Lakeland Resources inks option agreement with Declan Resources
TORONTO (miningweekly.com) – Two TSX-V-listed explorers on Wednesday struck an option agreement that could see Declan Resources earn up to a 70% interest in Lakeland Resources’ Gibbon’s Creek uranium property, located on the northern rim of Saskatchewan’s Athabasca basin.
Gibbon’s Creek, which is considered by Lakeland to be a core holding, comprises five contiguous claims totalling 12 771 ha, located less than 3 km from the settlement of Stony Rapids and next to the Black Lake project, jointly held by Uracan Resources and UEX Corp.
The Gibbon’s Creek property encompasses a portion of the company’s 35 463 ha Riou Lake property and is where Lakeland’s fieldwork had been mainly focused to date.
Under the terms of the option agreement, Declan would need to incur $6.5-million in staged exploration expenditures, pay $1.5-million in cash and make share payments.
“We are very pleased to have reached an agreement with Declan, where they have the opportunity to earn in to the Gibbon’s Creek property and join efforts with our team. The agreement brings together two focused, hard working, and motivated teams and will allow for an expanded programme at Gibbon Creek’s in 2014,” Lakeland president Jon Armes said.
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