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Lakeland Resources expands its southwestern Athabasca Basin uranium presence

by Greg Klein | May 29, 2015

Lakeland Resources expands its southwestern Athabasca Basin uranium presence

Carter Lake claims straddle the bountiful Patterson Lake
corridor as well as the under-explored Carter corridor.

 

New acquisitions announced May 28 nearly triple the size of Lakeland Resources’ (TSXV:LK) Carter Lake property in Saskatchewan’s southwestern Athabasca Basin. Contiguous claims picked up through purchase and staking now bring the project’s footprint to 10,052 hectares. The property straddles both the Carter Lake and Patterson Lake conductive corridors, the latter host to the Triple R deposit and R600W zone at Fission Uranium’s (TSX:FCU) Patterson Lake South, the Arrow and Bow zones at NexGen Energy’s (TSXV:NXE) Rook 1, and the Spitfire zone at Hook Lake, a joint venture of Purepoint Uranium TSXV:PTU, Cameco TSX:CCO and AREVA Resources Canada.

With 32 properties totalling over 300,000 hectares, Lakeland holds one of the Basin-region’s largest portfolios.

Carter Lake’s depths to the unconformity are estimated at 500 metres or more, similar to some of the depths of uranium mineralization found by NexGen at Arrow. Carter Lake also encompasses parts of the relatively unexplored Carter corridor, an area that’s had only five known historic drill holes, despite the positive exploration potential, Lakeland stated.

Subject to approvals, 5,095 hectares of the new turf comes from Eagle Plains Resources TSXV:EPL for $40,000 and 800,000 shares. Lakeland got another 1,260 new hectares by staking 38 claims. Those 38 claims, along with four claims of the original property, are subject to a 2% NSR payable to Eagle Plains, half of which Lakeland may buy for $1 million.

“The summer of 2015 will see active exploration at multiple, high-potential projects across the Athabasca Basin for Lakeland,” commented president/CEO Jonathan Armes. “In addition to work programs at Gibbon’s, Newnham Lake and Key Lake Road, we will prepare for reconnaissance scale work at Carter Lake, given the number of recent uranium discoveries along the Patterson Lake corridor.”

Gibbon’s Creek underwent Phase I drilling last winter, with positive results released in early May.

Read more about Lakeland Resources’ Star/Gibbon’s Creek project.

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.

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