s lots more field work we can do, even during winter. Both radon and resistivity can be carried out during the winter, so we’re not limited to fair weather programs.”
Gibbon’s Creek and the new claims also benefit from close proximity to the town of Stony Rapids, a few kilometres away. Apart from the new acquisition, Lakeland has a portfolio of nine properties totalling over 100,000 hectares in the northern and eastern Basin.
Under the JV agreement, Lakeland may earn a 100% interest in the two additional claims by paying Star $60,000 and issuing 600,000 shares over 12 months. Star retains a 25% buy-back option for four times the exploration expenditures up to 90 days following a resource estimate.
One day before the announcement, prospect generator Zimtu Capital TSXV:ZC released a report on Lakeland. Written by Zimtu research and communications officer Derek Hamill, it places Lakeland in the context of Athabasca Basin exploration, the nuclear energy industry and the outlook for uranium prices. Presented as both research and opinion, Hamill’s work shows a shareholder’s perspective—Lakeland is a core holding of Zimtu.
So a degree of self-interest can be acknowledged. But the breadth of research goes far beyond Lakeland, its people and projects, providing a level of detailed scrutiny not often applied to early-stage companies.
Disclaimer: Lakeland Resources Inc and Zimtu Capital Corp are clients of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in those companies.