Lakeland Resources (TSXV:LK) Discovers Two Gold Bearing Zones on its Midas Property, Wawa, Ontario - Video Summary Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, May 19, 2011 - Lakeland Resources (TSXV:LK)
reported the discovery of two gold bearing zones on its 100% owned Midas
Property, located approximately 50 kilometres northeast of Wawa, Ontario.
InvestmentPitch.com has produced a "video news alert" based on this information.
If this link is not enabled, please visit www.investmentpitch.com and enter
"Lakeland" in the search box.
The following includes information taken from the original news release.
The two zones, termed the M-11 and M-16 zones, were intersected in the recently
completed drill program.
Highlights from three holes included the following results, all within 60 metres
of surface;
* 4.7 metres of 5.92 grams per tonne gold, including 8.88 grams per tonne over
2.6 metres and 12.07 grams per tonne over 0.8 metres in drill hole M-11-04
(M-16 zone)
* 3.9 metres of 3.79 grams per tonne gold, including 7.03 grams per tonne over
2.0 metres in drill hole M-11-05 (M-16 zone)
* 6.0 metres of 1.70 grams per tonne gold, including 4.61 grams per tonne over
2.0 metres in drill hole M-11-01 (M-11 zone)
The initial drilling program was completed in late March and consisted of 5
shallow holes (M-11-01 to M-11-05) totalling 863 metres, with gold
mineralization encountered in each of the 5 holes. Drilling was conducted to
test targets identified by prospecting and induced polarization surveys, which
were carried out in late 2010 and early 2011. These ground surveys covered only
a small portion, less than 10%, of the entire Midas Property.
Interpretation from the very limited drilling to date suggests that the gold
mineralization in both the M-16 and M-11 zones is structurally controlled. In
the M-16 zone, gold mineralization occurs in a deformed, folded, fractured and
altered iron formation with cross cutting quartz carbonate tourmaline pyrite
veins. The highest value of 12.07 g/t Au was returned from 0.8 metres of altered
silica - sulphide facies iron formation. The M-11 zone, located approximately
75 metres to the north of the M-16 zone, consists of quartz carbonate pyrite
altered mafic volcanic rocks with gold mineralization up to 4.75 g/t over a core
length of 1.0 metres. Both zones remain open in strike direction and at depth,
the deepest intercept to date being approximately 50 m vertically below surface.
The Company believes that both the M-16 and M-11 zones occur in geological
settings similar to that of the nearby gold deposits in the Wawa area, including
Richmont Mines' (TSX: RIC) Island Gold Mine and Prodigy Gold's (TSXv: PDG)
Magino Gold Project located some 22 kilometres to the northwest.
All holes were drilled due north and inclined at -45°. More detailed information
on the property location, ground geophysics, drill hole locations, and
photographs of drill core will be posted on the Company's website at:
http://www.lakelandresources.com/projects/midas/, along with the complete assay
results.
Based on these significant results, the Company is planning an expanded summer
drilling program with the primary aim to further evaluate the M-16 and M-11 gold
zones. Drilling will also be aimed at geophysical/geological targets defined by
ground surveying that remain to be tested. As well, a surface exploration
program consisting of line cutting, geological mapping, prospecting, and
geophysical surveying (induced polarization and magnetics) will be planned for
areas of the Midas Property which have not yet been surveyed.
"The discovery of the M-16 and M-11 zones is an exciting development for
Lakeland. The geological setting and the gold grades and widths are similar to
that of other deposits in the Wawa Camp," stated President and CEO Jonathan
Armes. "We look forward to recommencing drilling to further evaluate these
zones."
The Midas Property, geologically situated within the Michipicoten Greenstone
belt, consists of 10 claims (107 claim units) covering 1,712 hectares
approximately 50 km northeast of Wawa Ontario, and is road accessible.
Lakeland has implemented a quality control program for all of its drill programs
to ensure best practice in the sampling and analysis of the drill core which
includes the insertion of blanks and certified standards into the sample stream.
NQ sized drill core is saw cut or split with half of the drill core sampled and
the remaining half of the core securely stored on-site at the Company's core
shack in Wawa, Ontario. Drill core samples were transported in security sealed
bags to Swastika Laboratories in Swastika, Ontario for industry standard
analysis.
For a more information on Lakeland please visit their website at
www.lakelandresources.com, phone 604-681-1568 or email
jarmes(at)lakelandresources.com.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1517338]
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2011 - 15:47 Uhr
Sprache: Deutsch
News-ID 54833
Anzahl Zeichen: 5901
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 284 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Lakeland Resources (TSXV:LK) Discovers Two Gold Bearing Zones on its Midas Property, Wawa, Ontario - Video Summary Posted on InvestmentPitch.com"
steht unter der journalistisch-redaktionellen Verantwortung von
InvestmentPitch (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
