LAZY EDWARD BAY EXPLORATION RESULTS LAKELAND RESOURCES INC. PROVIDES LAZY EDWARD BAY EXPLORATION RESULTS AND ADDS ADDITIONAL DRILL-READY TARGETS
Lakeland Resources Inc. is providing further results from the summer 2014 exploration at its 100-per-cent-owned Lazy Edward Bay property located at the southeastern margin of the Athabasca basin, Saskatchewan.
Highlights:
- Liberty trend -- surface rock samples with 537 parts per million triuranium octoxide and 896 parts per million triuranium octoxide; strongly anomalous soil samples with peak values of 14.8 parts per million uranium, 2,920 parts per million arsenic, 119 parts per million cobalt and 112 parts per million nickel;
- Bay trend -- soil and RadonEX samples show strong anomalism atop known conductors.
Liberty trend
Exploration at the Liberty trend focused on confirming the presence of radioactive springs reported along conductive trend(s) and investigating the association of uranium mineralization with diabase dikes. Two samples of soil proximal to the radioactive springs returned 13.7 parts per million uranium and 14.8 parts per million uranium, 2,920 parts per million arsenic, 119 parts per million cobalt, and 112 parts per million nickel.
According to Jonathan Armes, president and chief executive officer of Lakeland: "The Liberty trend appears to be a rare combination of favourable geochemistry, geophysics and surface rock samples anomalous in radioactivity, coupled with a series of radioactive springs within a complex structural setting. This confluence of geologic features attests to the potential of this area to host a large mineralizing system. The encouraging results at the Lazy Edward property confirm that it is amongst the most promising early-stage exploration projects that Lakeland has assembled, which include the Gibbons Creek, Star and Newnham Lake properties."
Two radioactive boulders collected near the radioactive springs reveal 537 parts per million U3O8 and 896 parts per million U3O8, with highly anomalous pathfinder elements such as arsenic, cobalt, chromium, nickel and lead. An outcrop sample from the diabase dike located approximately 350 metres to the south encountered low uranium, but was also enriched in base metals such as Cu, Co and Zn.
These results bolster the significance of the Liberty trend in relation to historic exploration highlighted by known uranium mineralization within drill holes, structural offsets and conductive basement rocks. The Liberty trend consists of a wide, approximately five-kilometre-long conductive zone within the southwest portion of the property. A portion of the trend is intruded by diabase dikes, which were the focus of historic exploration and where uranium mineralization was noted. A large vertical displacement (reverse fault) of up to 80 metres has also been identified. Conductive (graphitic) basement rocks and structural disturbances at the Liberty trend were examined by Uranerz Exploration and Mining Ltd. in 1979. Within hole DDH LE-1, highly anomalous uranium (224 parts per million U3O8 across 0.5 metre) was encountered within highly altered basement rocks. Other notable anomalous drill intersections include DDH LE-14, with up to 5,100 parts per million cobalt.
In 2007, a ground fixed-loop transient electromagnetic survey, conducted by JNR Resources, refined the conductor along more than three kilometres along the Liberty trend. The conductors were drill tested with four holes in 2008 and intersected significant structural features composed of brittle fracturing and/or ductile shearing with anomalous pathfinder elements. Depths to the sub-Athabasca unconformity vary between 80 metres and 200 metres along the Liberty trend. Additional drilling was recommended but apparently not conducted. The targets on the Liberty trend are considered to be high-priority drill-ready targets.
Bay trend
Exploration at the Bay trend consisted of 150 conventional soil samples atop a larger, 789-sample radon-in-soil grid. The radon sampling was conducted by RadonEx Ltd., which used electret-ionization-chamber technology that was highly successful in detecting the Patterson Lake South uranium deposit. The conventional soil samples targeted a northwest-trending conductor located immediately south of the shore of Lazy Edward Bay and approximately 1.5 kilometres south of the Athabasca basin. The radon-in-soil grid covered the same conductor, plus one additional arcuate conductor located two kilometres to the south. The surveys have resulted in several anomalous geochemical targets that are coincident with basement conductors. (See the accompanying map on the company's website.)
Results highlight the significance of the historic exploration by Uranerz in 1982, where drill hole LE-50 intersected basement rocks about one kilometre south of the Athabasca basin. Here, moderately chloritized and sericitized and weakly hematized migmatitic graphitic pelites returned 908 parts per million U3O8 along with anomalous boron, nickel and pathfinder metals (Saskatchewan AR: 74G07-0042). A 2005 VTEM survey conducted by JNR Resources confirmed the historic conductors, and a follow-up 2007 ground fixed-loop transient electromagnetic (FLTEM) survey refined the conductor location. The FLTEM targets have yet to be drill tested. The 2014 geochemical surveys have further refined the geophysical targets and are now considered to be high-priority drill-ready targets.
National Instrument 43-101 disclosure
The technical information herein 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 Neil McCallum, PGeo, of Dahrouge Geological Consulting Ltd., a qualified person.
The 2014 geochemical results reported herein were analyzed by SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 accredited facility) of Saskatoon for analysis with a multielement ICP package. The uranium content throughout the news release and maps is reported as ICP-MS (partial digestion). The soil samples are reported as parts per million U, whereas rock samples are reported as parts per million U3O8, in order to compare with historic intersections that have been reported as oxide. The conversion from U to U3O8 used a factor of 1.1792.