Laramide Announces an Increase in Mineral Resource Estimate for Westmoreland Uranium Project
Laramide Announces an Increase in Mineral
Resource Estimate for Westmoreland Uranium
Project
Highlights:
The Mineral Resource Estimate (MRE) for
Westmoreland
has been updated to include results
from drilling carried out in 2012, 2023 & 2024.
The updated Mineral Resource Estimate reports a Total Indicated Resource of 48.1 MLbs. of
U
3
O
8
at an average grade of 770 ppm and a Total Inferred Resource of approximately 17.7
MLbs. of U
3
O
8
at an average grade of 680 ppm.
70% (48.1 MLbs.) of the Resource is now classified Indicated and 30% (17.7 MLbs.) is
classified Inferred.
Update includes re-estimate of the Redtree, Huarabagoo and Junnagunna deposits as well as
an Initial Resource for Long Pocket.
TORONTO
,
Feb. 28, 2025
/CNW/ -
Laramide Resources Ltd.
(
"Laramide"
or the
"Company"
)
(TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) a uranium mine development and exploration company
with a portfolio of globally significant projects, is pleased to provide an updated Mineral Resource
Estimate ("MRE") for the Westmoreland Project in northwest
Queensland Australia
(
"Westmoreland"
).
The updated Mineral Resource Estimate represents a 34% increase in Indicated Resources and an
11% increase in Inferred Resources, compared to the 2009 estimate. The updated MRE now
reports Total Indicated Resource of 48.1 million pounds of U
3
O
8
and Total Inferred 17.7 million
pounds across four deposits: Redtree, Huarabagoo, Junnagunna and Long Pocket.
Laramide President and CEO
Marc Henderson
commented:
"This updated MRE reiterates our long-held view that
Westmoreland
is a genuinely world class
deposit. At 65-plus million pounds it ranks as one of the largest undeveloped uranium deposits in
the world and has the potential to be a top 10 global uranium mine. It has demonstrable attributes
that support a long-life mining operation that could support ongoing jobs and regional development
in
North-West Queensland
while providing the world with the raw materials required for the
burgeoning Nuclear Power industry and drive towards Net Zero. Moreover, we have identified
extensions to mineralisation and targets in the mineral system so have a clear line of sight to
adding yet more pounds.
"Building on a few years of significant effort and work, this update is a credit to our Australian
Exploration team and all contractors involved.
"Pending the support of the new Liberal Queensland Government, we will look forward to quickly
transitioning the Project to a Development Phase while concurrently continuing with high-impact
exploration to further grow the resource base."
About the Westmoreland Project
The Westmoreland Uranium Project is located in far northwest
Queensland, Australia
, approximately
380km northwest of the mining township of Mt Isa. The Project is 100% owned by Laramide
Resources through its wholly owned subsidiary Tackle Resources Pty Ltd. The Project comprises
three granted and contiguous Exploration Permits for Minerals (EPMs) – EPM 14558, EPM 14672
and EPM 28807. Also, a Mineral Development Licence (MDL), MDL 2026, is pending grant.
The Project area has been subject to exploration for uranium since the 1950's and is host to
numerous mineral occurrences and deposits, including the four largest: Redtree, Huarabagoo,
Junnagunna, and Long Pocket.
Figure 1: Westmoreland Project Map showing uranium prospects and deposits (CNW
Group/Laramide Resources Ltd.)
Mineral Resource Statement
An update to the Mineral Resource Estimate for the Westmoreland Uranium Project,
Queensland,
Australia
has been prepared by Addsion Mining Services of the
United Kingdom
on behalf of
Laramide Resources Ltd. ("the issuer"). The issuer is a dual listed entity on the TSX and ASX stock
exchanges of
Canada
and
Australia
respectively, as such the estimate is reported in accordance
with National Instrument 43-101,
Standards of Disclosure for Mineral Projects
, ("NI 43-101") and
prepared under Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards.
CIM Definition Standards for Mineral Resources (2014) and Best Practices Guidelines outline by
CIM (2019) have been followed. The estimate is also reported in accordance with The Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code'
2012 edition.)
The updated Mineral Resource Estimate has an effective date of
January 31
st
, 2025, and is
reported above a cut-off grade of 200 ppm U
3
O
8
and comprises of:
Indicated Resources of 27.8 million tonnes at an average grade of 770 ppm U
3
O
8
for 48.1
million contained Lbs. of U
3
O
8.
Inferred Resources of approximately 11.8 million tonnes at an average grade of 680 ppm U
3
O
8
for 17.7 million contained Lbs. of U
3
O
8.
The updated estimate supersedes all previous estimates. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be
materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or
other relevant issues. It is important to note that currently, only exploration, and not mining for
uranium is permitted in
Queensland, Australia
. However, it is reasonable to expect that the policy
may change in the future as there is a historical precedent for uranium mining within the State.
Table 1 sets out the Indicated and Inferred Mineral Resources by deposit. Readers are encouraged
to review the accompanying notes and explanatory text in support of the estimate.
Table 1 Mineral Resources by deposit for the Westmoreland Uranium Project,
Queensland,
Australia
. Reported above a cut-off grade of 200 ppm U3O8. Effective 31
st
January 2025
.
Deposit
Tonnes
Density g/m
3
U
3
O
8
ppm
U
3
O
8
ML
bs.
Indicated
Redtree
14,000,000
2.5
880
27
Huarabagoo
2,500,000
2.6
890
4.9
Junnagunna
10,000,000
2.5
640
15
Long Pocket
1,300,000
2.5
420
1.2
Total Indicated
27,800,000
2.5
770
48.1
Inferred
Redtree
3,000,000
2.5
800
5.2
Huarabagoo
3,100,000
2.6
870
6.0
Junnagunna
3,000,000
2.5
620
4.2
Long Pocket
2,700,000
2.5
380
2.3
Total Inferred
11,800,000
2.5
680
17.7
Notes To Mineral Resource Estimate
1.
Numbers are rounded to reflect that an estimate of tonnage and grade has been made, as such products may have discrepancies. Tonnages are expressed in the metric
system, concentrations as parts per million (ppm), equivalent to grammes per tonne, and contained metal as pounds (Lbs.).
2.
The Independent Qualified Person as defined by CIM definition Standards, and the Independent Competent Persons as defined by the JORC code 2012 edition is Mr. Richard
Siddle MSc, MAIG. Mr. Siddle is a Member of the Australian Institute of Geoscientist (#6802) and Director of Addsion Mining Services Ltd of the United Kingdom, Mr. Siddle has
been working continuously for Addison Mining Services as a Minerals Resource Geologist since November 2014.
3.
Mr. Siddle completed a site visit to the project area between the 21
st
and 23
rd
of January 2025, and inspected representative sections of drill core, visited rehabilitated drill sites
and inspected selected outcrop geology. Discussions were held with the issuer's technical teams and exploration and socio-environmental considerations discussed. No items
of material concern were identified which are not discussed within the accompanying documentation.
4.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource
Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured, however it is reasonably expected
that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Additional drilling, bulk density determination and
improved topographic surveys are required to increase the confidence in the Mineral Resources; increased levels of information brought about by further drilling may serve to
either increase or decrease the Mineral Resources. No Measured Resources are reported.
5.
Reasonable Prospects of Eventual Economic Extraction contemplates mining by open pit mining methods with mineral processing by conventional leaching. Mining costs are
estimated at approximately US$3/t, mineral processing at US$30/t and general and administrative cost at US$5/t processed. Considering a U
3
O
8
price of US$80/Lb. a breakeven
cut-off grade of 200 ppm is used for reporting.
6.
Pit optimization tests showed that all mineralized material above cut-off grade within the Redtree, Junnagunna and Huarabagoo deposit block models has reasonable prospect of
being extracted by open pit methods. At Long Pocket an ultimate pit shell was used to constrain the estimate of reported Mineral Resources.
Figure 2: Westmoreland - Mineral Resource Estimate Areas (no Mineral Resources are reported for
the Link area) (CNW Group/Laramide Resources Ltd.)
Figure 3: Westmoreland Long Section looking NW, displaying drillholes and block models (CNW
Group/Laramide Resources Ltd.)
Basis of Estimate
The Westmoreland Project has been explored periodically from the 1950s until present day. A
summary of drillholes by deposit and drilling period used to inform the estimate is summarized in
Table 2. Approximately 55% of the drillholes are NQ or HQ diamond core drillholes with the
remainder being reverse circulation or percussion drillholes. The data from the historical drilling as
well as the early phase of Laramide drilling was provided to AMS in multiple Access databases and
Excel files. In 2023 AMS conducted a review of the dataset and compiled it into one geological
database management system and data repository using MX Deposit software. All data collected
since
July 2023
was recorded digitally in MX Deposit.
Table 2: Summary of drillhole information.
Deposit
Drill Period
No of
Drillholes
Minimum
Depth (m)
Maximum
Depth (m)
Total meters
Mean Depth
(m)
Redtree
HISTORICAL
504
3.66
245.24
26,640.34
53
LCR2007-2012
126
13.50
302.70
8,855.00
70
ALL
630
3.66
302.70
35,495.34
56
Huarabagoo
HISTORICAL
357
3.66
216.10
31,785.55
89
LCR2007-2012
39
80.00
201.00
4,616.39
118
LCR2022-2024
30
37.80
141.10
3,417.80
114
ALL
426
3.66
216.10
39,819.74
93
Junnagunna
HISTORICAL
443
25.00
154.05
22,115.56
50
LCR2007-2012
41
50.00
152.40
4,168.40
102
LCR2022-2024
18
98.60
158.05
2,286.75
127
ALL
502
25.00
158.05
28,570.71
57
Long Pocket
HISTORICAL
83
9.14
217.93
4,942.60
60
LCR2007-2012
12
60.00
71.20
747.50
62
LCR2022-2024
65
42.70
132.70
3,730.10
57
ALL
160
9.14
217.93
9,420.20
59
The main deposits of interest consist of Redtree, Huarabagoo and Junnagunna as well as the area
between Huarabagoo and Junnagunna (the Link zone). The total strike length is approximately 8 km
along an azimuth of 40 degrees. Deposit geometries are described as follows.
Redtree strike length is approximately 1.5 km and up to 0.6 km width on the NW side of the
dyke and 0.2 km on the SE side of the dyke. The mineralisation occurs to up to
100 m
below
the surface.
Huarabagoo strike length 2.5 km strike length and
150 m
width, depth of the mineralisation up to
100 m
from the surface.
Junnagunna strike length 1.5 km strike length and up to 0.6 km width on the NW side of the
dyke and 0.3 km on the SE side of the dyke. Depth of the mineralisation up to
120 m
from the
surface.
Long Pocket is located appropriately 7 km to the E from Junnagunna. The mineralisation area is
approximately 1 km West-East as well as North-South extents.
Estimation Techniques
The estimate was completed using Micromine Origin and Beyond 2025 software. Wireframe
restricted block models, one for each deposit, were estimated by Ordinary Kriging using increasingly
larger search radii to inform the block models until all blocks were populated. In the first pass a
minimum of three drillholes were required within the search radii equal to approximately 1.5 times the
drill spacing in the search direction. Directional semi variograms were modelled for each deposit and
used to weight the two-meter downhole composites of original assays during grade estimation. A
combination of top-cutting and grade clamping was applied to restrict the influence of very high-
grade samples. During grade clamping high-grade values are given their original value inside a given
distance, and outside that distance the value is reduced, different parameters were used for each
deposit based on the grade distributions and observed continuity.
Variable anisotropy was used during implicit modelling of wireframes and block estimation to better
honour the geometry of the deposit; typically, mineralization is steep to sub vertical within proximity
to the
Westmoreland
dyke system which spans the length of Redtree, Junnagunna and Huarabagoo,
rolling over to horizontal to sub horizontal mineralization approximately
20 m
from the dyke edged. At
Huarabagoo mineralization is dominantly sub vertical. Mineralization occurs as uranium oxides (such
as uraninite and carnotite) hosted almost exclusively in the "PTW4"
Westmoreland
conglomerate
with the underlying "PTW3" unit acting as a base to truncate mineralization. All models were
validated through review of local and global statistics comparing the input to the output data and by
visual inspection. Bulk Density determinations were used to inform the model with density values of
2.5 to 2.6 g/cm
3
used within the PTW4 conglomerate.
The estimate was classified according to the Qualified/Competent Persons view of the estimation
confidence. Indicated Resources are reported in areas where the spacing and quality of data are
sufficient to allow estimation to a level of confidence which can be used for mine planning and
economic evaluation. Those areas classified as Indicated Resources are typically informed by data
with spacing 30 to
50 m
and estimated into blocks approximately one third of the data spacing.
Comparison of Previous Estimates
The previous Mineral Resource Estimate had an effective date of
May 11
th
2009 and is superseded
by this estimate dated effective
January 31
st
2025. Differences in the estimate are shown in Table 3.
Differences in the estimate are attributed to the following items.
Additional drilling and receipt of assay results post
May 2009
to
January 2025
at Junnagunna
and Huarabagoo.
Additional exploration at Long Pocket, which was not included in the previous estimate.
Application of more sophisticated 3D modelling techniques, including implicit modelling which
was not commonly employed in 2009, and is more adept at modelling complex geometry than
traditional cross section interpretation.
The Redtree deposit, which has not seen further exploration has no material change and this
helps to support the veracity of the estimates.
Table 3 Comparison to previous estimates.
2009 MRE
Deposit
Tonnes
Density g/m
3
U
3
O
8
ppm
U
3
O
8
MLb.
Indicated
Redtree
12,900,000
2.5
900
25.5
Huarabagoo
1,460,000
2.5
830
2.7
Junnagunna
4,360,000
2.5
810
7.8
Long Pocket
-
-
-
-
Total Indicated
18,700,000
2.5
880
36
Inferred
Redtree
4,460,000
2.5
670
6.6
Huarabagoo
2,400,000
2.5
1,090
5.8
Junnagunna
2,150,000
2.5
750
3.6
Long Pocket
-
-
-
-
Total Inferred
9,000,000
2.5
800
15.9
Relative Difference %
Tonnes
Grade
Contained Metal
Indicated
Redtree
9 %
-2 %
6 %
Huarabagoo
71 %
7 %
81 %
Junnagunna
129 %
-21 %
92 %
Long Pocket
Total Indicated
49 %
-13 %
34 %
Inferred
Redtree
-33 %
19 %
-21 %
Huarabagoo
29 %
-20 %
3 %
Junnagunna
40 %
-17 %
17 %
Long Pocket
Total Inferred
31 %
-15 %
11 %
Absolute Difference %
Tonnes
Grade ppm
Contained Metal MLbs.
Indicated
Redtree
1,100,000
-
-20
1.5
Huarabagoo
1,040,000
0.1
60
2.2
Junnagunna
5,640,000
-
-170
7.2
Long Pocket
1,300,000
2.5
420
1.2
Total Indicated
9,100,000
-
-110
12.1
Inferred
Redtree
-1,460,000
-
130
-1.4
Huarabagoo
700,000
0.1
-220
0.2
Junnagunna
850,000
-
-130
0.6
Long Pocket
2,700,000
2.5
380
2.3
Total Inferred
2,800,000
-
-120
1.8
Environmental and Social Considerations
The project area is on land which has significance to the local Indigenous people and who are the
traditional custodians of the land. While the area is remote, Laramide, through its local subsidiary
Lagoon Creek Resources has an existing Indigenous Land Use Agreement (ILUA) in place and has
maintained a working relationship with the local indigenous groups since 2006 and has involved them
in exploration activities. An activity exclusion zone exists at the southern end of the Huarabagoo
deposit which will require further negotiation for future access and exploration activities.
Only preliminary environmental studies have been completed in the area. It is acknowledged that
environmental constraints will be present should the project advance through the permitting steps to
production. Environmental constraints include species of concern and threatened species within the
region and site. However, the exact extent and distribution is currently unknown and further
environmental studies are required to map the local distribution of species.
Recommendations
It is noted that exploration drilling in the Link zone, between the Huarabagoo and Junnagunna
deposits, has identified uranium mineralisation. However, the drill spacing is insufficient for resource
estimation. Further drilling is recommended to potentially incorporate this zone in future resource
estimates. Furthermore, drilling data to the north of Junnagunna suggests the deposit remain open
and presents a compelling exploration target.
Additional recommendations to advance the project include further environmental studies, continued
exploration of satellite prospects on the property and infill and extensional drilling at all prospects. A
gap analysis to review the steps and data required to advance the project to Pre-Feasibility is also
advised.
Qualified/Competent Person Review
The technical information in this release relating to Mineral Resource Estimates has been reviewed
by Mr. R. J. Siddle, MSc, MAIG Principal Resource Geologist for Addison Mining Services Ltd. Mr.
Siddle is an independent Qualified Person within the meaning of the CIM Definition Standards for
Mineral Resources (2014) and independent Competent Person within the meaning of the JORC
(2012). He has over 15 years' experience in the industry, relevant experience includes undertaking
mineral resource estimates for a variety of commodities including gold and tin deposits. Mr. Siddle
has prior involvement with the project having worked as an exploration geologist for Lagoon Creek
Resources on the
Westmoreland
project in 2007 and 2008.
Mr. Siddle received assistance in preparation of the Mineral Resource Estimate from Ms.
Paula
Mierzwa
, Senior Geologist for Addison Mining Services. Ms. Mierzwa worked under the supervision
of Mr. Siddle and is thanked for her valued contribution to the study.
Mr. Siddle has reviewed and verified the technical information that forms the basis of, and has been
used in the preparation of, the Mineral Resource Estimate and this announcement, including
analytical data, drilling logs, QC data, density measurements, and sampling. Mr. Siddle consents to
the inclusion in this announcement of the matters based on the information, in the form and context in
which it appears.
The update to Mineral Resources constitutes a Material Change and a NI 43-101 Technical report
will be filed on sedarplus.com within 45 days of this announcement.
This announcement dated
28th February 2025
has been authorised for release to the TSX and ASX
by President and CEO of Laramide Resources.
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. 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 and production potential, and the two large development projects are considered to be
late-stage, low-technical risk projects. As well, Laramide has expanded its pipeline with strategic
exploration in
Kazakhstan
where the company is exploring over 5,500 km
2
of the prolific Chu-Sarysu
Basin for world class roll-front deposits which are amenable to in-situ recovery.
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.
SOURCE
Laramide Resources Ltd.
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For further information:
To learn more about Laramide, please visit the Company's website at
www.laramide.com or contact: Marc Henderson, President and CEO, Toronto, Canada, +1 (416)
599 7363; Ann Baines, Director, Investor Relations, Toronto, Canada, +1 (647) 832-9904
CO: Laramide Resources Ltd.
CNW 07:30e 28-FEB-25