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Message: Lakeland Resources Inc. Announces Acquisition of Midas Gold Property, Ontario
VANCOUVER, Dec. 30 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (the "Company" or "Lakeland") is pleased to announce that it
has executed a letter of intent to earn a 100% interest in the Midas
Gold Property located near Wawa, Ontario.
About the Midas Property:
The Midas Gold Property (the "Property") is road accessible and consists
of 5 unpatented mining claims encompassing 43 claim units (688
hectares) located in the Michipicoten Greenstone Belt, Sault Ste. Marie
Mining Division. The Property covers two gold showings, one with
visible gold reported. Recent prospecting has returned gold
concentrations from grab sampling up to 14.3 g/t in the southeast of
the property and 0.86 g/t approximately 200 meters away to the west.
Both anomalous areas are proximal to distinct IP (induced polarization)
chargeability trends defined by surveying carried out in 1987. A strong
correlation between the anomalous gold concentrations and ground
geophysical anomalies is apparent and the Property has yet to be
drilled. The gold values were returned from quartz-pyrite stringers in
carbonate and silica altered mafic volcanic flows. This type of
mineralization is similar to that at the nearby Island Gold Mine-Mill
Complex operated by Richmont Mines Inc. ("Richmont"). The Island Gold
Mine commenced commercial production in October 2007 and Richmont's
objective is to produce 45,000 to 50,000 ounces of gold from the mine
Lakeland is assembling crews to begin line cutting and detailed IP
surveying in early January, followed by a first phase diamond drilling
"The Midas Gold Property is an exciting project to add to the Lakeland
portfolio in these early days of value creation. The recent
prospecting program carried out on the Property demonstrates the
potential for a new discovery in a relatively underexplored area of the
Wawa mining camp," stated Jonathan Armes, President of Lakeland
Pursuant to the terms of the proposed option agreement, Lakeland can
earn an undivided 100% interest in the property (subject to any
underlying royalties) by making cash payments totalling $95,000,
issuing 450,000 common shares, and incurring exploration expenditures
of at least $125,000 over a 4 year period.
NI 43-101 Disclosure
J. Garry Clark, P. Geo, is the Qualified Person, as that term defined in
National Instrument 43-101, who has reviewed and approved this press
release and is responsible for the technical information reported
About Lakeland Resources Inc.
Lakeland Resources Inc. is focused on gold exploration in Canada. The
Company commenced trading on the TSX Venture Exchange on August 19,
2010 after completing its Qualifying Transaction.
For more information, please visit the corporate website at http://www.lakelandresources.com
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
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