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Laramide Resources Ltd, Laramide Resources Ltd, Laramide Resources Ltd

Laramide's Drilling at Westmoreland Uranium Project Demonstrates Scope for Resource Growth

Highlights: 

  • First assays from Long Pocket infill drilling return strong uranium mineralisation at shallow depths. Significant intersections include:
    • LP24RC004 – 10m @ 606ppm U3O8 from 6m depth, including 2m @ 1,726ppm U3O8 from 11m
    • LP24RC006 – 8m @ 1,770ppm U3O8 from 16m depth, including 4m @ 3,128ppm U3O8 from 17m.
  • At Amphitheatre, drillholes display multiple zones of mineralisation and AMD011 shows mineralisation remains open to the south.

TORONTO , Sept. 19, 2024 /CNW/ - Laramide Resources Ltd.("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with globally significant assets in the United States and Australia, is pleased to announce more assay results from the 2024 drilling activities at the Westmoreland Uranium Project in Queensland, Australia ("Westmoreland"). 

Assays have been received from the first six RC drillholes from Long Pocket and the remaining three diamond drillholes at the Amphitheatre prospect.

Long Pocket drilling is demonstrating that uranium mineralisation is laterally continuous with drillhole collar spacing now generally less than 50m which lends to a high level of confidence of the mineralisation. Zones of higher-grade uranium intercepted within the broader coherent mineralised envelope include:

    • LP24RC004 – 10m @ 606ppm U3O8 from 6m depth, including 2m @ 1,726ppm U3O8 from 11m
    • LP24RC006 – 8m @ 1,770ppm U3O8 from 16m depth, including 4m @ 3,128ppm U3O8 from 17m.

Amphitheatre drilling intercepted multiple zones of uranium mineralisation down hole and indicates that the target remains open to the south.

Commenting on the results, Laramide's Vice-President of Exploration, Rhys Davies said: 

"The first batch of results from infill drilling at Long Pocket demonstrate the quality of this satellite deposit with good uranium grade at very shallow depths and supports Laramide's focused attention on enhancing Westmoreland's resources towards improving the economics of a future mine plan.

"Building on previously reported results, Amphitheatre continues to impress with multiple zones of sandstone hosted mineralisation. The prospect remains open to the north and to the south which warrants follow-up drilling during this field season.

"We look forward to updating investors as more assay results are received over the coming weeks and months."

Long Pocket Uranium Deposit

Long Pocket is a satellite deposit located 7 km to the east of the Westmoreland Project.  Thirty-eight infill RC drill holes, for a total of 2,139m, were recently completed in 2024.

Initial results from the 2024 drilling confirms shallow (<50m depth), flat-lying, continuous mineralisation (Figure 1) with multiple high zones intersecting a similar highly altered hematitic sandstone of medium to coarsely grained and poorly sorted texture, located peripheral to a dyke/sill margin.

Assay results from the remaining Long Pocket drilling are expected in Q3 & Q4 2024 and results from this drilling program will be incorporated into a Maiden Resource Estimation of the deposit in Q1 2025. The central part of this deposit is now well understood with hole spacing now less than 50m in places.

Amphitheatre Uranium Prospect 

The Amphitheatre uranium prospect is located 16km northeast of the Junnagunna uranium deposit.

Drilling in 2024 comprised 5 diamond holes (932.7m), which targeted extensions to uranium mineralisation both laterally and down dip and successfully identified new zones for follow up. The Amphitheatre prospect geology consists of the Cliffdale Volcanics and Westmoreland Conglomerate and is predominantly situated within a stratigraphic basal pebble conglomerate (Ptw1). An interpreted north-south trending fault bounds stratigraphy to the east with a massive, medium sandstone and scattered quartz pebbles (Ptw2). Mineralisation is interpreted to be structurally and stratigraphically controlled displaying an eastern downthrow with no apparent lateral movement (Ptw2 expressing to the east and Ptw1 to the west) (Figure 2).

  • AMD010 uranium mineralisation is predominately observed as disseminated uraninite within variably hematite and silica altered in sandstone with secondary mineralisation observed within veins and as fracture fill.
  • AMD011 intersected a mafic dyke (similar to AMD009 intersection) hosting an intercept of 7m @ 307.85ppm U3O8 from 137m.
  • AMD012 – silicified sandstone with limonitic oxides and patchy pervasive sericite throughout.

Initial interpretation suggests that mineralisation may continue to the north but under alluvial cover which obscures any surface radiometric response. Follow up holes to test this region are being planned for the end of the 2024 drilling campaign. 

Qualified/Competent Person

The information in this announcement relating to Exploration Results is based on information compiled or reviewed by Mr. Rhys Davies, a contractor to the Company. Mr. Davies is a Member of The Australasian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and is a "Qualified Person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Davies consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Follow us on Twitter @LaramideRes

About Laramide Resources Ltd.

Laramide is focused on exploring and developing high-quality uranium assets in Tier-1 uranium jurisdictions of Australia and United States. The company's portfolio comprises predominantly advanced uranium projects in districts with historical production or superior geological prospectivity. The assets have been carefully chosen for their size, production potential, and the two large projects are considered to be late-stage, low-technical risk projects. 

Forward-looking Statements and Cautionary Language

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Actual results or developments may differ materially from those in forward-looking statements. Laramide disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration and production for uranium; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; worldwide demand for uranium; uranium price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.

Table 1: Drill Collar Details

Prospect

Hole ID

GDA_Easting

GDA_Northing

RL (m)

Depth (m)

Grid Azi

Dip

Hole
type

Drilling started

Drilling completed

AMPHITHEATRE

AMD008

209879

8074908

93

241.6

90

-60

DD

01/07/2024

09/07/2024

AMPHITHEATRE

AMD009

209928

8074816

90

202.9

270

-80

DD

10/07/2024

15/07/2024

AMPHITHEATRE

AMD010

209954

8074725

90

203.4

90

-60

DD

15/07/2024

26/07/2024

AMPHITHEATRE

AMD011

209958

8074620

99

200.3

90

-60

DD

26/07/2024

02/08/2024

AMPHITHEATRE

AMD012

209928

8074820

90

84.5

90

-55

DD

03/08/2024

05/08/2024

LONGPOCKET

LP24RC001

204362

8065063

98

54

0

-90

RC

01/08/2024

01/08/2024

LONGPOCKET

LP24RC002

204312

8065113

98

54

0

-90

RC

02/08/2024

08/08/2024

LONGPOCKET

LP24RC003

204262

8065063

98

78

0

-90

RC

03/08/2024

03/08/2024

LONGPOCKET

LP24RC004

204212

8065063

97

60

0

-90

RC

03/08/2024

03/08/2024

LONGPOCKET

LP24RC005

204168

8065127

95

60

0

-90

RC

03/08/2024

03/08/2024

LONGPOCKET

LP24RC006

204122

8065007

97

54

0

-90

RC

04/08/2024

04/08/2024

LONGPOCKET

LP24RC007

204092

8064933

98

48

180

-60

RC

04/08/2024

04/08/2024

LONGPOCKET

LP24RC008

204192

8064940

100

54

180

-60

RC

04/08/2024

04/08/2024

LONGPOCKET

LP24RC009

204187

8065025

97

48

0

-90

RC

04/08/2024

05/08/2024

LONGPOCKET

LP24RC010

204079

8065059

96

60

0

-90

RC

05/08/2024

05/08/2024

LONGPOCKET

LP24RC011

204109

8065106

96

60

0

-90

RC

05/08/2024

05/08/2024

LONGPOCKET

LP24RC012

204072

8065117

95

60

0

-90

RC

05/08/2024

06/08/2024

LONGPOCKET

LP24RC013

204078

8065160

94

54

0

-90

RC

06/08/2024

06/08/2024

LONGPOCKET

LP24RC014

203524

8065406

91

54

0

-90

RC

06/08/2024

06/08/2024

LONGPOCKET

LP24RC015

203615

8065322

91

48

0

-90

RC

07/08/2024

07/08/2024

LONGPOCKET

LP24RC016

203715

8065262

92

48

0

-90

RC

07/08/2024

07/08/2024

LONGPOCKET

LP24RC017

203715

8065362

91

48

0

-90

RC

07/08/2024

07/08/2024

LONGPOCKET

LP24RC018

203715

8065462

90

48

0

-90

RC

08/08/2024

08/08/2024

LONGPOCKET

LP24RC019

203724

8065561

90

54

0

-90

RC

08/08/2024

08/08/2024

LONGPOCKET

LP24RC020

203824

8065611

90

48

0

-90

RC

08/08/2024

08/08/2024

LONGPOCKET

LP24RC021

203924

8065561

90

48

0

-90

RC

08/08/2024

08/08/2024

LONGPOCKET

LP24RC022

203915

8065462

90

48

0

-90

RC

09/08/2024

09/08/2024

LONGPOCKET

LP24RC023

203915

8065362

91

48

0

-90

RC

09/08/2024

09/08/2024

LONGPOCKET

LP24RC024

203930

8065255

92

48

0

-90

RC

09/08/2024

09/08/2024

LONGPOCKET

LP24RC025

203999

8065213

93

98

0

-90

RC

09/08/2024

10/08/2024

LONGPOCKET

LP24RC026

204086

8065313

92

60

0

-90

RC

10/08/2024

10/08/2024

LONGPOCKET

LP24RC027

204027

8065110

95

60

0

-90

RC

11/08/2024

11/08/2024

LONGPOCKET

LP24RC028

203958

8065116

95

60

0

-90

RC

11/08/2024

11/08/2024

LONGPOCKET

LP24RC029

203881

8065146

94

60

0

-90

RC

11/08/2024

11/08/2024

LONGPOCKET

LP24RC030

203977

8065042

96

84

0

-90

RC

11/08/2024

12/08/2024

LONGPOCKET

LP24RC031

203933

8065019

96

48

0

-90

RC

12/08/2024

12/08/2024

LONGPOCKET

LP24RC032

203986

8064911

98

48

0

-90

RC

12/08/2024

12/08/2024

LONGPOCKET

LP24RC033

203889

8064909

97

48

0

-90

RC

13/08/2024

13/08/2024

LONGPOCKET

LP24RC034

204331

8064746

107

48

0

-90

RC

13/08/2024

13/08/2024

LONGPOCKET

LP24RC035

204134

8064653

108

54

0

-90

RC

15/08/2024

15/08/2024

LONGPOCKET

LP24RC036

204121

8064795

105

55

0

-90

RC

15/08/2024

15/08/2024

LONGPOCKET

LP24RC037

204001

8064732

101

66

0

-60

RC

15/08/2024

16/08/2024

LONGPOCKET

LP24RC038

203843

8064732

100

66

30

-60

RC

16/08/2024

16/08/2024

 

 

Table 2: Significant intercepts >100ppm U3O8

Hole
number 

From 

To 

Length (m) 

U308ppm 

Au g/t 

AMD010

22.25

23.55

1.3

208.13

0.01

AMD010

57.05

58.05

1

211.67

0.03

AMD010

63.05

64.3

1.25

130.30

0.02

AMD010

74.2

75.2

1

172.16

0.05

AMD010

79.2

80.2

1

129.71

0.04

AMD010

86.2

88.2

2

124.70

0.005

AMD010

109.6

111.6

2

164.50

0.01

AMD010

114.65

120.4

5.75

142.06

0.053

AMD010

129.95

130.95

1

125.58

0.01

AMD010

140.95

141.95

1

108.60

0.01

AMD010

167.29

169.29

2

179.83

0.06

AMD011

5

7

2

189.26

0.008

AMD011

43

44

1

107.31

0.02

AMD011

137

144

7

307.89

0.006

AMD011

174

175

1

299.52

0.02

AMD011

179

181

2

467.55

0.005

AMD012

65

69

4

200.94

0.029

LP24RC001

5

6

1

119.10

0.005

LP24RC001

28

29

1

127.35

0.005

LP24RC001

38

41

3

261.39

0.053

LP24RC002

8

9

1

105.89

0.005

LP24RC002

15

20

5

328.53

0.1

LP24RC002

29

30

1

107.66

0.02

LP24RC002

36

38

2

233.78

0.035

LP24RC003

7

30

23

221.59

0.006

LP24RC003

38

40

2

229.65

0.035

LP24RC004

2

3

1

126.76

0.01

LP24RC004

6

16

10

606.32

0.008

Including*

11

13

2

1726.35

0.01

LP24RC004

35

39

4

282.21

0.06

LP24RC005

1

4

3

229.75

0.005

LP24RC005

40

42

2

289.79

0.055

LP24RC006

16

24

8

1769.91

0.008

Including*

17

21

4

3127.83

0.008

LP24RC006

33

35

2

143.80

0.095

* Included intercepts are above >1000 ppm U3O8

 

SOURCE Laramide Resources Ltd.