Lakeland Resources Announces Option Agreement for Fond du Lac Property

Lakeland Resources (TSXV:LK) announced it has entered into an option agreement with Takara Resources which gives Takara a chance to acquire a 50 percent interest in the Fond du Lac property. To earn the interest, Takara must issue 1.5 million common shares to Lakeland and spending $100,000 on exploration as well as issue an additional 250,000 shares by June 1, 2015.

According to the press release:

The property is situated at the margin of the Athabasca Basin where the depth to the unconformity is relatively shallow. The historic and recent exploration has identified the presence of an optimal geological setting for the formation of unconformity-style mineralization. Historic exploration was conducted in the 1976 to 1984 era by a Saskatchewan Mining and Development Corporation (SMDC) and Urangesellschaft Canada Ltd. Exploration consisted of regional airborne and geochemical surveys, followed by detailed ground EM, magnetic and gravity surveys and drilling of one hole in 1984.

Takara has the right to earn a 50% interest in the Property by issuing 1,500,000 common shares to Lakeland on the closing date of the transaction and by spending $100,000 on exploration on the property and by issuing an additional 250,000 shares by June 1, 2015. The property is subject to a 1.5% NSR to the original vendor. The purchase option agreement is subject to Exchange approval.

Click here to read the Lakeland Resources Inc. (TSXV:LK) press release