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 U₃O₈ from 43m depth
  • (AM23DD005) 2.55m @ 439ppm U₃O₈ from 8.45m depth including 0.6m @ 920ppm U₃O₈
• >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 U₃O₈ from 43m depth
• (AM23DD005) 2.55m @ 439ppm U₃O₈ from 8.45m depth including 0.6m @ 920ppm U₃O₈

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 U₃O₈ [2], Figure 5), is a potential satellite deposit.

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 1.5km² 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.

Table 1: 2023 Amphitheatre – Drill Collar details

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.  

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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 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, 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.  

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.

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SOURCE Laramide Resources Ltd.

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