Laramide Resources drills 403 ppm U3O8 over 2 metres at Westmoreland, Australia

Laramide Resources Ltd. [LAM-TSX, ASX; LMRXF-OTCQX] released results from the Long Pocket and Amphitheatre drill programs at its Westmoreland uranium project in Queensland, Australia.

Highlights: At the Long Pocket prospect, LP22DD001 returned 2 metres of 403 ppm U₃O₈ from surface, and 2.7 metre of 718- ppm U₃O₈8 from 39.3 metres. LP22DD003 returned  2.2 metres of  287 ppm U₃O₈ from 29.8 metres. LP22DD008 returned 0.6 metres of 503 ppm U₃O₈ from 16.9 metres and 1 metre of 401 ppm U₃O₈ from 24 metres.

At the Amphitheatre prospect, AMDD001 returned 3 metres of 507 ppm U₃O₈ from 59 metres, including 1 metre of 1072 ppm (0.107%) U₃O₈. AMDD004 returned 4 metres of 277 ppm U₃O₈  from 34 metres. AMDD005 returned 2 metres of 413 ppm U₃O₈, including 601 ppm U₃O₈ from 89 metres.

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.

Commenting on the exploration results, President and CEO, Marc Henderson said: “The extension of observed shallow uranium mineralization 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 is located 7 km east of the Junnagunna Uranium deposit and 12 km northeast of Redtree. Drilling comprised a broad spaced diamond drilling program of 13 holes for 727.5 metres to test potential north-eastern extensions of the Outcamp prospect and building on 2010 drilling results.

Significant drilling results (>200ppm U₃O₈) include LP22DD001 that returned 2 metres at 403 ppm U₃O₈  from surface, and 2.7 metres at 718 ppm U₃O₈ from 39.3 metres. LP22DD003 returned 2.2 metres at 287 ppm U₃O₈ from 29.8 metres.  LP22DD008 returned 0.6 metres at 503 ppm U₃O₈ from 16.9 metres and 1 metre at 401 ppm U₃O₈ from 24 metres.

The Amphitheatre uranium prospect is located 16 km northeast of the Junnagunna uranium deposit and expresses as a strong 400m x 300m airborne radiometric anomaly.

Significant results (>200ppm U3O8) include AMDD001 that returned 3 metres at 507 ppm U₃O₈ from 59 metres, including 1 metre at 1,072 ppm (0.107%) U₃O₈. AMDD004 returned 4 metres at 277 ppm U₃O₈ from 34 metres. AMDD005 returned 2 metres at 413 ppm U₃O₈, including 1 metre at 601 ppm U₃O₈ from 89 metres.

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.

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.

Black Hills, located 1 km to the northeast of Outcamp, presents as a broad airborne radiometric anomaly. Historical (QML, 1970) drilling results include 3.13 at 0.44% U₃O₈ (DDL018) and 7.77 metres at 0.14% U₃O₈ (DDL013) which have not been followed up during Laramide’s tenure.

Southern Valley is located 1.5 km south of Outcamp with a strong airborne radiometric response, visible outcropping uranium mineralization, 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 mineralization observed during the 2022 program.

Furthermore, Laramide has identified zones for potential extension to mineralization at the Huarabagoo deposit which will be tested with up to 1,000m of resource extension drilling.

In total Laramide has plans to complete up to 5,000 metres of drilling during 2023 to further investigate the Huarabagoo resource extension, for Long Pocket resource definition and exploration, and to continue Amphitheatre exploration.

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.

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