Laramide Resources Announces 51 Million Pounds Mineral Resource Estimate on the Church Rock Uranium Project Listed
Laramide Resources Announces 51 Million Pounds Mineral
Resource Estimate on the Church Rock Uranium Project
Listed (ASX:LAM; TSX:LAM)
TORONTO
,
Oct. 10, 2017
/CNW/ -
Laramide Resources Ltd. ("
Laramide
" or the "
Company
") is pleased to announce the results of its maiden
independent Mineral Resource Estimate (the "Resource Estimate") for the Company's 100% owned Church Rock Uranium Project (the "Project"
or "Church Rock"), located in
New Mexico
, United States. The Resource Estimate was prepared to CIM Definition Standards (2014) as
incorporated in NI 43-101 and completed by Roscoe Postle Associates Inc. ("RPA") in
Denver
,
USA
with the assistance of Laramide's technical
team. The Technical Report pertaining to the Resource Estimate will be filed on Sedar (
www.sedar.com
) within 45 days.
The current Resource Estimate supersedes various "historical estimates" for purposes of NI 43-101 reporting (see press release dated
March 29,
2017
) and considers planned In Situ Recovery ("ISR") of uranium consolidating the significant work completed by previous operators on the
Project.
Highlights include:
An Inferred Resource Estimate of
33.9 million tons
at an average grade of
0.075% eU
3
O
8
for a contained resource of
50.8 million
pounds
using a 0.5 ft-% Grade Thickness (GT) cutoff.
Data from previous operators was consolidated and digitized resulting in a database of 1,667 drill holes totaling approximately 1,841,545
feet of drilling.
The report highlighted areas for immediate follow up exploration to both improve confidence in the Resource Estimate and potentially
discover additional mineral resources.
A Preliminary Economic Assessment ("PEA") is planned to be commenced in Q4-2017 including:
Core drilling with ISR process and restoration testing of mineralized materials.
Exploration drilling in areas of potential mineralization.
Marc Henderson
, Laramide Resources' President and Chief Executive Officer, commented, "The Church Rock Project is a compilation of
significant historical work completed by tier one mining and energy companies. This is the first time since discovery that the Project has been
combined under one banner without significant royalty burden and this impressive initial resource at
Church Rock
clearly demonstrates the District
scale potential of the asset. Combined with the NRC licence and other permitting work already completed by previous operators, Laramide is well
positioned to benefit from a likely renewal of US domestic uranium production when market conditions warrant".
The Resource Estimate did not include the Company's 100% owned
Crownpoint
project, located 25 miles east of
Church Rock
. The Laramide
team plans to begin the process of digitizing the significant data for
Crownpoint
in the coming months which will allow for a resource estimate on
the
Crownpoint
property planned for Q1-2018 (The
Crownpoint
property has a historical resource estimate; see press release dated
March 29,
2017
and the company's website at
www.laramide.com
).
Mineral Resource Estimate
The Church Rock Resource Estimate was completed utilizing the Grade x Thickness (GT) Contour Method, an industry standard for estimating
uranium roll-front type deposits hosted within groundwater-saturated sandstones. The mineralization at
Church Rock
has been previously shown
to be amenable to In-situ Recovery (ISR) techniques.
The following table summarizes the Mineral Resource Estimate. Due to the historical nature of the data the resource estimate is classified as
Inferred, until additional new confirmatory drilling data can be obtained:
Table -1 Mineral Resource Estimate –
September 30, 2017
Laramide Resources Ltd. – Church Rock Deposit
Classification
Sand Unit
Tonnage
Grade
Contained Metal
(Tons)
(% eU
3
O
8
)
(U
3
O
8
lbs)
Inferred
Dakota Sandstone
632,000
0.115
1,452,000
Morrison Formation - Brushy Basin
64,000
0.147
189,000
Morrison Formation - Westwater Canyon (A Sand)
1,714,000
0.075
2,556,000
Morrison Formation - Westwater Canyon (B Sand)
7,890,000
0.077
12,145,000
Morrison Formation - Westwater Canyon (C Sand)
4,498,000
0.092
8,290,000
Morrison Formation - Westwater Canyon (D Sand)
6,588,000
0.067
8,894,000
Morrison Formation - Westwater Canyon (E Sand)
6,110,000
0.068
8,310,000
Morrison Formation - Westwater Canyon (F Sand)
5,557,000
0.068
7,583,000
Morrison Formation - Westwater Canyon (G Sand)
595,000
0.084
1,005,000
Morrison Formation - Westwater Canyon (H Sand)
231,000
0.086
396,000
Inferred Total
33,879,000
0.075
50,820,000
Notes
1.
CIM (2014) definitions were followed for Mineral Resources.
2.
Mineral Resources are reported at a grade x thickness (GT) cut-off of 0.5 ft-%.
3.
A minimum thickness of 2.0 feet was used.
4.
A minimum cut-off grade of 0.02% eU
3
O
8
(based on historic mining costs and parameters from the district) was used to define the mineralization envelope.
5.
Internal maximum dilution of 5.0 feet was used.
6.
Grade values have not been adjusted for disequilibrium (equilibrium factor = 1.0).
7.
Tonnage factor of 15ft
3
/ton (based on historical density used by the mining operators) was applied.
8.
Totals may not add due to rounding.
Next Steps
With the completion of the Resource Estimate, the Project will be advanced to a PEA. This will be the first economic study on the consolidated
Project, and would include the elimination of certain royalties owned by Laramide (including the sliding scale 5%- 25% gross revenue royalty) on
portions of the Project. The PEA will also have the benefit of the Feasibility Study on Section 8 of the Project completed by a previous operator.
To complete New Mexico Environmental Department Groundwater Discharge Plan requirements, the Company must demonstrate in a laboratory
environment the ability, post leaching, to restore groundwater in the mining aquifer to an acceptable level. In order to complete this leach study
fresh core is required from the Project. The Company plans to complete this core drilling and begin the leach-restoration testing in early 2018.
Exploration is also planned for areas noted in the Technical Report where wide-spaced drilling previously defined potential mineralization. This
drilling, in conjunction with the core studies, may allow areas of the present Inferred Mineral Resource to be elevated to Measured and Indicated
Resources, as well as lead to the potential discovery of additional mineral resources.
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101.
The information has been reviewed and approved by
Bryn Jones
, MMinEng, FAusIMM, a Qualified Person under the definition established by
National Instrument 43 101 and JORC. Mr. Jones is the Chief Operating Officer of the Company and a Fellow of the Australasian Institute of
Mining and Metallurgy.
To learn more about Laramide, please visit the Company's website at
www.laramide.com
.
About Laramide Resources:
Laramide Resources Ltd., headquartered in
Toronto
and listed on the TSX: LAM and ASX: LAM, is engaged in the exploration and development
of high-quality uranium assets. Laramide's portfolio of advanced uranium projects have been chosen for their production potential. Major U.S.
assets include the
Church Rock
and Crownpoint In-Situ Recovery (ISR) projects and La Jara Mesa in
Grants, New Mexico
, as well as La Sal in
the Lisbon Valley district of Utah. The recently acquired
Church Rock
and
Crownpoint
properties, with near-term development potential and
significant mineral resources, form a leading ISR division operating in a tier one jurisdiction with enhanced overall project economics. The
Company's Australian advanced stage
Westmoreland
is one of the largest projects currently held by a junior mining company.
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.
SOURCE
Laramide Resources Ltd.
View original content with multimedia: http://www.newswire.ca/en/releases/archive/October2017/10/c7703.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, Toronto, Canada +1 (416) 599 7363
CO: Laramide Resources Ltd.
CNW 07:00e 10-OCT-17