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Laramide Resources Ltd, Laramide Resources Ltd, Laramide Resources Ltd

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

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 U3O8 from 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.

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

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.