Friday 9th December 2016

Resource Clips


Partnered and funded

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With JV partner Declan advancing their flagship, Lakeland Resources looks at its other Athabasca Basin uranium properties

A recent financing, along with the potential for additional JV partners,
opens up opportunities on Lakeland’s 15 Athabasca Basin properties.

 

As project operator at Gibbon’s, Declan has contracted Dahrouge Geological Consulting to conduct the upcoming program. Neil McCallum, a Dahrouge geologist and Lakeland director, says the ground EM survey will probably take a few weeks, with another couple of weeks to interpret the results.

“We know from historic data there’s a ground EM response in the area but new technology has come a long way,” he points out. “Once we finish this survey, that’s about it for pre-drilling.”

Following spring break-up the crew will also try to determine glacial movements to track the mineralized boulders to their source.

The recent resistivity survey shows an alteration zone passing through a gravity low, McCallum explains. “Historic work included about 32 holes on the property area and one of the best holes is along that resistivity trend. It was 0.18% U3O8 over 0.13 metres right at the unconformity. That in itself is not economic but combined with the alterations in other holes and this hole, it really shows a compelling story.”

A 10-minute drive connects Gibbon’s Creek with the town of Stony Rapids, which serves as a base of operations, eliminating the need for a camp.

Complementing the combined expertise of Lakeland, Declan and Dahrouge is Lakeland’s advisory board of Rick Kusmirski, Tom Drolet, John Gingerich and Canon Bryan, highly regarded experts with specialties ranging from uranium exploration and mining to nuclear energy.

Lakeland also enjoys the support of loyal shareholders, many of whom are “long-term visionaries who’ve been close to the story since the formation of the company in 2010,” says Armes. “Roughly 40% of our stock fully diluted is made up of insiders, Zimtu Capital [TSXV:ZC] and people really close to the story, so that’s kept a fairly tight share structure for us as we move forward.”

With Declan funding Gibbon’s Creek and another $2.83 million in Lakeland’s coffers, Armes says he can’t wait to pursue the rest of the company’s portfolio. “We’ve been working towards this since last March. Markets were tough last year but we managed to raise money and move forward. Now I’m amazed at the reception we got on this financing. We’re very excited about Declan’s activity and about our other projects, where we hope to have drill programs by fall or even summer. We’ll try to get as many drills going as possible on our own 100% projects and with anyone who’s strategically partnered with us. Obviously the more drills we have turning the better the chances of a discovery.”

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.

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