Lakeland Resources Inc. Exploration Update
25.09.2012 | The Newswire
September 25, 2012, Toronto, Ontario: Lakeland Resources Inc. (the "Company" or "Lakeland") (TSXv: LK) (FSE: 6LL) is pleased to provide an exploration update from the ongoing field programs. In the Wawa area, field exploration has been carried out on the Ballard Lake and the Midas Gold Properties, both located within the Michipicoten Greenstone Belt. The Company has also conducted preliminary field work on the recently acquired Kam and Crown properties in the Iron Bridge Copper Area located east of Sault Ste. Marie, Ontario.Midas Gold Property
The Midas Property is geologically situated within the Michipicoten Greenstone Belt and consists of 10 claims (107 claim units) covering 1,712 hectares; approximately 50 kilometres northeast of Wawa, Ontario. The property is road accessible and is located approximately 20 kilometres southeast of Richmont Mines' (TSX: RIC) Island Gold Mine complex and Prodigy Gold's (TSXv: PDG) Magino Gold Project.
The Company believes it has extended the Midas Gold Trend for approximately 800 metres eastward from the area that was diamond drill tested in 2011. Four grab samples consisting of quartz carbonate vein material mineralized with pyrite were collected along strike to the east of the Midas Gold Trend. Two of these samples returned anomalous gold values of 0.182 and 0.209 g/t Au. Sampling of the historic "Larry Peters #1 Vein", located approximately 800 metres east of the drilling carried out in 2011, returned assays ranging from 4 to 64 grams gold per ton from three samples. The Company is planning to re-interpret the geophysical survey carried out last year and will follow up with a more detailed exploration program to further evaluate the extent of the Midas Gold Trend's easterly extension.
Ballard Lake Property
The Ballard Lake Property consists of 225 claim units (encompassing approximately 3600 hectares) located in the Michipicoten Greenstone Belt, Sault Ste. Marie Mining Division. The property is road accessible and covers the historic Ballard Lake Shear Zone ("BLSZ") and the main Ballard Lake Showing.
An initial prospecting and mapping program was carried out on the Ballard Lake Project to confirm the presence of gold and silver mineralization in the historic trenches. Of the 12 samples collected from the A-Series trenches, assays returned values ranging from the reported detection limit to 5.5 g/t Au and from the reported detection limit to 15 g/t Ag (see Table 1 below). The Company is planning a more detailed mapping and prospecting program across the entire project area.
Table 1 - Ballard Lake Grab Samples
------------------------
|Sample #|Au g/t|Ag g/t|
|----------------------|
|203301 |0.002 |<0.2 |
|----------------------|
|203302 |0.012 |<0.2 |
|----------------------|
|203303 |0.005 |<0.2 |
|----------------------|
|203304 |0.090 |10.1 |
|----------------------|
|203305 |0.004 |<0.2 |
|----------------------|
|203306 |5.55 |10.2 |
|----------------------|
|203307 |0.011 |<0.2 |
|----------------------|
|203308 |1.55 |8.1 |
|----------------------|
|203309 |0.057 |0.4 |
|----------------------|
|203310 |5.51 |15.1 |
|----------------------|
|203311 |0.539 |1.5 |
|----------------------|
|203312 |0.051 |<0.2 |
------------------------
Kam and Crown Properties
The Kam Property consists of one claim (9 units) encompassing approximately 128 hectares and is contiguous to the west of the former producing Copper Prince Mine where a non-compliant 43-101 resource of 50,000 tonnes of 3% copper is reported. This is a historical resource not compliant to NI 43-101. There was no review of the methods of calculating this resource. The Company believes the Kam Property includes the westerly extension of the historically mined Copper Prince vein which appears to have a strike length of some 300 metres exposed from historic trenches where it disappears under thicker overburden. Seven samples were taken from historic trenches along the strike of the Copper Prince deposit on the Kam Property and copper values of 0.366% Cu to 7.14% Cu were recovered. In addition, anomalous gold values were detected in three of the samples with the highest value being 0.495 g/t Au.
The Crown Property consists of 1 claim (6 units) covering approximately 96 hectares and is contiguous to the east of the past producing Crownbridge Copper Mine. A portion of the historically outlined "J-Zone" lies within the boundary of the Crown Property which has a non-compliant NI 43-101 reported resource of 135,000 tonnes grading just under 2% Cu. This is a historical resource not compliant to NI 43-101. There was no review of the methods of calculating this resource. Two random grab samples taken approximately 350 metres apart from old trenches on the historic J-Zone and E-Zone confirmed the presence of copper with values of 0.796% Cu and 0.912% Cu respectively.
The Company is planning a more detailed exploration program for this coming fall that will include mechanical stripping and channel sampling.
The independent Qualified Person responsible for the review and approval of the technical material presented in this news release is Mr. Garry Clark (P. GEO), a Director of Lakeland Resources Inc.. Mr. Clark is an independent Qualified Person as defined by Canada's NI 43-101.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a publicly-traded mineral exploration company focused on creating shareholder wealth through the discovery of new gold deposits with a 100% focus on Canadian assets principally in Ontario. Lakeland aims to create value through the drill bit and build a successful mineral exploration company by combining technical knowledge, a motivated management team and board, strong and clear messaging and supportive investors.
For more information, please visit the corporate website at www.lakelandresources.com
On Behalf of the Board of Directors LAKELAND RESOURCES INC.
"Jonathan Armes"
Jonathan Armes, President, CEO and Director
Contact:
Lakeland Resources Inc.
Jonathan Armes, President, CEO and Director
Cell: 416.708.0243
Email: jarmes@lakelandresources.com
Web: www.lakelandresources.com
The TSXV has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release. The TSXV has neither approved nor disapproved the contents of this news release.
All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
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