Lakeland Resources (LK-V) and its option partner, Declan Resources (LAN-V) Jan 8, '14 are providing an update on recent work completed at the Gibbons Creek uranium property, located along the northern margin of the Athabasca basin, Saskatchewan. Highlights
- Successful completion of a land-based RadonEx survey at Gibbons Creek, with a peak of 9.93 picocuries/square metre/second (believed to be one of the highest reported RadonEx values recorded to date for the Athabasca basin);
- Ground prospecting and sampling program confirm the existence of a historic radioactive boulder field on the Gibbons Creek property. Results include eight boulders with assays greater that 1.0 per cent triuranium octoxide and a high of 4.28 per cent U3O8;
- Successful completion of approximately 38 line kilometres of a DC-resistivity survey. Robust resistivity trends are roughly coincident with historic alteration and mineralization.
"We are excited to report on these results today, as they confirm the potential for a significant uranium discovery at the Gibbons Creek uranium property. Of particular interest are the extremely high radon values reported by RadonEx, which to our knowledge, are the highest ever reported for the Athabasca basin area," stated Jonathan Armes, president of Lakeland Resources.
Gibbon's Creek comprises five contiguous claims totalling 12,771 hectares, located less than three kilometres from the settlement of Stony Rapids. The property is adjacent to the Black Lake project, held jointly by Uracan Resources Ltd. and UEX Corp. The Gibbon's Creek property encompasses a portion of the company's 35,463-hectare Riou Lake property and is where Lakeland's fieldwork has been largely focused to date.
Declan can acquire up to a 70-per-cent interest in the Gibbons Creek uranium property by incurring $6.5-million of staged exploration expenditures, paying $1.5-million in cash and making share payments totalling 11 million shares over a four-year period.
RadonEx survey
Lakeland contracted RadonEx Ltd. to conduct radon surveys at the Gibbons Creek property, which electret ionization chamber technology was highly successful in detecting the Patterson Lake South uranium deposits. A total of 592 samples were taken on the Gibbons Creek property over areas with historic drilling and other positive uranium indications. The survey was conducted on lines spaced 200 metres apart and sample stations spaced 50 metres apart. Results of the survey indicate a maximum of 9.93 pCi/square m/second, with nine samples greater than 3.2 and a background level of about 1.3. The maximum radon value is coincident with a historically defined uranium-in-soil anomaly. These results have both confirmed current drill targets based on historic results and defined new high-priority targets.
Plans are being made to conduct a follow-up radon survey as soon as possible in order to expand on these positive results.
Prospecting and sampling
Prospecting crews of Dahrouge Geological Consulting Ltd. successfully confirmed the historically defined radioactive boulder field at the Gibbons Creek property. Historic work by Eldorado Nuclear identified sandstone boulders with uranium contents of up to 4.9 per cent U3O8.
The recent prospecting work has identified an area of approximately 1.2 kilometres by one kilometre containing radioactive boulders. Results indicate eight sandstone boulders with assays greater than 1.0 per cent U3O8, with the highest assay of 4.28 per cent U3O8. Additionally, 11 samples assayed greater than 0.2 per cent U3O8. The remaining nine boulders sampled in the boulder field assayed less than 0.2 per cent U3O8. Many of the mineralized boulders contain anomalous values of nickel, arsenic, lead and cobalt.
The precise bedrock source of the boulders is not known at this time, and the next field season will concentrate on detailed glacial studies in order to better define their source. The size of the boulders range from about 15 and 80 centimetres across, measured in their longest dimension. The altered sandstone boulders are commonly subangular to rounded. The ratio of sandstone boulders to basement boulders is approximately 100 to 1, but varies locally throughout the property. Two separate groups of glacial striations are recorded from the project area, the first trending roughly 235 degrees and the other roughly 275 degrees.
Ground geophysics
Patterson Geophysics Inc. of La Ronge, Sask., completed approximately 38 line kilometres of pole-dipole D.C. resistivity survey on the Gibbons Creek property. The survey is designed to map the extent of basement alteration which was identified in the historic drilling campaigns by Eldorado Nuclear in 1978 to 1980. Historic drill records report "extensive basement alteration, up to 72 metres," (assessment report 74P04-0024, Page 20). The altered basement is further described as soft, highly altered, with extensive hematite, chlorite and clay alteration.
Interpretation of the resistivity survey was conducted by Livingsky Geophysics of Saskatoon, Sask. A 3-D model of the resistivity data was created and depth-slice images created at varying levels in order to map the resistivity at specified depths. The unconformity is at about 70 m depth at the north end of the survey area and about 120 m depth at the south end of the survey area. At a depth of about 100 metres below the surface (150 m above sea level depth slice), a distinct east-west low-resistivity trend of less than 1,000 ohm-m is apparent and is roughly coincident with the historic basement alteration and mineralization. This robust resistivity trend is apparent at near surface (250 m above sea level) all the way to a depth of about 200 metres (50 metres above sea level). Another distinct resistivity anomaly is roughly coincident with the strong radon anomalies located at the northern end of the survey. Both resistive trends represent high-priority targets for follow-up drill testing.
About the property
The Riou Lake property benefits from over $3-million of historic exploration, including modern geophysics, completed by the previous owner UEX Corp. in 2005 and work by Eldorado Nuclear. The property benefits from nearby infrastructure, with power lines and highways transecting the claims. Lakeland is focused on testing targets, such as Gibbons Creek, where the depth to the unconformity is known to be shallow (approximately 50 to 250 metres), increasing the economics of exploration.
National Instrument 43-101 disclosure
The technical information above 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, a qualified person, of Dahrouge Geological Consulting and a director of Lakeland.
Analytical methods
All rock samples were delivered to Activation Laboratories Ltd. (Actlabs) of Ancaster, Ont. Actlabs is an ISO-certified laboratory and independent of the issuer. All samples were analyzed with a 39-element partial digestion with ICP-MS/ICP-OES analysis and a 49-element total digestion with ICP-MS/ICP-OES analysis. Samples that returned greater than 8,000 parts per million uranium with either digestion were analyzed with the 8-U3O8-XRF method, whereby a 0.5-gram sample is fused with lithium metaborate/tetraborate and analyzed by XRF. Samples below 8,000 ppm uranium are reported herein by the partial digestion and ICP-MS method. Samples over 8,000 ppm uranium are reported herein by the XRF method. Uranium values are converted to U3O8 values with the conversion factor of 1.1792.
All samples were tested for gold, platinum and palladium with the 1C-OES-Exploration method fire assay on a 30-gram aliquot with an ICP finish. |
