Laramide Assay Results from Long Pocket and Black Hills Prospects Support Expansion Potential at Westmoreland

Highlights:

• 2023 Drilling campaign included 15 holes at Long Pocket and 3 holes at Black Hills uranium prospects.
• All Black Hills exploration drill holes return significant mineralisation:

• • BH23DD001 – 3.0m @ 259ppm U₃O₈ from 29m depth
  • BH23DD001 – 6.05m @ 218ppm U₃O₈ from 120.12m depth

• • • Including 0.98m@ 505ppm U₃O₈ from 120.12m

• • BH23DD002 – 2.0m @ 591 ppm (0.06%) U₃O₈ from 209m

• • • Including 0.9m @ 1154ppm U₃O₈ from 210.1m

• • BH23DD003 – 3.0m @ 1844ppm (0.18%) U₃O₈ from 88m

• • • Including 2.00m @ 2671ppm (0.27%) U₃O₈ from 89m

• Assay results from Long Pocket confirm that shallow uranium mineralisation continues to the north-east:

• • LP23DD002 - 1.0m @ 545ppm U₃O₈ from 42.0m
  • LP23DD006 – 0.68m @ 980ppm U₃O₈ from 81.0m
  • LP23DD008 – 0.73m @ 149ppm U₃O₈ from 4.93m
  • LP23DD011 – 0.96m @ 109ppm U₃O₈ from 21.54m
  • LP23DD015 – 1.02m @ 692ppm U₃O₈ from 51.9m

• Rock chips from U-Valley prospect return up to 1.49% U₃O₈
• Long Pocket maiden resource modelling planned for 2024

TORONTO, Feb. 8, 2024 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to announce assay results received from the 2023 drilling campaign at the Westmoreland Project in NW Queensland.

Over 4,000m of diamond drilling, for 40 holes were completed at four discrete targets during 2023: Amphitheatre, Long Pocket, Black Hills and Huarabagoo (see Figure 2). Results from Long Pocket and Black Hills have now been received after extended laboratory delays. The objective of drilling at these targets was to explore opportunities to extend the envelope of known mineralization at Long Pocket ahead of a maiden mineral resource modelling planned for 2024 and to investigate potential extensions in the corridor towards the Black Hills uranium prospect. Long Pocket is a potential satellite deposit located 7km to the east of the Westmoreland Project and was subject to historical exploration by previous operators including QML, Rio Tinto and Laramide.

Commenting on the exploration results, Laramide's President and CEO Marc Henderson said: "We are pleased to have received more positive results from our 2023 drilling campaign at Westmoreland, which was completed in October. The results are highly encouraging because they lend confidence that the Westmoreland Project has the potential to expand the uranium mineralisation with satellite deposits additional to the known 51.9Mlb Mineral Resources.

"The consistency of today's results supports our plans to begin modelling a maiden resource at the Long Pocket area in 2024.  This 'Long Pocket area' includes Black Hills to the north and the newly discovered U-Valley to the south. The latest results include significant grade from Black Hills which warrants further investigation and will be a priority for the 2024 field season. The 2024 exploration plans include validation and qualification of historical work, completed in the 1970s by Rio Tinto's predecessors."

The Black Hills prospect is located 1.5km northeast of the Long Pocket prospect and presents as a broad 1.5 x 1km east-west airborne radiometric anomaly (see Figure 1). Recent exploration drilling at the Black Hills target has discovered multiple zones of mineralisation in previously undrilled zones at the project's southern end.

Three scout holes were drilled in 2023, each intercepting multiple zones of mineralisation with results including:

• BH23DD001 - 3.0m @ 259ppm U₃O₈ from 29m depth
• BH23DD001 - 0.98m@ 505ppm U₃O₈ from 120.12m
• BH23DD002 - 2.0m @ 591 ppm (0.06%) U₃O₈ from 209m

• • Including 0.9m @ 1154ppm (0.12%) U₃O₈ from 210.1m

• BH23DD003 - 3.0m @ 1844ppm (0.18%) U₃O₈ from 88m

• • Including 2.00m @ 2671ppm (0.27%) U₃O₈ from 89m

Mineralisation is hosted in the coarse-grained to granular Westmoreland conglomerate with the higher grades (>0.1%) associated with the fractured footwall contact of intrusive dolerite dykes.

These results, combined with a review of historical data from the 1970's, promote Black Hills to one of Laramide's priority exploration targets for the 2024 field season and will include validation and qualification of historical work. 

At Long Pocket 15 exploration drillholes were completed to test mineralisation extensions to the north and north-east.

Importantly, results from drill holes LP23DD-002, -008 and -011 present immediate step outs of over 100m from known shallow, flat-lying mineralisation, whilst LP23DD-006 and -015 suggests a potential mineralised corridor to the Black Hills uranium prospect (Figure 1) which requires further investigation in the year ahead.

• LP23DD002 – 1.0m @ 545ppm U₃O₈ from 42.0m
• LP23DD006 – 0.68m @ 980ppm U₃O₈ from 81.0m
• LP23DD008 – 0.73m @ 149ppm U₃O₈ from 4.93m
• LP23DD011 – 0.96m @ 109ppm U₃O₈ from 21.54m
• LP23DD015 – 1.02m @ 692ppm U₃O₈ from 51.9m

Further to previously reported "off-scale" radiometric anomalism at the U-Valley prospect¹, the four in-situ, rock chips samples taken during reconnaissance work in 2023 have returned significant uranium mineralisation grading up to 1.49% U₃O₈ over two parallel east-west trending zones of approximately 200m strike (Table 3). Whilst grab samples are discrete points, outcropping uranium mineralisation presents a compelling target for further investigation during 2024.  

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.

Follow us on Twitter @LaramideRes and LinkedIn

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.  

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.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2024/08/c4315.html