Laramide's Drilling at Westmoreland Uranium Project Continues to Demonstrate Scope for Resource Growth

Laramide Resources Ltd, Laramide Resources Ltd, Laramide Resources Ltd

Laramide's Drilling at Westmoreland Uranium Project Continues to Demonstrate Scope for Resource Growth

Oct 22 2024 16:34 BST

TORONTO , Oct. 22, 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 now been received from the remaining 32 RC drill holes at Long Pocket, with 29 of these holes mineralized. (Table 2) Long Pocket drilling has demonstrated that uranium mineralisation is laterally continuous with drillhole collar spacing now generally less than 50m which lends to a high level of confidence. Mineralisation remains open and untested in a southerly direction (Figure 2).

Zones of higher-grade uranium intercepted within the broader coherent mineralised envelope include:

- LP24RC008 – 16.00m @ 485.61 ppm U₃O₈ from 16.00m depth, including 4.00 m @ 1,264 ppmU₃O₈ from 21.00 m
- LP24RC009 – 8.00m @ 490.59 ppm U₃O₈ from 16.00m, including 1.00 m @ 1,545 ppm U₃O₈ from 20.00 m.
- LP24RC016 – 4.00m @ 2022.03 ppm U₃O₈from 8.00m, including 3.00 m @ 2,639 ppm U₃O₈ from 9.00m.

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

"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. The deposit also remains open and untested to the south.

"We look forward to updating investors as we incorporate these results into a Maiden Resource Estimation of the deposit in Q1 2025."

Drilling across the broader Westmoreland Project is ongoing with the final few holes of the campaign due to be completed in the next two weeks. The 2024 drilling campaign has comprised over 100 holes across multiple targets, core processing is continuing, and assay results will be delivered with regularity throughout Q4 2024.

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.

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

The central part of this deposit is now well understood with hole spacing now less than 50m in places. Results from this drilling program will be incorporated into a Maiden Resource Estimation of the deposit in Q1 2025.

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 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
LP24RC007	19	20	1	160.96	0.01
LP24RC007	33	35	2	157.42	0.06
LP24RC007	40	41	1	153.30	0.01
LP24RC008	16	32	16	485.61	0.011
including	21	25	4	1264.40	0.005
LP24RC008	39	43	4	174.34	0.02
LP24RC009	16	24	8	490.59	0.006
including	20	21	1	1544.75	0.005
LP24RC009	35	36	1	139.15	0.03
LP24RC010	28	33	5	297.04	0.006
LP24RC010	36	41	5	239.14	0.074
LP24RC011	7	17	10	152.95	0.006
LP24RC011	32	33	1	340.79	0.005
LP24RC011	36	41	5	362.65	0.022
LP24RC012	0	3	3	434.34	0.005
LP24RC012	13	16	3	138.63	0.007
LP24RC012	32	33	1	202.23	0.005
LP24RC012	37	41	4	185.67	0.013
LP24RC013	5	10	5	507.06	0.005
including	5	6	1	1432.73	0.005
LP24RC013	40	42	2	231.12	0.085
LP24RC014	15	16	1	190.44	0.02
LP24RC015	9	11	2	118.80	0.005
LP24RC016	8	12	4	2022.03	0.005
including	9	12	3	2639.44	0.005
LP24RC016	17	20	3	218.31	0.088
LP24RC017	12	18	6	241.62	0.007
LP24RC018	11	19	8	235.29	0.006
LP24RC019	No Significant intercepts
LP24RC020	No Significant intercepts
LP24RC021	24	25	1	488.19	0.01
LP24RC022	19	22	3	559.33	0.007
including	19	20	1	1089.58	0.005
LP24RC023	19	23	4	437.31	0.031
including	20	21	1	1041.23	0.01
LP24RC024	12	22	10	126.39	0.011
LP24RC025	11	13	2	194.57	0.005
LP24RC025	31	40	9	261.18	0.026
LP24RC026	25	27	2	346.68	0.08
LP24RC027	0	3	3	643.06	0.005
including	0	1	1	1160.33	0.005
LP24RC027	9	10	1	165.68	0.005
LP24RC027	36	40	4	298.63	0.025
LP24RC028	34	42	8	238.94	0.018
including	35	36	1	1106.09	0.01
LP24RC029	35	41	6	218.47	0.051
LP24RC030	20	23	3	108.29	0.007
LP24RC030	25	26	1	121.46	0.005
LP24RC030	32	40	8	269.46	0.027
LP24RC031	22	23	1	214.61	0.005
LP24RC031	27	36	9	212.75	0.014
LP24RC032	22	24	2	168.27	0.008
LP24RC032	27	32	5	212.99	0.012
LP24RC033	24	27	3	242.48	0.007
LP24RC033	31	32	1	255.89	0.01
LP24RC033	35	37	2	417.44	0.12
LP24RC034	No Significant intercepts
LP24RC035	7	8	1	193.39	0.005
LP24RC035	13	14	1	278.29	0.005
LP24RC035	28	30	2	318.97	0.035
LP24RC036	34	39	5	280.13	0.036
LP24RC037	27	29	2	141.39	0.008
LP24RC037	34	39	5	372.16	0.036
LP24RC038	25	26	1	225.23	0.09
LP24RC038	31	36	5	297.28	0.03
* Included intercepts are above >1000 ppm U₃O₈

SOURCE Laramide Resources Ltd.

Company Announcements

Laramide's Drilling at Westmoreland Uranium Project Continues to Demonstrate Scope for Resource Growth