Laramide Commences 2024 Australian Drilling Campaign Up to 12,000 meters planned across multiple targets within the Westmoreland Conglomerate that crosses Queensland and the Northern Territory Primary aim is to expand existing
Laramide Commences 2024 Australian Drilling Campaign
Up to 12,000 meters planned across multiple targets within the Westmoreland Conglomerate that crosses
Queensland
and the Northern
Territory
Primary aim is to expand existing
Westmoreland
mineral resource and to enhance the project economics
Second drill rig arriving in mid-July
Maiden resource estimate planned at Long Pocket for year-end
Northern Territory Geological Survey awards two exploration grants
TORONTO
,
June 20, 2024
/CNW/ -
Laramide Resources Ltd.
("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF)
is pleased to announce that the 2024 drilling campaign has started at the Westmoreland Project in
Northwest Queensland
. The 2024 work
plans include up to 12,000m with over 100 drillholes, designed to test multiple targets across the Westmoreland Uranium Project in
NW
Queensland
and into the Murphy Uranium Project in the Northern Territory.
"We are excited to see drilling underway at
Westmoreland
after a prolonged wet season," says Laramide's President and CEO
Marc
Henderson
.
"The 2024 drill program expands materially on the successful 2023 and 2022 programs which identified targets for both expansion of
existing resources as well as new potential satellite deposits.
The goal this year is to investigate whether the three known deposits that
were the basis of the 2016 PEA study, can be linked and if so, whether this could substantially increase the deposit size."
"We believe that our large strategic land position has some of the best potential for meaningful resource growth within
Australia
– and
within the uranium sector generally. Furthermore, we believe that our expanding exploration effort comes at an ideal time as nuclear
power gains renewed acceptance globally and energy policy considerations everywhere take center stage.
"
Current plans call for the first rig to commence drilling at the Amphitheatre Prospect located 16km to the north-east of the Junnagunna
deposit. Seven holes are planned to expand on shallow mineralisation identified in 2023 (e.g
18.41m
@ 352 ppm U
3
O
8
from
49.21m
including
0.66m
@ 2,452ppm (0.25%) U
3
O
8
from
49.21m
and
0.84m
@1,910 ppm (0.19%) U
3
O
8
from
69.06m
)
1
and will target interpreted
extensions under alluvial cover to the north.
The second rig is scheduled to arrive in early July and the rigs will then move to the main resource areas to test extensions of mineralisation
that potentially link the main deposits of Redtree, Huarabagoo and Junnagunna, and could enhance the economics of the deposit
significantly. In addition, drilling at Long Pocket will enable a maiden resource estimation before the end of the year.
______________________________
1
Laramide Resources Ltd. (29 September 2023):
Laramide intercepts broad-based uranium mineralisation in initial holes from 2023 Australian exploration program [Press release]
.
https://bit.ly/3rxtcFq
The 2024 plan also includes returning to the Murphy Project in the Northern Territory to investigate drilling completed in 2007
2
. A
1,500m
drill program will revisit the areas of interest identified in Laramide's 2006-2007 exploration program and includes Mageera (Figure 1) which
appears to be a geological analogue of
Westmoreland
. At the southern end of this system lies the Southern Comfort uranium and critical
mineral prospect. Drilling at Southern Comfort will be co-funded by the Northern Territory government.
Laramide is also pleased to confirm the award of a second exploration grant from the Northern Territory Geological Survey which will
contribute to funding a Gradient Array IP (GAIP) survey at the Crystal Hill critical minerals prospect.
Figure 1: Location of Drill Target Areas (CNW Group/Laramide Resources Ltd.)
Resource Extension Drilling
Currently mineral resources are defined across three deposits: Redtree, Huarabagoo and Junnagunna. These zones follow the Redtree
dyke zone (approximately 10 km) on a NW trend as discrete ore bodies. The 2016 PEA
3
optimized pit designs and labelled them as South,
Central and North Pits respectively. The mineralisation in the 2.5km corridor between the deposits is hosted in the coarse-grained to
granular
Westmoreland
conglomerate, includes higher grades (>0.1%) associated with the fractured footwall contact of intrusive dolerite
dykes, and remains sparsely drill tested.
____________________________
2
Independent Technical Report on the Murphy Project, Northern Territory, Australia, NI 43-101 Report – May 2020
3
Laramide Resources Ltd. (21 April 2016):
Laramide Announces Positive Results from the Updated PEA on the Westmoreland Uranium Project, Australia [Press Release].
https://bit.ly/3KWvZ0N
The company plans to test the linking zone (JG-HB Link) by drilling northern extensions to the high-grade Huarabagoo
4
northeast toward
Junnagunna. The company is encouraged by a zone of mineralisation existing halfway between the deposits as reported in the 2013 drill
program (WDD12-152 –
11m
@0.13% U
3
O
8
)
5
that remains open to the NE and SW.
Further resource growth is targeted through northern extensions to the 11Mlb U
3
O
8
Junnagunna deposit. The northern extensions of the
dyke are sparsely drill tested between Junnagunna and the Wanigarango uranium prospect 1.5km to the northeast (Figure 1).
Long Pocket
Long Pocket is located 7km to the east of Junnagunna (Figure 1). In-house modelling of the Long Pocket deposit has highlighted zones
where infill drilling will support a maiden mineral resource estimation. The company has planned up to
1,000m
drilling to ensure appropriate
drill spacing in order to show continuity of mineralisation. It is anticipated that the addition of Long Pocket, which is shallow and easily
accessed, to the Westmoreland Mineral Resource base would enhance the economics of the project and possibly contribute to an extended
mine life profile.
Figure 2: Drill rig mobilisation in Northeast Queensland (CNW Group/Laramide Resources Ltd.)
_____________________________
4
Laramide Resources Ltd.: (20 February 2024).
Laramide Confirms High-Grade Uranium Expansion Potential at Westmoreland [Press Release].
https://bit.ly/3UKzGwM
5
Laramide Resources Ltd.: (9 January 2013).
Laramide Continues to Expand New Zone of Mineralization at Westmoreland High grade gold also drilled at Huarabagoo [Press Release].
https://bit.ly/3Y3c1r5
Murphy Uranium Project, Northern Territory
Mageera and Southern Comfort drilling
The Mageera Prospect (formerly
NE Westmoreland
) represents a geological analogue to the
Westmoreland
system. It is located on a 10km
NE trending mafic dyke which truncates the
Westmoreland
conglomerate and Siegal volcanic package under variable depths of alluvial
cover. Historical reports suggest uranium is hosted at dyke margins and the adjacent sandstones, but also in the unconformable contact
between the Westmoreland Conglomerate and the Seigal Volcanics.
In 2006-2007, reconnaissance drilling at Mageera (then known as
NE Westmoreland
) returned encouraging results including, drillhole
NEWM204 intercepting
4m
@ 0.42% U
3
O
8
6
. This year, the plans include up to
1,000m
in follow-up drilling.
The Southern Comfort uranium prospect is located at the southern extent of this trend and saw historical work in the 1970s. Laramide has
been awarded
$60,000
under the Northern Territory Geological Survey's exploration grant scheme to test the genetic linkage of uranium
mineralisation at Southern Comfort and Mageera towards proving almost 10km of mineralised strike length.
C
rystal Hill and Fish River - Gradient Array IP survey
A Northern Territory Geological Survey Grant to re-invigorate exploration for critical minerals is supporting the funding of a Gradient Array IP
(GAIP) survey at the Crystal Hill Prospect. Laramide has been awarded
$100,000
to support this exploration work. The Crystal Hill prospect
is a vein-hosted intrusion related Tin (Sn)-Tungsten (W) target which was superficially worked by BHP in 1959
7
, with shallow auger drilling
intersecting zones of reportedly exceeding >12% SnO
2
. Historic reports suggest coarse-grained Cassiterite and Wolframite is hosted within
east-west trending greisenised quartz veins.
The gradient array component will comprise a minimum of six survey blocks each roughly 1.5km
2
, at
200m
line spacing with
50m
station
spacing, and dipole-dipole IP component comprising a minimum 4 survey lines of 3km for a 12km total length split between prospects
Crystal Hill (2 lines) and Fish River (2 lines).
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 mineralisation 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 under the guidelines of the National Instrument 43-101. 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.
____________________________
6
Independent Technical Report on the Murphy Project, Northern Territory, Australia, NI 43-101 Report – May 2020
7
NT Geoscience Report ID: CR19590012
About Laramide Resources Ltd.:
Laramide is focused on exploring and developing high-quality uranium assets in
Australia
and the western
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.
The
Westmoreland
project in
Queensland, Australia
, is one of the largest uranium development assets held by a junior mining company. This
project has a PEA that describes an economically robust, open-pit mining project with a mine life of 13 years. Additionally, the adjacent
Murphy Project in the Northern Territory of
Australia
is a greenfield asset that Laramide strategically acquired to control the majority of the
mineralized system along the
Westmoreland
trend.
In
the United States
, Laramide's assets include the NRC licensed Crownpoint-Churchrock Uranium Project. An NI 43-101 PEA study
completed in 2023 has described an in-situ recovery ("ISR") production methodology. The Company also owns the La Jara Mesa project in
the historic Grants mining district of
New Mexico
and an underground project, called La Sal, in Lisbon Valley, Utah.
This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection
in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or
projection as reflected in the forward-looking information.
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, Follow us on Twitter @LaramideRes
CO: Laramide Resources Ltd.
CNW 07:30e 20-JUN-24