New staking, upcoming drill campaign position Lakeland Resources for a uranium renaissance
by Greg Klein
Four new properties and five property expansions result from Lakeland Resources’ (TSXV:LK) latest staking foray in and around Saskatchewan’s Athabasca Basin. Announced November 19, the acquisitions boost the company’s holdings by 40,218 hectares, strengthening one of the region’s largest portfolios.
“We’ve been putting these properties together since the end of July,” Lakeland president/CEO Jonathan Armes tells ResourceClips.com. “We’ve been looking ahead at an 18- to 24-month horizon and it looks like the stars are starting to align with positive news from Japan and bullish reports from Raymond James and Dundee. The spot price is moving nicely, so things are moving along fortuitously. We see 2015 as a year of significant advance, so hopefully this momentum will continue into next year and we’ll be in a really good spot to JV projects out. We’re already talking to a couple of groups.”
The five expansions cover targets identified by historic data. One highlight is the 4,753-hectare addition to Lazy Edward Bay, which underwent extensive field work last summer. Now totalling 31,128 hectares, the project features eight exploration trends, many of them drill-ready. Other additions came to Lakeland’s Riou Lake, Hawkrock Rapids, Small Lake and Fedun Lake properties.
Of the new turf, the 1,508-hectare Carter Lake property covers part of the Carter Lake Structural Corridor, parallel to the Patterson Structural Corridor hosting the discoveries of Fission Uranium TSX:FCU and NexGen Energy TSXV:NXE.
Cable Bay, a 1,077-hectare property on the Basin’s southern rim, benefits from extensive geophysics showing a trend of graphitic meta-sedimentary rocks in the basement, below 10 metres or less of Athabasca sandstone.
The 6,479-hectare Highrock property on the Basin’s southeastern margin features a moderately strong conductor that has yet to see follow-up work.
Extending beyond the Basin’s eastern rim, the 8,889-hectare Wright River project underwent an airborne survey showing a radiometric anomaly in the property’s centre. Regional lake sediment samples have graded up to 61 ppm.
We see 2015 as a year of significant advance, so hopefully this momentum will continue into next year and we’ll be in a really good spot to JV projects out. We’re already talking to a couple of groups.—Jonathan Armes, president/CEO
of Lakeland Resources
“The best ground you can get is unencumbered with no short-term commitments or underlying royalties,” Armes points out. “We have one of the region’s largest portfolios but we’re not under any short-term commitments on any of our properties.” As a result Lakeland faces no pressure to spend money prematurely.
Even so, the company’s well-financed and looking forward to a 1,500-metre program on Star/Gibbon’s Creek, two adjacent properties forming one project on the Basin’s north-central rim. Armes expects drilling to start early in the new year.
Also drill-ready are Lazy Edward Bay and, east of Star/Gibbon’s, Newnham Lake.
“There’s not that much ground left to be had in the Basin,” says Armes. “Most of what we see as quality ground is not available. If you look back to 2006 and 2007, there were probably 60 to 70 juniors active in the Basin. Right now you’ve got about 20. So if we do see this resurgence continue, we’ll have that opportunity to link up with JV and strategic partners and get as many drills turning as we possibly can.”
Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Lakeland Resources.