Declan Identifies Numerous Drill Targets on Gibbons Creek Uranium
Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 9, 2014) -
Declan Resources Inc. ("Declan" or the "Company") (TSX-VENTURE:LAN)
and its option partner, Lakeland Resources Inc.
(TSX-VENTURE:LK)(FRANKFURT:6LL) ("Lakeland"), are pleased to
provide an update on recent work completed at the Gibbons Creek
Uranium Property ("Gibbons Creek") located along the northern
margin of the Athabasca Basin, Saskatchewan.
Highlights
- Successful completion of a land-based RadonEx™ survey at
Gibbons Creek, with peak of 9.93 pCi/m2/sec (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% U3O8, and a high of 4.28% 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 Wayne Tisdale, President and CEO of Declan Resources
Inc.
Gibbon's Creek is comprised of five contiguous claims totaling
12,771 hectares, located less than 3 kilometers from the settlement
of Stony Rapids. The Property is adjacent to the Black Lake
Project, held jointly by Uracan Resources Ltd. and UEX Corporation.
The Gibbon's Creek Property encompasses a portion of Lakeland'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% interest in the Gibbons Creek
Uranium Property by incurring $6,500,000 of staged exploration
expenditures, paying $1,500,000 in cash and making share payments
totaling 11,000,000 shares over a 4 year period.
RadonEX Survey
Lakeland contracted RadonEx Ltd. to conduct Radon surveys at the
Gibbons Creek Property, whose 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/m2/sec,
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% U3O8.
The recent prospecting work has identified an area of
approximately 1.2 kilometres by 1.0 kilometre containing
radioactive boulders. Results indicate eight sandstone boulders
with assays greater than 1.0% U3O8, with the highest assay of 4.28%
U3O8. Additionally, 11 samples assayed greater than 0.2% U3O8. The
remaining 9 boulders sampled in the boulder-field assayed less than
0.2% 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 sub-angular to rounded. The ratio of sandstone
boulders to basement boulders is approximately 100:1, 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, Saskatchewan 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, pg. 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, Saskatchewan. A 3D 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 metres depth at the north end of
the survey area, and about 120 metres depth at the south end of the
survey area. At a depth of about 100 metres below the surface (150
metre a.s.l. 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 a.s.l.) all the way to a depth of about 200 metres
(50 metres a.s.l.). 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 $3M+ 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. Declan is focused on testing targets, such
as Gibbon's Creek, where the depth to the unconformity is known to
be shallow (ie. ~50 - 250 metres) increasing the economics of
exploration.
NI 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 Lakeland by Neil
McCallum, P.Geo., a qualified person, of Dahrouge Geological
Consulting Ltd. and a Director of Lakeland and reviewed on behalf
of Declan by Garry Clark, P.Geo., a qualified person, of Clark
Exploration and Consulting Inc. and a Director of Declan.
Analytical Methods
All rock samples were delivered to Activation Laboratories Ltd.
("Actlabs") of Ancaster, Ontario. 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 ppm 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 Au, Pt, Pd with the
1C-OES-Exploration method Fire Assay on a 30 gram aliquot with an
ICP finish.
About Declan Resources Inc.
Declan Resources Inc. is an independent mineral exploration
company based in Vancouver, B.C. which is currently pursuing
mineral exploration in their Nimini Hills and Baomahun license
areas in Sierra Leone and uranium mineralization in the Athabasca
Basin in Saskatchewan.
Neither the 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.
Forward looking statements in this news release include that the
RadonEx survey is believed to be one of the highest recorded in the
Athabasca basin; these results confirm the potential for a
significant uranium deposit; all references to historic drill
reports and other positive uranium indications; the Company will
conduct a follow-up radon survey; any references to next seasons
field work; references to the depth of the unconformity in relation
to the economics of exploration.
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
economic, competitive, governmental, environmental and
technological factors that may affect the Company's operations,
markets, products and prices. Factors that could cause actual
results to differ materially may include misinterpretation of data;
that we may not be able to get equipment or labour as we need it;
that we may not be able to raise sufficient funds to complete our
intended exploration and development; that our applications to
drill may be denied; that weather, logistical problems or hazards
may prevent us from exploration; that equipment may not work as
well as expected; that analysis of data may not be possible
accurately and at depth; that results which we or others have found
in any particular location are not necessarily indicative of larger
areas of our properties; that we may not complete environmental
programs in a timely manner or at all; that market prices may not
justify commercial production costs; and that despite encouraging
data there may be no commercially exploitable mineralization on our
properties.
Declan Resources Inc.Wayne TisdalePresident and CEO(604)
639-4455
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