Laramide Completes Consolidation of Northern Territory Tenure and Begins Airborne Geophysical Survey Listed
Laramide Completes Consolidation of Northern Territory Tenure and
Begins Airborne Geophysical Survey
Listed (TSX:LAM; ASX:LAM)
TORONTO
,
Sept. 4, 2018
Laramide Resources Ltd. ("
Laramide
" or the "
Company
") (
TSX:LAM) (
ASX:LAM
) is pleased to announce it has entered into a sale
and purchase agreement (the "Agreement") with Verdant Minerals Limited ("Verdant") pursuant to which the Company will acquire a 100% interest in the Lagoon
Creek Joint Venture Tenement in Northern Territory of
Australia
(the "Project"). The new Agreement replaces an existing Farm-In and Joint Venture on the Project
between Laramide and Verdant. That earlier agreement has now been terminated and superseded by the Agreement with terms as further detailed below.
The Company has also engaged CGG Multi-Physics to complete the acquisition of high resolution Falcon Airborne Gravity Gradiometry ("Falcon AGG") over the
contiguous
Queensland
and Northern Territory tenure highlighted in Figure 1.
Figure 1: Now 100% Laramide tenements covered by Falcon AGG survey (red outline). (CNW Group/Laramide Resources Ltd.)
The Falcon AGG survey will provide detailed structural information by highlighting basement architecture and faulting including those which may penetrate the
sedimentary package and hence be conduits for fluids analogous to the faults controlling the uranium resource at
Westmoreland
.
This structural information is important in the exploration for
Westmoreland
analogues in the district, which Laramide now controls.
Verdant JV Acquisition
The strategically located Project in Northern Territory comprises 190 km
2
of granted exploration tenure, which lies contiguous to and along strike from Laramide's
Westmoreland Project in northwest
Queensland
. The Project will enhance Laramide's dominant landholding in the highly prospective and underexplored Murphy
Uranium Province.
Figure 2: Recently acquired Tenement from Verdant Minerals Ltd (red highlights) (CNW Group/Laramide Resources Ltd.)
The Northern Territory of
Australia
is a jurisdiction that is supportive of both uranium development and mining and hosts several well-known deposits including the
Ranger Mine which has produced in excess of 120,000 tonnes of U
3
O
8
over a 35-year period.
Key terms of the Agreement:
As consideration for the sale by Verdant of its interest in the Project to Laramide, the Company shall make the following payments:
AUD$25,000 within 14 Days of the closing date;
a further payment of AUD$100,000 on drilling executed on the tenement; and
a further payment on the publication of a NI 43-101 compliant measured and indicated resource equivalent to AUD
$0.05
per in place pound U
3
O
8
(or
equivalent value of an alternative commodity).
Laramide can elect to make the further payments in cash or cash plus up to 50% common shares at the Company's discretion. Should the cash and common
share option be selected, the common shares (or CDI's) will be issued to Verdant at a price which is at a discount of 10% to the value of the weighted average
price of the common shares on the TSX over the 30 days prior to the date of issue.
The Murphy Uranium Province produced high-grade uranium during the 1950s and stands out amongst the world's attractive underexplored uranium provinces,
having not seen any meaningful exploration since the 1970s (see press releases
May 16, 2011
;
October 6, 2014
; and,
May 24, 2016
).
Tenement transfer is subject to certain regulatory approvals and processes and would be expected to be completed sometime in Q4, 2018.
Falcon AGG
A resumption of active exploration in the district will benefit from airborne geophysics previously completed by Laramide in 2016 and from the ongoing Geoscience
Australia (GA) AusAEM survey which is scheduled for completion this year
http://www.ga.gov.au/eftf/minerals/nawa/ausaem
.
To compliment these data sets the Company has engaged CGG Multi-Physics to complete a Falcon Airborne Gravity Gradiometry ("Falcon AGG" or "Survey")
over the combined Northern Territory and
Queensland
tenements highlighted in Figure 1.
The
Westmoreland
exploration model involves targeting mineralisation associated with chlorite and haematite alteration confined by large fault systems and in
association with intrusive dykes.
Structural information is key in target development. The Falcon AGG survey will provide structural information by highlighting basement architecture and faulting
including those which may penetrate the sedimentary package and hence be conduits for mineralising fluids.
The Survey may also enable the mapping of alteration extent associated basement features and structure and mapping of the location and extent of volcanic units
and intrusives.
The Northern Territory government has awarded Laramide a AUD
$100,000
co-funding grant towards the completion of the Survey under the Geophysics and
Drilling Collaborations program.
Figure 1: Now 100% Laramide tenements covered by Falcon AGG survey (red outline).
Figure 2: Recently acquired Tenement from Verdant Minerals Ltd (red highlights)
Figure 3: Murphy Uranium Tenements (
Click here to enlarge
), Press release dated
July 16, 2018
To learn more about Laramide, please visit the Company's website at
www.laramide.com
.
About Laramide Resources:
Laramide is a Canadian-based company with diversified uranium assets strategically positioned in
the United States
and
Australia
that have been chosen for their
low-cost production potential. Laramide's recently acquired
Church Rock
and
Crownpoint
properties form a leading In-Situ Recovery (ISR) division that benefits
from significant mineral resources and near-term development potential. Additional U.S. assets include La Jara Mesa in
Grants, New Mexico
, and
La Sal
in the
Lisbon Valley district of
Utah
. The Company's Australian advanced stage
Westmoreland
is one of the largest uranium projects currently held by a junior mining
company. Laramide is listed on the TSX: LAM and ASX: LAM.
Forward-looking Statements and Cautionary Language
This News Release contains forward looking statements which are subject to a variety of risks and uncertainties which could cause actual events or results to
differ materially from those reflected in the forward looking statements. The Company does not intend to update this information and disclaims any legal liability to
the contrary.
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SOURCE
Laramide Resources Ltd.
View original content with multimedia:
http://www.newswire.ca/en/releases/archive/September2018/04/c5796.html
%SEDAR: 00003540E
For further information:
Marc Henderson, President and Chief Executive Officer, Toronto, Canada,
+1 (416) 599 7363; Bryn Jones, Chief Operating Officer,
Brisbane, Australia, P: (07) 3831 3407; Greg Ferron, Vice-President, Investor Relations, Toronto, Canada
+1 (416) 599 7363
CO: Laramide Resources Ltd.
CNW 07:30e 04-SEP-18