Laramide Resources Commences 2022 Drilling Program at Westmoreland Uranium Project, Queensland, Australia
Laramide Resources Commences 2022
Drilling Program at Westmoreland Uranium
Project, Queensland, Australia
TORONTO
,
May 25, 2022
/CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") is
pleased to announce the commencement of a diamond drill program at its Westmoreland Uranium
Project in
Queensland, Australia
("Westmoreland").
Figure 1: Current phase will focus on target area Amphitheatre (CNW Group/Laramide Resources
Ltd.)
The current phase of the Australian 2022 drilling program is focused on an initial test of a potential
satellite deposit called the Amphitheatre prospect ("Amphitheatre"), which is located approximately
16.5km NE of the Junnagunna deposit, one of the three mineralized zones comprising the
Westmoreland
mineral resource.
Amphitheatre is situated entirely within EPM 14558 (see map below Figure 1) and within an area of
previously identified radiometric anomalies but was not considered a priority target by Laramide
during their previous drill campaigns at
Westmoreland
, which were principally focused on converting
historical resources to the measured and indicated category in anticipation of the ultimate
development of
Westmoreland
as a large-scale open pit uranium mine.
Figure 1: Current phase will focus on target area Amphitheatre
Another satellite deposit known as Longpocket (or Sue / Outcamp) did see some limited drilling in
2010 and again in 2012 but was never included in the overall resource at
Westmoreland
. A second
phase of the 2022 Australian drilling program is expected to focus once again on this target with a
view to expanding the overall resource at
Westmoreland
. This phase of the program would be
expected to follow completion and delivery of results from the 1,000 metres of planned drilling at
Amphitheatre and would likely commence no sooner than late Q3/2022.
Laramide has plans for exploration programs in
Australia
that include an initial phase of drilling at the
Murphy Project, which is situated in the Northern Territory and is contiguous to the
Westmoreland
tenements in
Queensland
. Laramide has already completed several earlier phases of exploration
work at Murphy – including extensive geophysics and some widespread surface geochemistry (see
reference to technical report below) – but the large tenement package has yet to be drilled and was
acquired for its district scale potential.
"We are pleased to be drilling and actively exploring again in
Australia
and have been encouraged by
the dramatic improvement in the uranium price, which is finally beginning to reflect very tight supply
/demand fundamentals in the sector," said
Marc Henderson
, President and CEO of Laramide
Resources. "The broader energy supply constraints, a renewed emphasis on energy security of
supply including the provenance of the supply, and the focus on transitioning to the production of
clean energy are expected to contribute to the price fundamentals of uranium mining."
Laramide currently has a healthy balance sheet to support its expanding exploration effort and also
plans to ramp up its investor relations initiatives. To this end, we are pleased to announce that
Ann
Baines
has joined the company as Director, Investor Relations, effective immediately. Ms. Baines
brings over 20 years' experience working with TSX and ASX listed junior mining companies, including
Bannerman Resources, Frontera Copper, Queenston Mining and Kensington Resources.
References to Mineral Resource Estimates and the Preliminary Economic Assessment of
Westmoreland Uranium Project are available on the Company website: Independent
JORC/NI 43-101 Mineral Resource Estimate
completed by Mining Associates of
Australia
in
May
2009
and
Westmoreland Uranium Project NI 43-101 PEA/Scoping Study
completed by Lycopodium
Mining Associates in
April 2016
.
References to work completed by Laramide on Murphy Project is available in this Report,
Independent Technical Report on the Murphy Project, Northern Territory,
Australia
on the Company's
website.
Follow us on Twitter @LaramideRes
About Laramide:
Laramide is engaged in the exploration and development of high-quality uranium assets. Its wholly
owned uranium assets are in
Australia
and
the United States
. Laramide's portfolio of advanced
uranium projects have been chosen for their production potential. Its flagship project,
Westmoreland
,
in
Queensland, Australia
, is one of the largest projects currently held by a junior mining company. Its
U.S. assets include La Jara Mesa in
Grants, New Mexico
, and
La Sal
in the Lisbon Valley district of
Utah
. Its portfolio also includes joint ventures in the Northern Territory, strategic equity positions and
a portfolio of uranium royalties in the Grants Mineral District of
New Mexico
.
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
CO: Laramide Resources Ltd.
CNW 07:30e 25-MAY-22