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Acquisition expands Lakeland Resources’ search for Athabasca Basin uranium

by Greg Klein | June 25, 2014

Acquisition expands Lakeland Resources’ search for Athabasca Basin uranium

With 17 properties totalling 164,316 hectares,
Lakeland Resources looks forward to a busy summer of exploration.


An additional property now gives the acquisitive Lakeland Resources TSXV:LK a portfolio of 17 uranium prospects in and around Saskatchewan’s Athabasca Basin. Announced June 25, the 2,827-hectare Fond du Lac project straddles the northeastern Basin’s margin in the vicinity of the company’s Small Lake, Karen Lake and Hidden Bay properties.

With relatively shallow depth to the unconformity, Fond du Lac underwent regional airborne and geochemical surveys, ground electromagnetics, magnetic and gravity surveys and one drill hole by 1984. More recent work confirmed a conductive target and roughly coincident uranium and pathfinder element geochemical anomalies.

“Over the last 30 years there’s been a lot of improvement in how you assess these properties,” corporate communications manager Roger Leschuk tells “Back in the ’70s and ’80s they worked to the best of their knowledge and technology of the time. Now people like Neil McCallum and Jody Dahrouge [of Dahrouge Geological Consulting] can come along and look at it in a different light. So the historic data is just a starting point.”

Subject to TSXV approval, Lakeland gets the 100% interest by issuing 200,000 shares to Anthem Resources TSXV:AYN, which retains a 1.5% NSR.

“The property comes with a $50,000 work commitment by year-end, but we’ll likely spend more on a program that would include a radon survey and boulder-sampling,” says Leschuk. “We want to get it to the drill-ready stage.”

Lakeland’s 17-property portfolio totals 164,316 hectares. In April the company expanded its Lazy Edward Bay project, an act preceded by five other acquisitions two weeks earlier. Gibbon’s Creek, the company’s joint venture with Declan Resources TSXV:LAN, has shown surface boulders grading up to 4.28% U3O8 and some of the Basin’s highest radon readings.

“We’re well-financed, we have more cash than we had a year ago and we intend to continue advancing our projects and looking for good partners,” Leschuk adds. “We have a busy summer ahead with more news coming.”

Lakeland also announced its May 30 trading debut on the OTCQX under the symbol LRESF. “The OTCQX is a highly visible trading platform that has emerged as the world’s leading, premier cross-listing venture for international issuers that wish to benefit from U.S. trading and investor demand without diluting their current shareholder base,” the company stated.

Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of The principals of OnPage Media may hold shares in Lakeland Resources.

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