- Lakeland Resources Inc. announced that its joint venture partner New Dimension Resources Ltd. has received permits and will commence a minimum 1,800-meter diamond drilling program at the Midas Gold Property located in north central Ontario.
- New Dimension has an option to earn up to a 70% interest in the property by spending $1.2 million in exploration, issuing 1.5 million shares to Lakeland, and paying $100,000 by December 2016.
- Previous drilling by Lakeland at the property intersected gold mineralization in 14 drill holes, with highlights including 4.61 g/t Au over 2 meters and 8.88 g/t Au over 2.6 meters, defining two gold-
Marel Q1 2024 Investor Presentation from May 8, 2024
Lakeland Resources Inc. (TSXv: LK) Announces Joint Venture Partner to Commence Drilling at Midas Gold Property, Wawa Ontario
1. TSXv: LK FSE: 6LL
Lakeland Resources Inc. Announces Joint Venture Partner to Commence
Drilling at Midas Gold Property, Wawa Ontario
October 31, 2013 – Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the “Company” or
“Lakeland”) is pleased to announce that its joint-venture partner New Dimension Resources Ltd.
(“New Dimension”) has informed the Company that permits have been received and a minimum
1,800-metre diamond drilling program will commence shortly at the Midas Gold Property (the
“Property”), located approximately 50 kilometers northeast of the town of Wawa in north central
Ontario.
The drilling program is being funded 100% by New Dimension whom has an option to earn up
to a 70% interest in the Property from Lakeland by spending $1.2 million in exploration
expenditures, issuing 1.5 million shares of New Dimension and paying $100,000 to Lakeland on
or before December 31, 2016. Lakeland will then be free carried with its remaining 30% interest
until New Dimension completes an initial NI 43-101 resource estimate for the Property.
Midas Property – Background:
In keeping with the Company’s focus on uranium exploration in the Athabasca Basin, Lakeland
optioned a 70% interest in the Midas Gold Property to New Dimension in September, 2013.
The Midas Property consists of 12 staked claims (139 units) covering 2,112 hectares within the
Sault Ste. Marie Mining Division. The Property is road accessible and lies 20 kilometres
southeast of Richmont Mines’ Island Gold Mine complex and Argonaut Gold’s Magino Gold
Project (recently acquired for approximately ~$350 M from Prodigy Gold).
Click the following link to view a location map of the Midas Gold Property:
http://www.newdimensionresources.com/i/maps/midas/2013-09-16-Midas_Project_Regional.jpg
Sporadic exploration has been carried out in the Midas Property area, beginning in the 1940’s,
with most work completed in the late 1970’s to 1990. Past exploration has included surface
sampling, trenching airborne and ground geophysics and diamond drilling.
2. TSXv: LK FSE: 6LL
During the winter of 2011, Lakeland carried out ground magnetics and induced polarization in
the southwestern area of the Property. To follow up this program Lakeland completed sixteen
(16) diamond drill holes totaling 2,353 metres. The drilling was designed to test induced
polarization anomalies and surface gold showings. Drilling partially defined two gold bearing
zones (zones M-11 and M-16) with fourteen (14) of the holes reporting gold mineralization.
Highlights of the drilling are summarized in the following table:
Midas Gold Property - Significant Drill Hole Intervals
Drill Hole
From
(metres)
To
(metres)
Width
(metres)
Grade Au
(g/t)
M-11-01
55.00
57.00
2.00
4.61
M-11-02
89.00
96.00
7.00
0.34
M-11-03
55.40
56.80
1.40
1.06
M-11-04
45.70
50.40
4.70
5.92
Including
46.70
49.30
2.60
8.88
M-11-05
21.00
22.00
1.00
1.34
28.90
30.90
2.00
7.03
M-11-08
56.50
57.50
1.00
2.39
M-11-09
59.20
61.00
1.80
4.04
M-11-14
36.50
38.50
2.00
1.92
Including
36.50
37.50
1.00
3.33
•
•
All results shown are over core lengths. True widths are not known;
Drill core was industry standards NQ in size. All split or sawn core samples from Phase 1 drilling were
submitted to Swastika Laboratories of Swastika, Ontario for analysis; samples from Phase II drilling
were submitted to Accurassay Laboratories of Thunder Bay, Ontario. All gold assaying was performed
using a 30g standard fire assay with an AA and /or gravimetric finish.
Please click the following link to view a map of the drill plan at the Midas Gold Property:
http://www.newdimensionresources.com/i/maps/midas/2013-09-16-Midas_Drill_Plan.jpg
3. TSXv: LK FSE: 6LL
The drilling identified a broad gold-bearing structure, which can be traced for over 500 metres in
strike length. Work to date indicates that the gold system lies along the southern limb of a broad
anticlinal fold structure and is associated with widespread silicification and carbonatization.
Gold mineralization remains open on strike and down dip.
Results from the drilling program will be reported jointly by the partners as they become
available during the program.
NI 43-101 Disclosure
The technical information in this news release has been prepared in accordance with the
Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf
of the Company by Mr. Garry Clark (P.Geo), a Director of Lakeland.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a pure play uranium exploration company focused on the Athabasca
Basin in Saskatchewan, Canada; home to some of the world’s largest and richest high-grade
uranium deposits. The Company’s common shares trade on the TSX Venture Exchange under
the symbol “LK” and on the Frankfurt Stock Exchange under the symbol “6LL”.
For more information, please visit the corporate website at http://www.lakelandresources.com or
contact Roger Leschuk, Corporate Communications at Ph: 604.681.1568 or TF: 1.877.377.6222
or email: roger@lakelandresources.com
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
“Jonathan Armes”
Jonathan Armes
President, CEO and Director
Cell: 416.708.0243
Ph: 604.681.1568
TF: 1.877.377.6222
Email: jarmes@lakelandresources.com
Web: http://www.lakelandresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
4. TSXv: LK FSE: 6LL
Statements in this document which are not purely historical are forward-looking statements, including any
statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in
this news release include that New Dimension will complete a minimum 1,800 metre drilling program at the Midas
Gold Property and that results from the drilling program will be reported jointly by the partners as they become
available during the program.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in
such forward-looking statements. Risks and uncertainties include economic, competitive, governmental,
environmental and technological factors that may affect the Company's operations, markets, products and prices.
Factors that could cause actual results to differ materially may include misinterpretation of data; that we may not
be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our
intended exploration and development; that our applications to drill may be denied; that weather, logistical
problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that
analysis of data may not be possible accurately and at depth; that results which we or others have found in any
particular location are not necessarily indicative of larger areas of our properties; that we may not complete
environmental programs in a timely manner or at all; that market prices may not justify commercial production
costs; and that despite encouraging data there may be no commercially exploitable mineralization on our
properties.