2012-09-25 16:27 ET - News Release
Mr. Jonathan Armes reports
LAKELAND RESOURCES INC. EXPLORATION UPDATE
Lakeland Resources Inc. is providing an exploration update from the continuing 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 fieldwork on the recently acquired Kam and Crown properties in the Iron Bridge copper area located east of Sault Ste. Marie, Ont.
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, Ont. The property is road accessible and is located approximately 20 kilometres southeast of Richmont Mines' Island gold mine complex and Prodigy Gold's 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 gram per tonne gold. Sampling of the historical Larry Peters No. 1 vein, located approximately 800 metres east of the drilling carried out in 2011, returned assays ranging from four to 64 grams gold per tonne from three samples. The company is planning to reinterpret the geophysical survey carried out last year and will follow up with a more detailed exploration program to evaluate the extent of the Midas gold trend's easterly extension further.
Ballard Lake property
The Ballard Lake property consists of 225 claim units (encompassing approximately 3,600 hectares) located in the Michipicoten greenstone belt, Sault Ste. Marie mining division. The property is road accessible and covers the historical Ballard Lake shear zone 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 historical 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 silver (see attached table). The company is planning a more detailed mapping and prospecting program across the entire project area.
BALLARD LAKE GRAB SAMPLESSample No. Au g/t Ag g/t203301 0.002 <0.2203302 0.012 <0.2203303 0.005 <0.2203304 0.090 10.1203305 0.004 <0.2203306 5.55 10.2203307 0.011 <0.2203308 1.55 8.1203309 0.057 0.4203310 5.51 15.1203311 0.539 1.5203312 0.051 <0.2
Kam and Crown properties
The Kam property consists of one claim (nine units) encompassing approximately 128 hectares and is contiguous to the west of the former producing Copper Prince mine, where a non-compliant NI 43-101 resource of 50,000 tonnes of 3 per cent copper is reported. This is a historical resource not compliant with 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 about 300 metres exposed from historical trenches, where it disappears under thicker overburden. Seven samples were taken from historical trenches along the strike of the Copper Prince deposit on the Kam property, and copper values of 0.366 per cent copper to 7.14 per cent copper 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 one claim (six 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 per cent copper. This is a historical resource not compliant with 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 historical J zone and E zone confirmed the presence of copper with values of 0.796 per cent Cu and 0.912 per cent 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 Garry Clark (PGeo), a director of Lakeland Resources. Mr. Clark is an independent qualified person as defined by Canada's NI 43-101.
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