Laramide intercepts broad-based uranium mineralization in initial holes from 2023 Australian exploration program
Laramide intercepts broad-based uranium
mineralization in initial holes from 2023
Australian exploration program
TORONTO
,
Sept. 29, 2023
/CNW/ - Laramide Resources Ltd. ("
Laramide
" or the "
Company
")
(TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to announce assay results from the first two
diamond drill holes from the Amphitheatre exploration target ("Amphitheatre") at its Westmoreland
Uranium Project in Queensland, Australia ("Westmoreland"). These results are the first received
from a 4,000+ meter exploratory drill program announced 19
th
July 2023[1]. The program was
designed to include a mixture of infill but also to test new prospects for possible expansion across
four discrete targets, which are described in more detail below. This season's exploration campaign
in
Australia
also includes on ground exploration and target generation at the Company's contiguous
Murphy Project in the Northern Territory, which will be the subject of a separate news release in the
coming weeks.
Figure 1 Westmoreland Project showing key uranium deposits/Targets (CNW Group/Laramide
Resources Ltd.)
The 2023 exploration drilling program commenced at Amphitheatre uranium prospect and comprised
nine holes for a total of
855.8m
diamond drilling. Assay results from the first two holes at
Amphitheatre, AM23DD001 & 002, have been received (Figure 2); highlights include:
AM23DD001
Near surface
1m
@ 660ppm U
3
O
8
from
1m
3m
@ 177 ppm U
3
O
8
from
7m
5.5m
@ 242 ppm U
3
O
8
from
34.5m
including
0.59m
@ 1,249ppm (0.12%) U
3
O
8
from
36.81m
3.32m
@ 253 ppm U
3
O
8
from
47.68m
and;
2.5m
@ 775 ppm U
3
O
8
from
52.5m
_______________________________________________
1
ASX: Laramide commences 2023 Australian exploration campaign; drilling underway at Westmoreland Uranium Project (19
th
July 2023)
AM23DD002
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
This season's exploration drilling campaign at
Westmoreland
has two objectives: resource infill and
extension at the Huarabagoo and Long Pocket deposits, and exploration drilling of new targets at
Amphitheatre and Black Hills. (Figure 1) The 2023 exploration program, which commenced on
July
17
, has completed a total of 30 holes to date (9 at Amphitheatre, 15 at Long Pocket, 3 at Black Hills
and 3 at Huarabagoo). Nine holes remain to be drilled in the current program which should be
completed by the end of October.
To date, drilling has identified multiple, shallow, mineralized horizons all hosted within the PTW4 unit
of the Westmoreland Sandstone. Results from the remaining seven holes drilled at Amphitheatre,
which were completed in August, are pending. Interpretation of geology and mineralisation controls
is ongoing and will be refined as more results are received.
Commenting on the exploration results, Laramide's President and CEO,
Marc Henderson
said:
"
Our drill program at
Westmoreland
is off to an excellent start, with the first of our exploration
drillholes at Amphitheatre returning multiple zones of mineralisation; we look forward to updating
investors as more assays are received. We believe the exploration potential at
Westmoreland
to
be exceptional and underappreciated, likely because this is the first substantial exploration drilling
campaign undertaken by Laramide since 2012."
Amphitheatre uranium prospect
The Amphitheatre uranium prospect is located 16km northeast of the Junnagunna uranium deposit
and expresses as a strong
400m
x
300m
airborne radiometric anomaly. The area was subject to
historical exploration in the late 1960s and early 1970s.
Visible secondary uranium minerals such as carnotite and torbernite are present at surface, hosted
within the PTW4 unit of the Westmoreland Conglomerate. Mineralisation identified in 2022[2] drilling
has a relationship with mafic intrusive units, sharing similarities with other nearby uranium deposits,
namely Redtree, Huarabagaoo and Junnagunna which host a combined 51.9Mlb U
3
O
8
resource[3].
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.
______________________________________
2
ASX: Laramide Resources Ltd. Long Pocket and Amphitheatre Drilling Results Outline Growth Potential of Westmoreland Uranium Project, Queensland, Australia; Plans Further
Drilling in 2023 (24th April 2023)
3
https://laramide.com/projects/westmoreland-uranium-project/
Follow us on Twitter @LaramideRes
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 five advanced uranium projects in
districts with historical production or superior geological prospectivity. Each asset has been carefully
chosen for their size, production potential, and are considered 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, which is proposed to be developed using 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.
Appendix 1
Table 1: Amphitheatre – Drill Collar details
HOLE ID
GDA94_Easting
GDA94_Northing
Dip
GridAzi
Depth (m)
AM23DD001
209890
8074803
-90
360
81.6
AM23DD002
209875
8074854
-60
265
261.5
Table 2: Significant Results (>100ppm U3O8)
Hole ID
From
To
Interval
U308 ppm
AM23DD001
1
2
1.00
660
AM23DD001
7
8
1.00
153
AM23DD001
9
10
1.00
330
AM23DD001
34.5
35.6
1.10
283
AM23DD001
35.6
36.55
0.95
248
AM23DD001
36.55
36.81
0.26
472
AM23DD001
36.81
37.4
0.59
1,297
AM23DD001
38.4
39.13
0.73
130
AM23DD001
39.13
40
0.87
106
AM23DD001
47.68
48.79
1.11
189
AM23DD001
48.79
50
1.21
365
AM23DD001
50
51
1.00
106
AM23DD001
52.5
53.58
1.08
318
AM23DD001
53.58
55
1.42
849
AM23DD002
40.41
41.67
1.26
118
AM23DD002
41.7
42.43
0.73
366
AM23DD002
49.21
49.87
0.66
2452
AM23DD002
49.87
50.5
0.63
837
AM23DD002
50.5
51.75
1.25
153
AM23DD002
51.75
53
1.25
224
AM23DD002
54.8
56
1.2
177
AM23DD002
57.06
58
0.94
118
AM23DD002
58
59
1
601
AM23DD002
59
60.04
1.04
212
AM23DD002
60.04
60.15
0.11
1450
AM23DD002
60.15
61.3
1.15
424
AM23DD002
61.3
62.5
1.2
283
AM23DD002
62.5
63.5
1
200
AM23DD002
65.06
65.9
0.84
1910
AM23DD002
65.9
66.66
0.76
142
AM23DD002
66.66
67.62
0.96
189
AM23DD002
89
90
1
236
AM23DD002
91.1
92.3
1.2
271
AM23DD002
138
139
1
142
AM23DD002
144.78
145.5
0.72
377
AM23DD002
145.5
146.13
0.63
307
AM23DD002
146.13
147
0.87
177
AM23DD002
147.88
149
1.12
153
Figure 2 Amphitheatre Drilling 2023 (CNW Group/Laramide Resources Ltd.)
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 29-SEP-23