Updated: Lakeland Resources options Fond du Lac, tops $5.1 million in 2014 financings for Saskatchewan uranium exploration
by Greg Klein
Capping a year in which the company raised $5.1 million in private placements, Lakeland Resources TSXV:LK announced a 50% option for its Fond du Lac uranium property on December 30. Subject to TSXV approval, Takara Resources TSXV:TKK makes the acquisition by issuing Lakeland 1.5 million shares, spending $100,000 and issuing an additional 250,000 shares by June 1. The original vendor retains a 1.5% NSR.
Located on the Athabasca Basin’s northeastern rim, the 2,827-hectare Fond du Lac features relatively shallow depth to the unconformity. Historic exploration includes regional airborne and geochemical surveys, followed by detailed ground electromagnetics, magnetic and gravity surveys, as well as one drill hole. Along with more recent work, exploration suggests “an optimal geological setting for the formation of unconformity-style mineralization,” Lakeland stated.
Just one week previous the company announced closing a $414,690 private placement to help fund upcoming drilling on other Lakeland projects. The funds, in addition to the $1.8 million announced December 9 and earlier private placements, bring the year’s total to more than $5.1 million.
Early new year plans include a 1,500-metre drill program at Star and Gibbon’s Creek, two adjacent properties on the Basin’s north-central rim. The 100%-held Gibbon’s property features some of the Basin’s highest RadonEx measurements as well as radioactive boulder samples grading up to 4.28% U3O8.
Connected by a north-south structural corridor is the Star property next door, where sampling has found gold, PGEs, some rare earths and anomalous low-grade uranium. Lakeland holds a 100% option on Star. The road-accessible properties sit just a few kilometres from the town of Stony Rapids.
With one of the Basin’s largest portfolios, Lakeland holds two other drill-ready projects, Lazy Edward Bay on the Basin’s southern margin and Newnham Lake, east of the Star/Gibbon’s properties.
“2014 proved to be a challenging year once again in the resource markets, so we are pleased to be able to close on this round of financing of $2,299,698,” said president/CEO Jonathan Armes. “Combined with our financing earlier in the year, Lakeland has raised an aggregate amount in excess of $5.1 million in 2014—I believe a strong testament to the team we have assembled at Lakeland. Our plans were already in place for drilling our Gibbon’s Creek and Star properties, and these additional funds will allow us to further advance and accelerate our 2015 program.”
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