VANCOUVER, Feb. 6, 2015 /CNW/ – Lakeland Resources Inc. (TSXv: LK; FSE: 6LL; OTCQX: LRESF) (the “Company”) is pleased to announce the sale of the Ballard Lake Gold Property to RT Minerals Corp. The property is located approximately 50 kilometres northeast of Wawa, Ontario.
In order for RT Minerals Corp. (“RTM”) to earn a 100% interest in the property, RTM must complete a minimum $200,000 financing and thereafter issue 4,000,000 shares to Lakeland Resources Inc. The property is subject to a 2% Net Smelter Royalty (“NSR”) to the credit of the original and previous property vendors. The transaction is subject to regulatory filing and acceptance.
BALLARD LAKE PROPERTY, ONTARIO
The Ballard Lake Property consists of 2 unpatented mining claims encompassing 17 claim units (272 hectares) located in Echum and Dolson Townships within the Michipicoten Greenstone Belt, Sault Ste. Marie Mining Division. The property is road accessible and covers the Ballard Lake Shear Zone (“BLSZ”) and the main Ballard Lake Showing. The BLSZ has been exposed for over 1 km and reportedly returned gold assays from grab samples as high as 17.6 g/t Au from historic trenches. Past work by previous operators (Noranda Mines in 1980 and Anglo Porcupine Gold Exploration Ltd. in 1988) have established the presence of gold mineralization at least intermittently along the BLSZ as well as numerous other gold and base metal occurrences from surface sampling within the property boundary. The main Ballard Lake Showing has been described as a sulphide bearing quartz vein that is commonly 30-40 centimetres wide with grab samples ranging from trace to over 4.4 oz/t Au and 12.0 oz/t Ag.
A 1998 Ontario Prospectors Assistance Program (“OPAP”) program on the Ballard Lake Property was comprised of prospecting, line cutting and an Induced Polarization geophysical survey. The 1998 program identified the shear zone as well as several geophysical target areas (strong chargeability anomalies) that were covered by overburden. Drilling was recommended but to date has not been carried out.
Mr. Robert (“Bob”) Duess P.Geo, P.Eng., is the Independent Consultant and Qualified Person who has prepared or supervised the preparation of the information that forms the basis for the scientific and technical disclosure in this news release.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a uranium and mineral 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 is well funded to carry out its near term exploration programs.
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
President, CEO and Director
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.
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, but are not limited to, that the company will complete the sale the property, will receive the shares and that the financing will be completed.
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.
SOURCE Lakeland Resources Inc.