LAM.TO · 2023-10-31 12:00:00

Laramide Updates Progress on 2023 Drilling Program and Makes New Discovery with "Off- Scale" Radioactivity Reading from Surface Reconnaissance

Exploration Programs

Laramide Updates Progress on 2023 Drilling

Program and Makes New Discovery with "Off-

Scale" Radioactivity Reading from Surface

Reconnaissance

Highlights:

2023 Drilling campaign completed 4,108 metres; 40 holes across Amphitheatre, Long

Pocket, Black Hills and Huarabagoo targets;

Assay results from Amphitheatre confirm that shallow uranium mineralisation continues

to the south:

(AM23DD004)

2.8m

@ 392ppm U

from

43m

depth

(AM23DD005)

2.55m

@ 439ppm U

from

8.45m

depth including

0.6m

@ 920ppm

>65,535cps "Off-Scale" radioactivity discovered at surface during reconnaissance

exploration at new prospect, named U-Valley

TORONTO

Oct. 31, 2023

/CNW/ -

Laramide Resources Ltd.

("Laramide" or the "Company")

(TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to provide an update on the progress of the

2023 drilling campaign at the Westmoreland Project in

NW Queensland

Over

4,108m

of diamond drilling, for 40 holes have been completed at four discrete targets:

Amphitheatre, Long Pocket, Black Hills and Huarabagoo (Figure 5). The objective of the program

was to investigate targets identified from radiometric anomalies testing the potential for a satellite

deposit; to explore opportunities to extend the envelope of known mineralization; and to investigate

the opportunities to expand the current uranium resources described in the Westmoreland PEA mine

plan.

Commenting on the exploration results, Laramide's President and CEO,

Marc Henderson

said:

We are pleased with our 2023 drilling campaign at

Westmoreland

, which commenced in July and

has recently wrapped up. Thus far we have received assay results from the first of the four

prospects that were drilled (Amphitheatre) and we expect subsequent results to be received over

the coming months in the order which the targets were drilled (Long Pocket, Black Hills, and

Huarabagoo). The breadth and scope of this year's targeting highlights the quality of Laramide's

land position at

Westmoreland

and the potential to build on our existing 51.9Mlb Resource.

"The reconnaissance exploration discovery of an "off-scale" mineralisation reading and the

sighting of outcropping uranium at a prospective new drill target was an unexpected bonus and will

be followed up in 2024."

Results from drill holes AM23DD003 to AM23DD007 (Table 1, Figs 2 & 3), completed in August,

have now been received and show multiple zones of shallow mineralisation including:

(AM23DD004)

2.8m

@ 392ppm U

from

43m

depth

(AM23DD005)

2.55m

@ 439ppm U

from

8.45m

depth including

0.6m

@ 920ppm U

Importantly, AM23DD004 and AM23DD005 have highlighted mineralisation over

200m

south of

previously reported drill hole results[1] and are unconstrained to the east and south (Figure 1).

Amphitheatre, which is located 16km to the NE of the Westmoreland Project (51.9Mlbs U

[2],

Figure 5), is a potential satellite deposit.

Figure 1: Amphitheatre Drilling 2023 (CNW Group/Laramide Resources Ltd.)

Figure 2: Amphitheatre Drilling Cross Section 8074900N (CNW Group/Laramide Resources Ltd.)

Figure 3: Amphitheatre Drilling Cross Section 8074700N (CNW Group/Laramide Resources Ltd.)

Recent field investigations have identified a zone of elevated radioactivity (>12,000cps[3])

approximately

400m

northwest of Amphitheatre with outcropping secondary uranium mineralisation

at surface (Figure 1). This increases the size potential of the Amphitheatre target and further

groundwork is planned ahead of follow up drilling in 2024.

New Discovery

: "Off-Scale" Radioactivity at U-Valley

Recent reconnaissance exploration at the U-Valley target has discovered extensive zones of surface

radioactivity in Westmoreland Conglomerate including isolated "off scale"[4] (>65,535cps) points

using a Super-Spec RS-125 Spectrometer. The U-Valley target is located 2km south of the Long

Pocket prospect and presents as a 1.5km

airborne radiometric anomaly (Figure 4).

Geological mapping and ground scintillometer surveys are currently underway to refine the target

zones ahead of potential scout drilling in the 2024 field season.

Figure 4: Super-Spec RS-125 spectrometer showing Off-Scale readings at U-Valley Prospect (CNW

Group/Laramide Resources Ltd.)

Table 1: 2023 Amphitheatre – Drill Collar details

HOLE ID

GDA94_Easting

GDA94_Northing

Dip

Azimuth

Depth (m)

AM23DD001

209890

8074803

-90

355

81.6

AM23DD002

209875

8074858

-60

150.5

AM23DD003

209810

8074849

-70

265

140.1

AM23DD004

209952

8074656

-60

265

102.4

AM23DD005

209967

8074653

-60

102.4

AM23DD006

209754

8074712

-55

265

51.5

AM23DD007

209735

8074830

-60

265

102.6

Table 2: AM23DD003 – 007 Significant intercepts (>100ppm U3O8) (CNW Group/Laramide

Resources Ltd.)

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.

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.

Figure 5: Westmoreland Project showing key uranium deposits/Targets (CNW Group/Laramide

Resources Ltd.)

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.

Laramide Resources Ltd.'s U.S. Projects (CNW Group/Laramide Resources Ltd.)

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.

_________________________

Market Release: Laramide intercepts broad-based uranium mineralization in initial holes from 2023 Australian exploration program (29 September 2023)

https://laramide.com/projects/westmoreland-uranium-project/

CPS = counts per second

Reconnaissance exploration on regional targets described in the text commonly involve the use of handheld spectrometers. The Super Spec RS-125 unit is commonly used

(globally) throughout the uranium industry. Super Spec RS-125 unit has a maximum cps limit of 65,565. "Off-scale" refers to reading that registers the highest reading for the

spectrometer but not the actual reading.

SOURCE

Laramide Resources Ltd.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/October2023/31/c3075.html

%SEDAR: 00003540E

For further information:

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 18:25e 31-OCT-23

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