Laramide Confirms High-Grade Uranium Expansion Potential at Westmoreland

Highlights:

• 2023 drilling campaign included 13 holes for infill and extension at the Huarabagoo uranium deposit.
• High grade uranium intercepts include:
  • HB23DD002 – 1.5m @ 1,448ppm (0.14%) U₃O₈ from 74.5m
    
    
  • HB23DD004 – 19m @ 519ppm U₃O₈ from 47m
                             Including 2.00m @ 1,690ppm (0.17%) U₃O₈ from 53m 
    
    
  • HB23DD005 – 6m @ 682ppm (0.07%) U₃O₈ from 50m
                             Including 1m @ 1,066ppm U₃O₈ (0.11%) from 50m
                             and 0.89m @ 1,798ppm (0.18%) U₃O₈ from 54.75m
    
    
  • HB23DD006 – 3m @ 1,236ppm (0.12%) U₃O₈ from 102m
                             Including 1m @ 2,305ppm (0.23%) U₃O₈ from 103m
    
    
  • HB23DD007 – 11m @ 747ppm (0.07%) U₃O₈ from 42m
                             Including 2m @ 1,389ppm (0.14%) U₃O₈ from 45m
                             and 1m @ 1,739ppm (0.17%) U₃O₈ from 49m
                             ALSO 5m @ 833ppm (0.08%) U₃O₈ from 71m
                             Including 1m @ 1,651ppm (0.17%) U₃O₈ from 73m

                                               ALSO – 7m @ 3,041ppm (0.30%) U₃O₈ from 80m
                                               Including 5m @ 4,204ppm (0.42%) U₃O₈ from 81m
                                               With 1m @ 10,353ppm (1.04%) U₃O₈ from 82m

• • HB23DD008 – 6.00m @ 847ppm (0.08%) U₃O₈ from 43.00m
                             Including 1m @ 1,098ppm (0.11%) U₃O₈ from 44m
                             and 0.36m @ 6,851ppm (0.69%) U₃O₈ from 47.54m

• • HB23DD009 – 5m @ 2,478ppm (0.25%) U₃O₈ from 61m
    
    
  • HB23DD010 – 8m @ 722ppm (0.07%) U₃O₈ from 65m
                            Including 1.45m @ 2,028 (0.20%) U₃O₈ from 71m
                            ALSO 11.9m @ 915ppm (0.09%) U₃O₈ from 75m
                            including 5m @ 1,621 (0.16%) U₃O₈ from 78m
    
    
• Drillholes HB23DD002 to 007 also support extensions to over 250m strike of a gold zone identified in 2012, results include:
   
  • HB23DD002 – 1m @ 0.90g/t Au from 15m
                            2m @ 3.10g/t Au from 56m
                            1.5m @ 0.31g/t Au from 74.5m
    
    
  • HB23DD004 – 8m @ 0.84 g/t Au from 47m
                            including 4m @1.17g/t Au from 51m
                            AND 9.55m @ 0.53g/t Au from 56.45m
                            Including 2.38m @ 1.13g/t Au from 63m
    
    
  • HB23DD005 – 8m @ 0.54 g/t Au from 58m
                            Including 1m @2.06g/t Au from 64m

TORONTO, Feb. 20, 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 Huarabagoo deposit at the Westmoreland Project in NW Queensland.

Thirteen drill holes were successfully completed in November 2023, with the primary objective of infilling zones that had been historically drilled, and to test for potential extensions of mineralisation to the northeast, beyond the footprint of the existing resource¹.

All 13 holes intercepted multiple zones of mineralisation (>100ppm U₃O₈) with some zones displaying grades exceeding 1.0% U₃O₈ (see Table 2). The uranium mineralisation is hosted in the Westmoreland sandstone unit adjacent to the intrusive mafic Redtree dyke system.

The high-grade mineralisation intercepted at Huarabagoo improves the confidence in the integrity of the deposit with tighter spacing of less than 50m in some places. Ultimately, once modelled, this may lead to an improved resource classification of the deposit which is currently described with 5.8Mlbs U₃O₈ @ 0.109 % (Inferred) and 2.7Mlbs U₃O₈ @ 0.083% (Indicated).² Furthermore, some drilling tested 200m to the north-east of the currently modelled zones and showed continuity of mineralisation that requires further investigation.

Commenting on the exploration results, Laramide's President and CEO, Marc Henderson said:

"We are pleased to continue to report more positive results from the drilling campaign at Westmoreland, which was completed in November 2023. The high-grade results underscore the quality of the Westmoreland asset lending confidence to the technical merits of the project and that there is significant scope for growth, conceivably doubling the size of the Huarabagoo Resource.

"Resource growth is one of key goals of the 2024 field season and the technical team is in the final planning stages of a multi-rig drilling program.

"In addition to the strong uranium grades, the deposits also host zones of significant gold and vanadium mineralisation. Evidence of significant gold grades had been explored in the early 1980s, and while Laramide remains focused on the uranium opportunity, further studies will help us identify whether possible beneficiation of these minerals will enhance the economics of the project as we progress towards development."

The Huarabagoo deposit is about 3km northeast from the Redtree uranium deposit along the Redtree dyke zone (Figure 1) and straddles the contact between the Seigal Volcanics and the Westmoreland Conglomerate. The mineralisation outcrops at the southern end and is concealed to the north under 2 to 3m of sandy alluvium and 5 to 8m of weathered basalt of the Seigal Volcanics. The deposit comprises a 3km zone of vertical mineralisation associated with a complex dyke geometry with vertical and horizontal branches between two principal dykes.

All 13 holes intercepted multiple zones of mineralisation (>100ppm U₃O₈) with some zones displaying grades exceeding 1.0% U₃O₈ (Table 2).

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. Zones of higher grade generally occur within moderate patchy chlorite altered sandstone, with highest grade displaying pervasive chlorite and hematite alteration.

The 2.5km corridor between Huarabagoo deposit and the Junnagunna deposit (Figure 3) is a compelling target for resource growth. The results from the northeast extensions provide further confidence in this target as it has historically been very sparsely drilled. Indeed, Laramide previously reported a 'new zone' of significant uranium mineralisation 900m to the northeast of Huarabagoo in 2012.³

In 2012 Laramide intercepted significant gold mineralisation (4m @ 30.9g/t Au) in drillhole WDD12-167⁴. Drillholes HB23DD002 to 007 (Figure 2) were designed to not only test infill of uranium mineralisation, but also assess the continuity of the gold mineralisation. The results now support extensions to over 250m strike of the gold zone drilled in 2012. Further work and validation are required as no systematic assessment of gold mineralisation has been undertaken since the 1980s.

• Significant results from this year's drilling include:
  • HB23DD002 – 1m @ 0.90g/t Au from 15m
                             2m @ 3.10g/t Au from 56m 
                             1m @ 0.31g/t Au from 74.5m
    
    
  • HB23DD004 – 8m @ 0.84 g/t Au from 47m
                             including 4m @1.17g/t Au from 51m
                             AND 9.55m @ 0.53g/t Au from 56.45m
                             Including 2.38m @ 1.13g/t Au from 63m
    
    
  • HB23DD005 – 8m @ 0.54 g/t Au from 58m
                             Including 1m @2.06g/t Au from 64m

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.

To learn more about Laramide, please visit the Company's website at www.laramide.com

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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 largest projects 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.

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