Lakeland Resources Inc. Announces Acquisition of Two Properties
21.08.2012 | The Newswire
August 21, 2012 - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is pleased to announce that it has acquired, through staking, a 100% interest in two properties in Kamichisitit Township, located approximately 80 kms to the east of Sault Ste. Marie, Ontario.The Kam Property consists of one claim (8 units) encompassing approximately 128 hectares and is contiguous to the west of the former producing Copper Prince Mine where a non-compliant 43-101 resource of 50,000 tonnes of 3% copper is reported. This is a historical resource not compliant to 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 some 300 metres exposed from historic trenches where it disappears under thicker overburden.
The Crown Property consists of 1 claim (6 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% copper. This is a historical resource not compliant to NI 43-101. There was no review of the methods of calculating this resource.
The Iron Bridge Copper Area is a district within Algoma, situated approximately 80 kilometres to the East of Sault Ste. Marie, Ontario. The area occupies a sedimentary basin that is confined by two intrusive bodies of granite on the north and south side. Historic mapping by both government and private mining interests suggest that it is positioned at the extreme west end of a regional syncline.
The Company is planning a small prospecting and mapping program to gain a better understanding of the potential of the two projects. Both properties are road accessible and proximal to infrastructure.
The independent Qualified Person responsible for the review and approval of the technical material presented in this news release is Mr. Garry Clark (P. GEO), a Director of Lakeland Resources Inc.. Mr. Clark is an independent Qualified Person as defined by Canada's NI 43-101.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a publicly-traded mineral exploration company focused on creating shareholder wealth through the discovery of new gold deposits with a 100%-focus on Canadian assets principally in Ontario. Lakeland aims to create value through the drill bit and build a successful mineral exploration company by combining technical knowledge, a motivated management team and board, strong and clear messaging and supportive investors.
Lakeland has 21,672,878 shares outstanding. 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
On Behalf of the Board of Directors LAKELAND RESOURCES INC.
"Jonathan Armes"
Jonathan Armes, President, CEO and Director
Cell: 416.708.0243
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. 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, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
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