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% U₃O₈
  • Including 4.0m @ 0.52% U₃O₈ from 38.0m
    • Also including within 1.0m @1.00% U₃O₈ 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, 2024¹, 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 study². Assays have been received from the first two holes drilled and include zones of shallow, high-grade uranium mineralisation including 4.0m @ 0.52% U₃O₈ (and including within 1.0m @ 1.00% U₃O₈) within a broader zone of 11.3m @ 0.23% U₃O_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."

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 1970s³ 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% U₃O₈ (including within 1.0m @ 1.00% U₃O₈) within a broader zone of 11.30m @ 0.23% U₃O₈ 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.

The 2024 Westmoreland drilling campaign is continuing with two rigs currently operating at the Junnagunna and Huarabagoo deposits.

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.

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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 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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