Laramide's Exploration Drilling at Amphitheatre Intercepts High-Grade Uranium; Points to a Developing Satellite Deposit
Laramide's Exploration Drilling at
Amphitheatre Intercepts High-Grade Uranium;
Points to a Developing Satellite Deposit
Highlights:
Drilling at Amphitheatre Prospect returns high-grade uranium intercepts in AMD009
Mineralization at Amphitheatre shows a relationship with mafic intrusive units sharing potential
genetic similarities with the nearby
Westmoreland
uranium deposit
Significant intersection within AMD009:
Broad zone of
11.3m
@ 0.23% U
3
O
8
Including
4.0m
@ 0.52% U
3
O
8
from
38.0m
Also including within
1.0m
@1.00% U
3
O
8
from
40.0m
AMD009 is the first hole to have successfully intersected an apparent feeder mafic dyke system
at approximately
190m
downhole. This dyke is considered to be a key driver for mineralisation
Multiple zones of uranium mineralisation also noted within AMD008
Gold mineralisation co-incident with uranium within the system:
AMD009 - 2.90 m @ 1.52 g/t Au from
39.10m
down dip
TORONTO
,
Aug. 29, 2024
/CNW/ -
Laramide Resources Ltd.
("Laramide" or the "Company")
(TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company
with globally significant assets in
the United States
and
Australia
, is pleased to announce the first
assay results from the 2024 drilling activities at the Westmoreland Uranium Project in Queensland,
Australia ("Westmoreland").
As reported on
June 20, 2024
1
, this season's exploration drilling campaign at Westmoreland
commenced at the Amphitheatre prospect approximately 16km northeast of the Junnagunna deposit,
a deposit which is included in the 2016 PEA study
2
. Assays have been received from the first two
holes drilled and include zones of shallow, high-grade uranium mineralisation including
4.0m
@
0.52% U
3
O
8
(and including within
1.0m
@ 1.00% U
3
O
8
) within a broader zone of
11.3m
@ 0.23%
U
3
O
8.
Furthermore, there is gold mineralisation associated with the system, including
2.90m
@1.52 g/t Au
from
39.1m
(AMD009).
Commenting on the exploration results, Laramide's Vice-President of Exploration
Rhys Davies
said:
"The Westmoreland Uranium Project is a premier high-quality uranium asset with enviable
characteristics including shallow depth, good grade, simple metallurgy and growth potential. The
high-grade uranium intercepts that are being found at shallow depths at the Amphitheatre prospect,
which is still at an early exploration stage, are very promising. Importantly, the tenor of the grades
seen at Amphitheatre highlight the significant prospectivity of the broader district of
Westmoreland
and supports Laramide's focused attention on proving out the expansion potential towards
increasing the mineable resources and improving the economics of a future mine. We look forward
to updating investors as more assay results are received over the coming weeks and months."
_______________________________
1
Laramide Commences 2024 Australian Drilling Campaign (Press Release dated June 20, 2024)
2
Westmoreland Uranium Project Technical Report
https://laramide.com/projects/westmoreland-uranium-project/
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
3
with Laramide rediscovering its potential in
the 2022 and 2023 drill programs.
Drilling in 2024 comprised 5 diamond holes (
932.7m
), which targeted extensions to uranium
mineralisation both laterally and down dip and successfully identified new zones for follow up. Initial
composite downhole assay results from AMD009 include
4.0m
@ 0.52% U
3
O
8
(including within
1.0m
@ 1.00% U
3
O
8
) within a broader zone of
11.30m
@ 0.23% U
3
O
8
from
38m
downhole (Table 2).
The Amphitheatre Prospect geology consists of the Cliffdale Volcanics and Westmorland
Conglomerate and is predominantly situated within a stratigraphic basal pebble conglomerate
(Ptw1). An interpreted north-south trending fault bounds stratigraphy to the east with a massive,
medium sandstone and scattered quartz pebbles (Ptw2). Mineralisation is interpreted to be
structurally and stratigraphically controlled, displaying an eastern downthrow with no apparent lateral
movement (Ptw2 expressing to the east and Ptw1 to the west). Drilling in 2022 and 2023 indicated
extensive remobilisation had occurred with secondary mineralisation (observed as carnotite, autunite,
torbernite)
4
to the west of the north-south fault, whereas mineralisation to the east of the fault
comprises of both primary and secondary mineralisation.
AMD009 intersected high-grade uranium mineralisation predominately observed as disseminated
uraninite and torbernite within fracture fill and is variably associated with hematite alteration and
silicification. A network of quartz veining with epithermal textures is also noted in zones which have
returned substantial Au results.
AMD009 is the first hole to have successfully intersected an apparent feeder mafic dyke system at
approximately
190m
downhole. This dyke is considered a key driver for mineralisation.
Initial interpretation suggests that mineralisation may continue to the north but under alluvial cover,
which obscures any surface radiometric response. Follow up holes to test this region are being
planned for the end of the 2024 drilling campaign.
____________________________
3
Page 6.2 - Westmoreland Uranium Project Technical Report
https://laramide.com/projects/westmoreland-uranium-project/
4
Laramide intercepts broad-based uranium mineralization in initial holes from 2023 Australian exploration program (Press Release dated Sept. 29, 2023)
Figure 1 Plan view of Amphitheatre drilling locations with the planned exploration target area to the
north (CNW Group/Laramide Resources Ltd.)
Table 1: Drill Collar Details
Prospect
Hole ID
GDA_Easting
GDA_Northing
RL (m)
Depth (m)
Grid Azi
Dip
Hole type
Drilling started
Drilling completed
AMPHITHEATRE
AMD008
209879
8074908
93
241.6
90
-60
DD
01/07/2024
09/07/2024
AMPHITHEATRE
AMD009
209928
8074816
90
202.9
270
-80
DD
10/07/2024
15/07/2024
AMPHITHEATRE
AMD010
209954
8074725
90
203.4
90
-60
DD
15/07/2024
26/07/2024
AMPHITHEATRE
AMD011
209958
8074620
99
200.3
90
-60
DD
26/07/2024
02/08/2024
AMPHITHEATRE
AMD012
209928
8074820
90
84.5
90
-55
DD
03/08/2024
05/08/2024
Table 2: Significant intercepts >100ppm U
3
O
8
Hole
number
From
To
Length
(m)
U
3
O
8
ppm
Au g/t
AMD008
29.00
30.00
1.00
148.58
0.01
AMD008
56.00
58.00
2.00
305.41
0.03
AMD008
63.00
64.00
1.00
155.65
0.01
AMD008
70.00
71.00
1.00
298.34
0.04
AMD008
74.00
75.00
1.00
170.98
0.01
AMD008
84.00
85.00
1.00
146.81
0.02
AMD008
96.00
101.00
5.00
142.21
0.01
AMD008
143.00
144.00
1.00
474.04
0.02
AMD008
150.00
160.00
10.00
260.10
0.01
AMD008
165.00
167.00
2.00
124.41
0.01
AMD008
171.00
172.00
1.00
123.82
0.01
AMD008
173.00
174.00
1.00
104.24
0.01
AMD008
232.00
233.00
1.00
116.86
0.01
AMD009
20.00
21.00
1.00
112.02
0.01
AMD009
36.70
48.00
11.30
2274.26
0.46
Including*
38.00
42.00
4.00
5230.49
1.12
Which
included
40.00
41.00
1.00
9960.00
2.10
And*
46.70
48.00
1.30
2334.82
0.05
AMD009
52.00
54.00
2.00
171.43
0.03
AMD009
69.00
71.00
2.00
267.97
0.09
AMD009
137.00
138.00
1.00
106.72
0.01
AMD009
141.00
142.00
1.00
209.90
0.01
*included intercepts are above >1000 ppm U
3
O
8
.
Figure 2 E-W Cross Section (8074820N) of Amphitheatre illustrating shallow location of mineralised
intercepts. (NB * references historical drilling not validated) (CNW Group/Laramide Resources Ltd.)
Figure 3 AMD009 mineralised zone fluorescent under UV light. Core from 39.0m to 43.3m shown.
(CNW Group/Laramide Resources Ltd.)
The 2024 Westmoreland drilling campaign is continuing with two rigs currently operating at the
Junnagunna and Huarabagoo deposits.
Figure 4: Overview Map of Westmoreland and Murphy Project. The Mineral Resource Estimates for
Junnagunna, Huarabagoo and Redtree, which are wholly owned by Laramide, are restated in the
independent JORC/NI 43-101 Scoping Study on Laramide Resources Ltd.’s Westmoreland Uranium
Project completed by Lycopodium Minerals Pty Ltd for issue on April 20, 2016. (CNW
Group/Laramide Resources Ltd.)
________________________________
5
Westmoreland Mineral Resource Estimates include an Indicated Mineral Resource totalling 36.0 million pounds of uranium contained in 18.7 million tonnes at an average grade of
0.089% U
3
O
8
and an Inferred Mineral Resource totalling 15.9 million pounds of uranium contained in 9.0 million tonnes at an average grade of 0.083% U
3
O
8
6
The May 2009 Mineral Resource Estimates for Westmoreland has been reviewed to ensure compliance with JORC 2012 and is restated as the 2016 Mineral Resource. All material
assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.
Qualified/Competent Person
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. All material assumptions and technical parameters underpinning the estimates in
the relevant market announcement continue to apply and have not materially changed pursuant to
Listing Rule 5.23.
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 predominantly advanced uranium projects
in districts with historical production or superior geological prospectivity. The assets have been
carefully chosen for their size, production potential, and the two large projects are considered to be
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. An NI 43-101 PEA study completed in 2023 has described an 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.
SOURCE
Laramide Resources Ltd.
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http://www.newswire.ca/en/releases/archive/August2024/29/c2721.html
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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-AUG-24