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Posts tagged ‘Lakeland Resources Inc (LK)’

Lakeland Resources/Alpha Exploration combo approved, ALX Uranium begins trading September 25

September 23rd, 2015

by Greg Klein | September 23, 2015

ALX Uranium Corp TSXV:AL, a new Athabasca Basin explorer created out of Lakeland Resources TSXV:LK and Alpha Exploration TSXV:AEX, begins trading September 25. Final approvals came through from the TSXV and British Columbia Supreme Court, the betrothed announced on September 23, six days after receiving overwhelming shareholder approval.

ALX Uranium begins trading September 25 as Lakeland Resources/Alpha Exploration combo approved

Prior to the trading debut, Lakeland shares undergo a 1:3 reverse split and the company changes its name to ALX. Alpha owners will exchange two of their shares or exercise two warrants to get one ALX share. Delisted Alpha then becomes a wholly-owned subsidiary of ALX.

The combined properties will give ALX one of the Basin’s largest portfolios. Among the standouts are the 100%-held Carter Lake and Hook Lake projects, featuring about 15 kilometres of untested corridors on strike with the discoveries at Patterson Lake South, Arrow and Spitfire. Other properties of special note are the 100%-held Gibbon’s Creek, Newnham Lake and Lazy Edward Bay, as well as a 100% option on Kelic Lake, a 60% stake in the Carpenter Lake joint venture and an 80% share of the Gorilla JV.

Already working together, the ALX geotechnical team-to-be has been planning a new exploration strategy. Both companies will contribute strong treasuries to ALX’s coffers.

Read more about the Lakeland Resources/Alpha Exploration combination.

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.

Lakeland Resources/Alpha Exploration combination gets shareholder approval

September 15th, 2015

by Greg Klein | September 15, 2015

A new Athabasca Basin explorer named ALX Uranium Corp came closer to inception on September 15 after shareholders of Lakeland Resources TSXV:LK and Alpha Exploration TSXV:AEX voted overwhelmingly in favour of combining the two companies.

The proposal won support from 96.01% of Alpha shareholders and 97% of Alpha security holders (shareholders and warrant holders), while Lakeland shareholders voted 95.76% in favour.

I call that a merger of two juniors to strengthen the balance sheet, increase resource science capabilities and bring together experienced management teams and board members.—Thomas Drolet, quoted in Streetwise Reports

In a Streetwise Reports interview posted the same day, energy expert and Lakeland adviser Thomas Drolet called the plan “a merger of two juniors to strengthen the balance sheet, increase resource science capabilities and bring together experienced management teams and board members.” Contrasting the deal with the proposed Fission Uranium TSX:FCU/Denison Mines TSX:DML merger, Drolet said the Lakeland/Alpha combination comprises “a different kind of M&A. It is more a merger of two juniors that want to stay in the E&P extraction business, get on with drilling and strengthen their balance sheets.”

Their combined portfolio would be one of the Basin’s largest, with “a string of Tier 1 drill targets,” according to Lakeland CEO Jonathan Armes.

Should further approvals come from the TSXV and British Columbia Supreme Court, the two companies anticipate ALX Uranium will debut on September 25’s opening buzzer.

Read more about the Lakeland Resources/Alpha Exploration combination.

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.

Lakeland Resources CEO Jonathan Armes extols the benefits of a merger with fellow Athabasca Basin uranium explorer Alpha Exploration

August 7th, 2015

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Allied forces

July 23rd, 2015

Lakeland Resources and Alpha Exploration plan a strategic Athabasca Basin combination

by Greg Klein

Lakeland Resources and Alpha Exploration sign merger agreement

Among the new company’s exploration priorities would be the combination of
Lakeland’s Carter Lake and Alpha’s Hook Lake, on conductive corridors
and proximal to uranium discoveries northeast of Patterson Lake South.

 

The news followed the Fission Uranium TSX:FCU/Denison Mines TSX:DML announcement by two weeks yet Jonathan Armes says, “I don’t think there’s a better fit in the Basin.” Revealed July 22, the proposed combination of Lakeland Resources TSXV:LK and Alpha Exploration TSXV:AEX would bring together “our treasuries, our dream team of directors and technical advisers, and of course our properties. There’s synergies especially in the Carter Lake-Hook Lake projects. We’d have 15 kilometres of virtually untested corridors on strike with the Patterson Lake South, Arrow and Spitfire uranium discoveries.”

Lakeland’s CEO sees Basin companies divided by a big gap in market capitalization, where one group of explorers struggles with caps of $3 million or less while the next group starts with $13 million or more. “We want to tighten our share structure and provide more leverage to our existing shareholders,” Armes explains. “We think that having 41 million shares and $3 million in the bank would put us in a different category from a lot of our peers right now. We could execute probably two drill programs before the Christmas break. And, given our treasuries, people and properties, we’d have the ability to raise additional funds.”

The unified portfolio would feature “a string of Tier 1 drill targets,” including a combination of Lakeland’s Carter Lake and Alpha’s Hook Lake, now held 100% each by their respective companies. Together they cover an approximately 15-kilometre length of the PLS conductive corridor hosting Fission’s Triple R deposit and R600W zone, as well as the Arrow zone of NexGen Energy TSXV:NXE and the Spitfire zone of Cameco Corp TSX:CCO, AREVA Resources Canada and Purepoint Uranium TSXV:PTU.

Lakeland Resources and Alpha Exploration plan a strategic Athabasca Basin merger

Three other priorities from Alpha’s portfolio include Kelic Lake, Carpenter Lake and Gorilla Lake. Alpha holds a 100% option on Kelic, straddling the southern Basin’s rim east of PLS. East of Kelic and just south of the rim, Alpha holds the larger part of a 60/40 joint venture with Noka Resources TSXV:NX on Carpenter. East of the former Cluff Lake mine Alpha holds 80% of Gorilla, a JV with 20% partner Logan Resources TSXV:LGR. Results are pending for geophysics flown over the three properties earlier this year.

Three more Lakeland priorities, held 100%, include Gibbon’s Creek on the Basin’s north-central rim, Newnham Lake to the east and, on the southern rim, Lazy Edward Bay. The company considers Lazy Edward and Newnham drill-ready. Last winter’s Phase I drilling at Gibbon’s, meanwhile, brought near-surface intervals grading to 333.8 ppm U3O8 over 1.1 metres, including 0.13% over 0.23 metres.

As president/CEO/director of the merged entity, Armes would co-manage with Alpha CEO Michael Gunning, who would become executive chairperson. Alpha VP of exploration Sierd Eriks would retain his position. Each company would nominate three candidates to the six-person board.

Over the coming weeks geologists and Lakeland directors Neil McCallum and Jody Dahrouge will work with Eriks and Gunning to “set priorities, establish a timetable and put together a 24- to 36-month strategy of drilling,” Armes says. “Any or all of these eight projects have the potential of a significant discovery.” As for some non-core assets, the team would consider putting them up for JVs or sale.

Of the approximately $3-million combined treasury, roughly one-third would consist of “hard dollars” and the remainder subject to flow-through commitments.

The deal does, however, call for a hiatus on non-essential summer exploration prior to closing.

Subject to all approvals and a shareholder vote planned for early September, the arrangement begins with a three-to-one reverse split for Lakeland followed by the company exchanging one new share for every two Alpha shares. As a result, Lakeland shareholders would get about 60% of the new company’s 41 million shares, with the rest in the hands of Alpha shareholders.

“Both groups are excited about getting together our teams, our treasuries and our projects,” Armes says. “Everything lines up. In my opinion there’s no better merger that could happen in the Basin.”

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.

Lakeland Resources and Alpha Exploration sign merger agreement

July 22nd, 2015

This story has been updated and moved here.

Lakeland Resources president Jonathan Armes comments on Phase I drilling at the Athabasca Basin’s Gibbon’s Creek uranium project

June 8th, 2015

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Strategies for success

June 2nd, 2015

Four junior explorers discuss their pursuit of diverse commodities

by Greg Klein

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Four junior explorers discuss their pursuit of diverse commodities

Chris Berry moderates as reps from Commerce Resources, Electra Stone,
Lakeland Resources and Equitas Resources talk about their Canadian projects.

Why do some juniors thrive despite depressed capital markets? Obvious answers would include the right commodities, projects and management. But how that plays out on a company-by-company basis came through in a May 31 Canvest ’15 panel discussion bringing together four explorers pursuing widely diverse minerals.

The quartet comes under the umbrella of Zimtu Capital TSXV:ZC, a prospect generator with several core holdings among junior explorers. Lakeland Resources TSXV:LK holds one of the Athabasca Basin region’s largest portfolios of uranium prospects. Equitas Resources TSXV:EQT brings modern exploration techniques to a surprisingly under-explored Labrador land package southeast of Voisey’s Bay. Electra Stone TSXV:ELT has made aggressive moves into British Columbia jade properties while producing industrial minerals. Commerce Resources TSXV:CCE continues to advance its Ashram rare earths deposit in Quebec towards pre-feasibility while also holding a tantalum-niobium project in southern B.C.

Four junior explorers discuss their pursuit of diverse commodities

Panel moderator Chris Berry, president of House Mountain Partners and co-editor of the Disruptive Discoveries Journal, opened the discussion by asking about each company’s competitive advantage.

Commerce president Chris Grove noted that Ashram is one of a “very, very small” number of comparable projects that survived the rare earths bubble. Meanwhile rare earths demand for electric vehicles and magnets “has actually increased since the highs in 2010, 2011 and arguably will increase.”

He suggests investors consider a rare earths deposit for its distribution of magnet materials. “In that regard our project is not only hosted by the three minerals that are processed every day basically all around the world but it also has a great distribution of those magnet materials.”

Electra president John Costigan related his company’s entry into the $20-billion global jade industry. “B.C. accounts for 75% of the world’s nephrite jade … and that market is worth about $400 million.” Coming from an industrial minerals perspective, Electra sees neglected potential in the province’s B-grade jade, which Costigan says is literally left behind in the quest for higher-grade stuff used in jewelry and carving.

Among Lakeland’s advantages is its location. “We’re in the Athabasca Basin where the world’s highest grades are,” said manager of corporate communications Roger Leschuk. Uranium deposits outside the Basin average 0.1% to 0.15% U3O8, he added. Pointing to Basin grades like McArthur River’s 22% to 24% and Cigar Lake’s 18% to 22%, he said, “These mines are essentially hundreds of times richer, so the cost per pound of pulling it out of the ground is lower. Even in a low-rate environment, the Athabasca Basin’s the only place that makes sense.”

Location also helps explain the optimism of Equitas president Kyler Hardy. His company’s flagship Garland project sits 30 kilometres southeast of Vale’s (NYE:VALE) Voisey’s Bay on a land package undergoing modern exploration techniques for the first time. Canadian sulphide-type nickel deposits are “considered some of the best mines in the world simply because they’re not laterites,” Hardy said. “The environmental destruction that can occur when you mine laterite is massive because you’re basically strip-mining.”

And markets for Canadian nickel are relatively close. While other countries might produce the metal for China, Canadian nickel goes mostly to the eastern U.S., Montreal and Europe.

Tough equity markets have failed to keep these four companies down. So Berry asked about their sustainability plans for the next 12 to 24 months.

Last year’s $11.1 million in financings testifies to Commerce’s stability, Grove replied. The money supported a 31-hole drill program and Phase I mini-pilot plant tests, with the second phase set to begin within weeks. “Sustainability in this industry goes back to the actual rocks,” he said. When a company finds the metals it’s looking for and understands the market for those metals, “then arguably you have both sides covered.”

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Lakeland Resources expands its southwestern Athabasca Basin uranium presence

May 29th, 2015

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.

Canvest ’15

May 28th, 2015

Commodities, tech, trends converge at Vancouver’s Canadian Investor Conference

by Greg Klein

The event takes place in familiar surroundings at the Vancouver Convention Centre West from May 31 to June 1. But while Canvest ’15 has become an annual institution, it’s one that adapts to the times. That gives mining and exploration investors a chance to not only catch up with companies’ progress but learn more about the convergence of commodities with energy and technology. Nearly 40 speakers will present talks, panel discussions, corporate presentations and workshops, along with almost 100 exhibitors ready to meet investors one-on-one.

Commodities, technologies, trends converge at Vancouver’s Canadian Investor Conference

Shown here at last year’s Canvest, Chris Berry emphasizes
the importance of learning about energy minerals
and their supply chains.

Considering the challenges of resource markets, Chris Berry credits Canvest organizer Cambridge House International for this new approach. “I think a lot of stakeholders in the natural resource space are searching for the new model,” says the Disruptive Discoveries Journal co-editor. “My sense is that Cambridge House may be on to something by trying to broaden its scope and provide opportunities for investors to get some insights into how natural resources and technology are converging.”

With such a broad range, not every sector links up with each other. But topics include mineral exploration, oil and gas, liquefied natural gas, agriculture, life sciences, energy metals, technology and—appropriately for a city where weed wafts ubiquitously—marijuana.

Canvest’s opening day promises to keep Berry busy with a keynote talk and four panel discussions. “My presentation will focus on disruptive technologies, not so much in the mining space but in the economy, taking a macro view of some of the forces I think are converging right now that make learning about disruptive business models and the potential for metals demand very, very important,” he says.

Even with minerals markets facing a prolonged downturn, Berry sees signs of hope. “I think the really optimistic and bullish case has to do with how quickly energy technologies, and technology in general, are being adopted and advanced. Longer-term, you want to be looking at a country like India. It’s much less urbanized than China, which served as the engine for metal demand.”

Among Berry’s Sunday panels will be an 11:30 a.m. commodities forum with reps from four holdings of prospect generator Zimtu Capital TSXV:ZC. On board will be Commerce Resources TSXV:CCE (rare earths, tantalum, niobium), Equitas Resources TSXV:EQT (nickel), Electra Stone TSXV:ELT (jade, industrial minerals) and Lakeland Resources TSXV:LK (uranium).

Cambridge House describes its speaker line-up as “top industry analysts, newsletter writers, c-suite executives, hedge fund managers, trends forecasters and finance celebrities.” Twenty “young” clean tech companies will take their places at the new PowerHaus Pavilion. Events that aren’t formally on the agenda but remain well-entrenched Canvest customs include networking, schmoozing, gossiping and maybe just a bit of rumour-mongering.

Commodities, technologies, trends converge at Vancouver’s Canadian Investor Conference

Gianni Kovacevic says Canvest offers exposure to bold
new technologies as well as essential commodities.

Sunday’s 8:30 a.m. opening features a keynote presentation by Gianni Kovacevic, chairperson of CopperBank Resources CSE:CBK and author of My Electrician Drives a Porsche? His talk covers emerging markets, their “new spending class,” the merger of technology and energy, and other aspects of “the new energy renaissance.” He’ll also discuss his book, in which Kovacevic expresses his ideas through the interplay of two fictional characters, a boomer-generation doctor and a younger tradesman who became a canny investor by studying new and emerging trends.

Kovacevic will be giving away free copies of the novel.

He sees positive signs for the minerals sector through the simple necessity of supply. “Nobody’s building anything new of significance—I mean big, big new mines,” he says. “Ultimately you need a stronger underlying commodity price or nothing’s going to get built, so it’s a matter of time.”

A veteran of previous Cambridge House events as well as other investor shows, Kovacevic expects to see a lot of new faces among Canvest’s new diversified exhibitors. As for returning companies, he says they’ll offer investors a report card on their progress.

“The hard core resource investor talks to the 30 people he always talks to, he meets five or 10 new guys, he kicks the tires,” Kovacevic explains. “Even if you’re not going to invest right now, you’re going to see a company you like and you’re interested in, and if that sector moves or that company moves, you get very interested very quickly.”

Canvest ’15 runs May 31 to June 1, from 8:30 to 5:30, at Vancouver Convention Centre West. Avoid the $20 door charge by registering in advance.

Disclaimer: Zimtu Capital Corp, Commerce Resources Corp and Lakeland Resources Inc are clients of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in those companies.

Athabasca Basin and beyond

May 1st, 2015

Uranium news from Saskatchewan and elsewhere to May 1, 2015

by Greg Klein

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NexGen ends winter with outstanding step-outs, plans 2015 maiden resource

Following a season in which 44 of 46 holes at Rook 1’s Arrow zone found mineralization, the last one released by NexGen Energy TSXV:NXE showed the project’s highest total composite mineralization. That April 29 announcement followed an April 23 batch of results that included some of the zone’s strongest offscale radioactivity. Although lots of assays are still pending, drilling resumes in early June with five rigs expected to sink a total of 25,000 metres. The longer-term goal is a maiden resource by December.

Winter’s record-breaker was angled hole AR-15-45b, which drilled through A2 and A3, two of the zone’s three mineralized shears. It returned a composite 226 metres of mineralization distributed within a 468-metre section starting at 391 metres in downhole depth. Included was a composite 9.8 metres that went “offscale” between 10,000 and 54,000 counts per second.

The results come from a hand-held scintillometer that measures drill core radioactivity. Readings above 10,000 cps are considered offscale due to the limitations of earlier devices. These measurements don’t substitute for assays, which have yet to arrive.

Another radioactive announcement six days earlier heralded a substantial expansion to A2’s high-grade core, some of Arrow’s strongest off-scale measurements and semi-massive to massive pitchblende that would make a geologist’s mouth water. Currently marking Arrow’s southwestern border, hole AR-15-44b stepped out 76 metres southwest along strike from AR-14-30, which last October assayed 7.54% U3O8 over 63.5 metres.

AR-15-44b found a composite 190.7 metres within a 519-metre section, starting at 430.5 metres in depth. The results included an offscale composite of 40.45 metres.

Other highlights include:

  • AR-15-43a, with 92 composite metres within a 501.5-metre section, starting at 346 metres

  • AR-15-42a, with 68.9 composite metres within a 592.5-metre section starting at 142.5 metres

Arrow now covers 515 metres by 215 metres, with mineralization found vertically at depths between 100 metres and 920 metres. Still open in all directions and at depth, the zone boasts significant off-scale mineralization at both its southwestern and northeastern extents.

Beyond Arrow, NexGen’s winter season also resulted in Rook 1’s Bow discovery.

Athabasca Basin bought deals: Fission closes $20 million, Denison announces $15 million

April 29 proved a good day for uranium financings as the Basin’s two most prominent explorers announced substantial bought deals. Fission Uranium TSX:FCU completed a private placement of 13.34 million flow-through shares at $1.50 to bring in $20.01 million. Denison Mines TSX:DML announced an agreement to purchase 12 million flow-through shares at $1.25 for $15 million, an offer that’s expected to close around May 26.

Fission’s placement started at $15 million on April 1. Within hours the figure rose to $17.4 million. With the underwriters exercising their additional 15% option, the deal closed on $20.01 million. Earlier this month the company finished its winter program at Patterson Lake South, which strived to expand and upgrade the Triple R deposit and the R600W zone, as well as explore the PLS property farther afield.

Denison also wrapped up winter work earlier this month after sinking 61 holes totalling 30,400 metres on seven projects, most of them joint ventures. Summer plans call for about 34,000 metres on eight projects, focusing on the flagship Wheeler River project, which has a maiden resource for the Gryphon zone planned for December to complement the very high-grade Phoenix deposit three kilometres southeast. Denison holds 60% of the JV with Cameco Corp TSX:CCO (30%) and JCU (Canada) Exploration (10%).

Also announced April 29, Cameco’s Q1 results showed $566 million in revenue, a 35% increase over the same period last year. Gross profit reached $129 million, a 19% increase. But a net loss attributable to shareholders sunk to $9 million, or $0.02 per share diluted, 107% below Q1 2014 performance. The company attributed blame “primarily due to higher mark-to-market losses on foreign exchange derivatives.”

In a more modest financing the following day, Kivalliq Energy TSXV:KIV closed the final tranche of a private placement totalling nearly $2.8 million. UEX Corp TSX:UEX offered a $2.5-million placement on April 21.

Phase I drilling finds U3O8 at Lakeland Resources’ Star/Gibbon’s Creek project

Assays released May 1 show a promising start to Lakeland Resources’ (TSXV:LK) Star/Gibbon’s Creek project. As a result the company plans geophysics and drilling to complement last winter’s 14-hole, 2,550-metre program on the road-accessible property a few kilometres from the town of Stony Rapids, on the Basin’s north-central rim.

Among highlights from the project’s South trend was hole GC15-03, immediately below the sub-Athabasca unconformity, which showed:

  • 333.8 ppm U3O8 over 1.1 metres, starting at 106.8 metres in downhole depth
  • (including 0.13% over 0.23 metres)

True widths weren’t available.

The hole also revealed uranium enrichment, strong hydrothermal alteration and the pathfinder elements boron, cobalt and nickel between 106.8 and 133 metres in depth.

Additional anomalous uranium came from two holes north and south of GC15-03:

Phase I drilling finds U3O8 at Lakeland Resources’ Star/Gibbon’s Creek project

Drill results show uranium enrichment, strong hydrothermal
alteration and pathfinder geochemistry for hole GC15-03.

GC15-04

  • 86.7 ppm over 1 metre, starting at 114.2 metres

GC15-11

  • 123.3 ppm over 2.1 metres, starting at 103.4 metres

GC15-02, collared near an historic hole that assayed 0.18% over 0.13 metres, showed:

  • 120.3 ppm over 1 metre, starting at 101 metres

At the South zone’s eastern end, GC15-10 returned “a strong illite clay alteration assemblage from the unconformity (80.9 metres) to 148 metres’ depth,” Lakeland stated. “This interval corresponds to a zone of strong ductile shearing and local brittle-ductile cataclastic brecciation.”

GC15-06 on the Centre zone tested an area with some of the Basin’s strongest land-based RadonEx measurements. “Highly anomalous geochemical pathfinders were noted throughout the hole, including a zone of uranium enrichment from approximately 41 metres to 109.5 metres in depth.”

The company now plans airborne electromagnetics on the project’s eastern margins, ground gravity at the South trend and additional RadonEx surveys. Further drilling around GC15-06 and the South trend will follow.

“Given the early stage of exploration at Gibbon’s Creek, results obtained from this first round of drilling are very encouraging,” said president Jonathan Armes. “The geochemical, clay and alteration results are suggestive of a nearby basement-hosted or unconformity-hosted uranium occurrence…. Lakeland will have multiple exploration programs ongoing in and around the Athabasca Basin this summer and fall, which should provide for an exciting year.”

With one of the Basin-region’s largest portfolios, Lakeland currently holds 32 properties totalling over 300,000 hectares. Among other drill-ready projects are Newnham Lake, east of Star/Gibbon’s, and Lazy Edward Bay on the Basin’s southern rim.

Last week the company appointed well-known geologist Jody Dahrouge to Lakeland’s board of directors. During his 25-year career he played a key role in Fission Energy’s acquisition of Waterbury Lake, Patterson Lake and Patterson Lake South. Waterbury Lake now hosts the J-zone discovery, while PLS holds the Triple R deposit.

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

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