Laramide Westmoreland Drilling Delivers Further Strong Results

Laramide Resources Ltd, Laramide Resources Ltd, Laramide Resources Ltd

Laramide Westmoreland Drilling Delivers Further Strong Results

Nov 14 2024 12:30 GMT

Highlights:

Initial results validate the potential to link Huarabagoo and Junnagunna
Gold mineralisation continues to be discovered
Best assay results include:
- HB24DD004 – 2.20m @ 2,675.18 ppm U₃O₈ and 1.51 g/t Au from 63.00m, including 1.00 m @ 4,091.82 ppm U₃O₈ & 2.0 g/t Au from 64.00 m.
- HJ24RC004 – 17.00m @ 469.17 ppm U₃O₈from 54.00m, including 3.00 m @ 1,374.16 ppm U₃O₈ from 60.00m.
- HJ24RC011 – 15.00m @ 380.17 ppm U₃O₈ from 61.00m, including 1.00m @ 1,986.95 ppm U₃O₈ from 63.00m AND 16.00m @ 573.42 ppm U₃O₈ from 88.00m, including 2.00m @ 1,712.79 ppm U₃O₈ from 91.00m.

TORONTO , Nov. 14, 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 further results following the conclusion of the 2024 drilling campaign at the Westmoreland Uranium Project in Queensland, Australia ("Westmoreland"). The current batch of assays include the first results for the Huarabagoo and Junnagunna targets.

Results demonstrate that uranium mineralisation is continuous along strike, and potentially joins the two deposits of Huarabagoo and Junnagunna. These infill drilling results include 4 holes (of 17) at Huarabagoo and 12 holes (of 27) in the Linking Zone between the Huarabagoo and Junnagunna deposits.

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

"The initial batch of results from the Huarbagoo-Junnagunna link zone underscores the potential for substantial growth of the mineral resources. The shallow, broad mineralized zones identified here, some with impressively higher grades, further validate the characteristics that we are observing across the whole Westmoreland system.

" Infill drilling at Huarabagoo has improved our confidence in our geological models as well, the emerging gold results are also compelling. We are investigating how the gold may enhance the economics of the deposit as we prepare to advance the project to a prefeasibility study."

Drilling across the broader Westmoreland Project was completed on the 4th of November and has comprised of 106 holes (includes 60 RC and 46 DD) for 11,263 meters, across multiple targets. Core processing continues, with assay results expected to be announced throughout Q4 2024 and into Q1 2025.

An updated Westmoreland Mineral Resource Estimate, which will include all results and a Maiden Resource Estimate for Long Pocket, remains on track for early 2025.

Huarabagoo

The Huarabagoo deposit is located in the structural corridor between Redtree and Junnagunna and is included in the restated 2016 Westmoreland Mineral Resource Estimate[1]. Seventeen diamond drill holes for a total of 1,827.16m, were completed in 2024. Laramide designed this program to test the extents of modelled mineralisation for both uranium and the gold associated with the intrusive dolerite dyke. In the drill programs completed prior to Laramide's acquisition of the project, assaying for gold had been inconsistent, however, Laramide's 2012[2] drilling at Huarabagoo included:

WDD12-170 - 34 meters at 1,467 ppm U₃O₈
WDD12-167 - 2 meters at 6.1 g/t Au and 4 meters at 30.9 g/t Au

Initial results from the 2024 drilling confirms that both uranium and gold mineralisation are peripheral to dyke margins (Figure 1) and along fault extensions, with multiple zones intersecting a similarly variable hematite-silicate-sericite altered sandstone.

______________________________

¹ Laramide Resources Ltd. NI 43-101 Technical Report - Scoping Study, April 2016.

² See press release, "Laramide Continues to Expand New Zone of Mineralization at Westmoreland; High Grade Gold Also Drilled at Huarabagoo"

Huarabagoo-Junnagunna Link Zone

Drilling in the Huarabagoo-Junnagunna structural corridor is designed to test the mineralisation continuity between the two deposits with the intent to further increase the overall size of the resource. The program drill tested a system analogous to the Redtree Dyke system, and comprised of 21 RC holes for 3,096m, and 8 diamond drillholes for 1,124.10m, totaling 29 holes for 4,220.10m. The program was designed with three phases starting with an initial RC component (HJ24RC001 to HJ24RC013) to target the spatial extents for the Dolerite Dyke. The subsequent phases consisted of step out diamond drilling (HJ24DD014-HJ24DD021) to understand structural controls and orientation of mineralisation relative to the dolerite dyke system. The final phase consisted of RC drilling (HJ24RC014-HJ24RC021) to follow up on substantial downhole gamma results identified from the initial RC portion of drilling at the start of this campaign.

Results from the first phase of RC drilling returned substantial intercepts including:

- HJ24RC004 – 17.00m @ 469.17 ppm U₃O₈from 54.00m, including 3.00 m @ 1,374.16 ppm U₃O₈ from 60.00m.
- HJ24RC006 – 2.00m @ 260.19 ppm U₃O₈ and 1.28 g/t Au including 1.00m @ 415.08 ppm U₃O₈ and 2.54g/t Au.
- HJ24RC011 – 15.00m @ 380.17 ppm U₃O₈ and 0.017 g/t Au from 61.00m, including 1.00m @ 1,986.95 ppm U₃O₈ from 63.00m.
- HJ24RC011 – 16.00m @ 573.42 ppm U₃O₈ from 88.00m, including 2.00m @ 1,712.79 ppm U₃O₈ from 91.00m.

Importantly, this drilling campaign has successfully intersected the dolerite dyke system (under alluvial cover) and the associated mineralisation across the 2km strike length of the link zone. This data is valuable for deposit modelling in the link zone and will help guide future infill drilling.

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.

To learn more about Laramide, please visit the Company's website at www.laramide.com.

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 the 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 addresses 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
HUARABAGOO	HB24DD001	194116	8062630	86	110.8	133	-60	DD	08/08/2024	13/08/2024
HUARABAGOO	HB24DD002	194186	8062731	85	37.8	134	-50	DD	13/08/2024	14/08/2024
HUARABAGOO	HB24DD003	194185	8062731	85	117.9	134	-50	DD	20/08/2024	23/08/2024
HUARABAGOO	HB24DD004	194110	8062675	90	116.1	134	-50	DD	23/08/2024	27/08/2024
HUARABAGOO	HB24DD005	194211	8062632	86	137.8	314	-50	DD	27/08/2024	30/08/2024
HUARABAGOO	HB24DD006	194234	8062667	85	122.8	314	-50	DD	30/08/2024	01/09/2024
HUARABAGOO	HB24DD007	193970	8062353	95	88.3	314	-50	DD	01/09/2024	03/09/2024
HUARABAGOO	HB24DD008	193974	8062381	94	117.3	314	-60	DD	03/09/2024	06/09/2024
HUARABAGOO	HB24DD009	194171	8062573	88	119.6	314	-50	DD	06/09/2024	07/09/2024
HUARABAGOO	HB24DD010	194283	8062835	84	95.1	134	-50	DD	07/09/2024	09/09/2024
HUARABAGOO	HB24DD011	194303	8062858	84	90.1	134	-60	DD	09/09/2024	10/09/2024
HUARABAGOO	HB24DD012	194573	8063195	84	102.2	134	-70	DD	16/09/2024	18/09/2024
HUARABAGOO	HB24DD013	194573	8063195	84	81.5	134	-50	DD	18/09/2024	19/09/2024
HUARABAGOO	HB24DD014	194567	8063202	82	101.3	315	-55	DD	19/09/2024	24/09/2024
HUARABAGOO	HB24DD015	194660	8063383	81	107.0	314	-60	DD	24/09/2024	25/09/2024
HUARABAGOO	HB24DD016	194764	8063486	81	141.1	134	-60	DD	26/09/2024	27/09/2024
HUARABAGOO	HB24DD017	194724	8063527	80	140.7	134	-60	DD	28/09/2024	29/09/2024
HJ Link Zone	HJ24RC001	195002	8063617	81	150.0	315	-60	RC	17/08/2024	18/08/2024
HJ Link Zone	HJ24RC002	195064	8063844	79	150.0	135	-60	RC	19/08/2024	19/08/2024
HJ Link Zone	HJ24RC003	195275	8063908	79	150.0	315	-60	RC	20/08/2024	21/08/2024
HJ Link Zone	HJ24RC004	195141	8064040	79	150.0	135	-60	RC	21/08/2024	22/08/2024
HJ Link Zone	HJ24RC005	195346	8064256	78	168.0	135	-60	RC	22/08/2024	24/08/2024
HJ Link Zone	HJ24RC006	195559	8064345	77	90.0	315	-60	RC	24/08/2024	25/08/2024
HJ Link Zone	HJ24RC007	195448	8064447	77	150.0	135	-60	RC	25/08/2024	26/08/2024
HJ Link Zone	HJ24RC008	195634	8064542	78	150.0	135	-60	RC	27/08/2024	28/08/2024
HJ Link Zone	HJ24RC009	195838	8064619	78	150.0	315	-60	RC	28/08/2024	29/08/2024
HJ Link Zone	HJ24RC010	195932	8064814	77	150.0	135	-60	RC	29/08/2024	30/08/2024
HJ Link Zone	HJ24RC011	196114	8064909	77	150.0	315	-60	RC	30/08/2024	31/08/2024
HJ Link Zone	HJ24RC012	196208	8065094	77	150.0	135	-60	RC	01/09/2024	02/09/2024
HJ Link Zone	HJ24RC013	195362	8064519	77	150.0	315	-55	RC	02/09/2024	03/09/2024
HJ Link Zone	HJ24RC014	194937	8063686	79	150.0	135	-60	RC	25/09/2024	26/09/2024
HJ Link Zone	HJ24RC015	194872	8063736	80	150.0	135	-60	RC	26/09/2024	27/09/2024
HJ Link Zone	HJ24RC016	195131	8063771	80	162.0	315	-55	RC	27/09/2024	27/09/2024
HJ Link Zone	HJ24RC017	195006	8063894	78	150.0	135	-60	RC	28/09/2024	29/09/2024
HJ Link Zone	HJ24RC018	196158	8065142	79	150.0	135	-60	RC	02/10/2024	03/10/2024
HJ Link Zone	HJ24RC019	195999	8065017	77	126.0	135	-60	RC	03/10/2024	05/10/2024
HJ Link Zone	HJ24RC020	195731	8064722	77	150.0	135	-60	RC	05/10/2024	06/10/2024
HJ Link Zone	HJ24RC021	195372	8064237	79	150.0	246	-55	RC	06/10/2024	07/10/2024
HJ Link Zone	HJ24DD014	195202	8063980	78	150.3	315	-60	DD	04/09/2024	06/09/2024
HJ Link Zone	HJ24DD015	195400	8064216	79	150.3	135	-50	DD	06/09/2024	08/09/2024
HJ Link Zone	HJ24DD016	195533	8064369	77	132.5	315	-70	DD	08/09/2024	10/09/2024
HJ Link Zone	HJ24DD017	195789	8064673	78	132.3	135	-60	DD	11/09/2024	12/09/2024
HJ Link Zone	HJ24DD018	195591	8064583	77	138.3	135	-60	DD	13/09/2024	14/09/2024
HJ Link Zone	HJ24DD019	196051	8064970	77	135.3	135	-60	DD	15/09/2024	16/09/2024
HJ Link Zone	HJ24DD020	196267	8065043	77	135.0	315	-50	DD	16/09/2024	19/09/2024
HJ Link Zone	HJ24DD021	195533	8064369	77	150.2	315	-55	DD	20/09/2024	24/09/2024


Table 2: Significant intercepts >100ppm U₃O₈
Hole number	From	To	Length (m)	U₃0₈ppm	Au g/t
HB24DD001	5	6	1	123.23	0.17
HB24DD001	9	10	1	100.23	0.23
HB24DD001	13	15	2	547.74	0.67
HB24DD001	28	29	1	148.58	0.04
HB24DD001	42	44.45	2.45	393.68	0.11
HB24DD001	56	57	1	235.25	0.03
HB24DD001	74	76	2	194.86	0.01
HB24DD001	95	97	2	145.93	0.01
HB24DD002	No reportable results^#
HB24DD003	11.3	14	2.7	233.57	0.09
HB24DD003	20	21	1	192.80	0.10
HB24DD003	35	36	1	123.82	0.01
HB24DD003	75	76	1	132.66	0.03
HB24DD003	90	92.55	2.55	993.19	0.06
Including	91	91.75	0.75	2452.74	0.15
HB24DD004	0	4	4	819.40	0.02
Including	1	2	1	2234.58	0.03
HB24DD004	37	43	6	217.83	0.64
Including	37	38	1	112.73	3.01
HB24DD004	63	65.2	2.2	2675.18	1.51
Including	64	65.2	1.2	4091.82	2.00
HB24DD004	101.75	104	2.25	309.61	0.01
HB24DD004	108	109	1	123.23	0.01
HJ24RC001	22	24	2	132.37	0.01
HJ24RC001	30	36	6	206.65	0.01
HJ24RC001	74	76	2	126.76	0.01
HJ24RC002	39	40	1	116.39	0.01
HJ24RC002	47	48	1	252.35	0.01
HJ24RC002	63	66	3	1394.40	0.01
Including	63	64	1	3655.52	0.01
HJ24RC002	71	72	1	145.63	0.01
HJ24RC003	33	34	1	389.14	0.01
HJ24RC004	23	24	1	246.45	0.02
HJ24RC004	46	51	5	611.65	0.01
Including	48	49	1	1586.02	0.01
HJ24RC004	54	71	17	469.17	0.01
Including	60	63	3	1374.16	0.03
HJ24RC004	126	128	2	110.02	0.01
HJ24RC005	111	112	1	108.13	0.01
HJ24RC005	145	151	6	167.58	0.01
HJ24RC005	154	156	2	248.52	0.01
HJ24RC006	55	59	4	113.41	0.01
HJ24RC006	73	74	1	123.82	0.01
HJ24RC006	77	79	2	260.19	1.28
Including	78	79	1	415.08	2.54
HJ24RC007	120	122	2	583.11	0.01
HJ24RC008	138	139	1	150.35	0.01
HJ24RC008	140	141	1	120.87	0.01
HJ24RC009	51	53	2	145.93	0.03
HJ24RC009	64	65	1	199.28	0.01
HJ24RC009	69	78	9	173.72	0.01
HJ24RC010	59	60	1	224.64	0.08
HJ24RC011	16	17	1	138.56	0.15
HJ24RC011	28	31	3	424.32	0.13
HJ24RC011	61	76	15	380.17	0.02
Including	63	64	1	1986.95	0.03
HJ24RC011	88	104	16	573.42	0.01
Including	91	93	2	1712.79	0.01
HJ24RC012	80	81	1	108.60	0.01
HJ24RC012	83	84	1	122.05	0.01
HJ24RC012	89	99	10	119.46	0.01
HJ24RC013	No reportable results
* Included intercepts are above >1000 ppm U₃O₈ or > 0.1g /t Au ^# HB24DD002: incorrect dip – re-drilled as HB24DD003

SOURCE Laramide Resources Ltd.