Laramide Resources Ltd. Long Pocket and Amphitheatre Drilling Results Outline Growth Potential of Westmoreland Uranium Project, Queensland, Australia; Plans Further Drilling in 2023
Laramide Resources Ltd. Long Pocket and
Amphitheatre Drilling Results Outline Growth
Potential of Westmoreland Uranium Project,
Queensland, Australia; Plans Further Drilling
in 2023
TORONTO
,
April 24, 2023
/CNW/ - Laramide Resources Ltd. ("
Laramide
" or the "
Company
")
(TSX: LAM; ASX: LAM; OTCQX: LMRXF) is pleased to announce results from the Long Pocket and
Amphitheatre drill programs at its Westmoreland Uranium Project in Queensland,
Australia ("Westmoreland").
Highlights
Long Pocket prospect
LP22DD001 –
2m
@ 403ppm U
3
O
8
from surface, and
2.7m
@ 718ppm U
3
O
8
from
39.3m
LP22DD003 –
2.2m
@ 287ppm U
3
O
8
from
29.8m
LP22DD008 –
0.6m
@ 503ppm U
3
O
8
from
16.9m
and
1m
@ 401ppm U
3
O
8
from
24m
Amphitheatre prospect
AMDD001 –
3m
@ 507ppm U
3
O
8
from
59m
including
1m
@ 1072ppm (0.107%) U
3
O
8
AMDD004 –
4m
@ 277ppm U
3
O
8
from
34m
AMDD005 –
2m
@ 413ppm U
3
O
8
including 601ppm U
3
O
8
from
89m
The drilling programs, as initially outlined in Laramide's news releases, May 25, 2022, and
October
18, 2022
, focused on two potential satellite deposits known as Long Pocket (including the
Sue/Outcamp prospects) which saw limited drilling in 2010 and was not included in the overall
resource at Westmoreland; and the Amphitheatre uranium prospect, where no exploration activity
had occurred since the 1970s.
Figure 1: Westmoreland Project showing key uranium deposits (CNW Group/Laramide Resources
Ltd.)
Figure 1: Westmoreland Project showing key uranium deposits
Commenting on the exploration results, Laramide's President and CEO,
Marc Henderson
said:
"
The extension of observed shallow uranium mineralisation at Long Pocket is highly encouraging
as we seek to incorporate the Long Pocket deposit into our global resource base at
Westmoreland.
Importantly, we are also beginning to test many underexplored uranium prospects
within our tenure, the first of which, Amphitheatre, has returned ore grade intercepts. We look
forward to providing investors with regular updates as we continue to accelerate exploration work
throughout 2023."
Long Pocket
Long Pocket is located 7km to the east of the Junnagunna Uranium deposit and 12km northeast of
Redtree (Fig. 1).
Drilling comprised a broad spaced diamond drilling program of 13 holes for
727.5m
to test potential
north-eastern extensions of the Outcamp prospect and building on 2010 drilling results.
Significant drilling results (>200ppm U
3
O
8
) include:
LP22DD001 –
2m
@ 403ppm U
3
O
8
from surface, and
2.7m
@ 718ppm U
3
O
8
from
39.3m
LP22DD003 –
2.2m
@ 287ppm U
3
O
8
from
29.8m
LP22DD008 –
0.6m
@ 503ppm U
3
O
8
from
16.9m
and
1m
@ 401ppm U
3
O
8
from
24m
Importantly, the results extend the envelope of known sandstone-hosted uranium mineralisation to
the northeast. Furthermore, it confirms the shallow and flat-lying nature of mineralisation.
Figure 2: 2022 Long Pocket drilling showing key radiometric targets (CNW Group/Laramide
Resources Ltd.)
Figure 2: 2022 Long Pocket drilling showing key radiometric targets
Amphitheatre
The Amphitheatre uranium prospect is located 16km northeast of the Junnagunna uranium deposit
and expresses as a strong
400m
x
300m
airborne radiometric anomaly (Fig. 3). The area was
subject to historical exploration in the late 1960s and early 1970s which included percussion drilling
and diamond holes with narrow intercepts of up to 0.838% U
3
O
8
[1] displaying visible uraninite and
torbernite; no follow-up nor modern exploration has been conducted.
Visible secondary uranium mineralisation in the form of torbernite is present at surface however
historical collar locations could not be validated in the field. Accordingly, an initial 'scout' drilling
program was conducted in
May 2022
which comprised five diamond drillholes for a total of
686m
.
Significant results (>200ppm U
3
O
8
) include:
AMDD001 –
3m
@ 507ppm U
3
O
8
from
59m
, including
1m
@ 1072ppm (0.107%) U
3
O
8
AMDD004 –
4m
@ 277ppm U
3
O
8
from
34m
AMDD005 –
2m
@ 413ppm U
3
O
8
including
1m
@ 601ppm U
3
O
8
from
89m
The shallow observed mineralisation share similarities with other
Westmoreland
uranium deposits,
namely hosted with the PTW4 unit of the Westmoreland Conglomerate and, in places, appears to
have a relationship with mafic intrusive units i.e., the Redtree dyke.
Figure 3: 2022 Amphitheatre drilling showing key radiometric targets (CNW Group/Laramide
Resources Ltd.)
Figure 3: 2022 Amphitheatre drilling showing key radiometric targets
Whilst the initial results are encouraging, the results do not reflect the higher grades historically
reported and further drill testing will be required to comprehensively test the area.
Next Steps
Encouraged by the 2022 exploration drilling results, Laramide intends to follow up in the 2023 field
season with a resource definition drilling program at Long Pocket. First pass exploration drilling is
also planned for the nearby Black Hills and Southern Valley uranium prospects (Fig.1).
Black Hills, located 1km to the northeast of Outcamp, presents as a broad airborne radiometric
anomaly. Historical (QML, 1970) drilling results include 3.13 @ 0.44% U
3
O
8
(DDL018) and
7.77m
@
0.14% U
3
O
8
(DDL013)[2] which have not been followed up during Laramide's tenure.
Southern Valley is located 1.5km to the south of Outcamp (Fig. 1) with a strong airborne radiometric
response, visible outcropping uranium mineralisation, and historical workings it represents one of
Laramide's highest priority regional exploration targets.
As well, drilling at Amphitheatre will be designed to test along strike and down dip from
mineralisation observed during the 2022 program. Despite the recent work, the prospect has limited
drill testing relative to the size of radiometric target.
Furthermore, Laramide has identified zones for potential extension to mineralisation at the
Huarabagoo deposit which will be tested with up to
1,000m
of resource extension drilling.
Huarabagoo is located in the structural corridor between Redtree and Junnagunna (Fig. 1) and is
currently included in the
Westmoreland
resource. The Huarabagoo deposit and Huarabagoo-
Junnagunna structural corridor is the least explored of the three main deposits at
Westmoreland
and
was most recently drill tested in 2012 with new zones of mineralisation being identified, showing
scope for growth[3].
In total Laramide has plans to complete up to
5,000m
of drilling during 2023 to further investigate the
Huarabagoo resource extension, for Long Pocket resource definition and exploration, and to continue
Amphitheatre exploration.
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.
1
Tahan 1971 (BHP) – Historical Company report (CR5206)
2
QML – CR0003649 (1970)
3
LAM TSX Release
17 October 2012
"Laramide Identifies New Zone of Mineralisation in Initial
Drilling Results at
Westmoreland
"
About Laramide Resources Ltd.:
Laramide is focused on exploring and developing high-quality uranium assets in
Australia
and
the
United States
. The company's portfolio comprises five advanced uranium projects. 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 which 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 which 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 the fully permitted 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 24-APR-23