Laramide's Drilling at Westmoreland Uranium Project Demonstrates Scope for Resource Growth

Highlights: 

• First assays from Long Pocket infill drilling return strong uranium mineralisation at shallow depths. Significant intersections include:
  • LP24RC004 – 10m @ 606ppm U₃O₈ from 6m depth, including 2m @ 1,726ppm U₃O₈ from 11m
  • LP24RC006 – 8m @ 1,770ppm U₃O₈ from 16m depth, including 4m @ 3,128ppm U₃O₈ from 17m.
• At Amphitheatre, drillholes display multiple zones of mineralisation and AMD011 shows mineralisation remains open to the south.

TORONTO, Sept. 19, 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 more assay results from the 2024 drilling activities at the Westmoreland Uranium Project in Queensland, Australia ("Westmoreland"). 

Assays have been received from the first six RC drillholes from Long Pocket and the remaining three diamond drillholes at the Amphitheatre prospect.

Figure 1. Cross section 8065125N looking south (window +/-75m), showing mineralisation wireframes (solid brown lines) and interpreted mineralisation based on gamma readings (dashed lines). Refer Figure 3 for Plan view. (CNW Group/Laramide Resources Ltd.)

Figure 2: Cross section looking north of hole AMD012 (4.00 m @ 201 ppm U3O8 from 65.00 m). Mineralisation has been extended further 45m to the East and still remains open down dip. (CNW Group/Laramide Resources Ltd.)

Figure 3: 2024 Long Pocket Drill Collar location and Cross Section (Figure 2) 8065125N (CNW Group/Laramide Resources Ltd.)

Figure 4: 2024 Amphitheatre Drill Collar location (CNW Group/Laramide Resources Ltd.)

Long Pocket drilling is demonstrating that uranium mineralisation is laterally continuous with drillhole collar spacing now generally less than 50m which lends to a high level of confidence of the mineralisation. Zones of higher-grade uranium intercepted within the broader coherent mineralised envelope include:

• • LP24RC004 – 10m @ 606ppm U₃O₈ from 6m depth, including 2m @ 1,726ppm U₃O₈ from 11m
  • LP24RC006 – 8m @ 1,770ppm U₃O₈ from 16m depth, including 4m @ 3,128ppm U₃O₈ from 17m.

Amphitheatre drilling intercepted multiple zones of uranium mineralisation down hole and indicates that the target remains open to the south.

Commenting on the results, Laramide's Vice-President of Exploration, Rhys Davies said: 

"The first batch of results from infill drilling at Long Pocket demonstrate the quality of this satellite deposit with good uranium grade at very shallow depths and supports Laramide's focused attention on enhancing Westmoreland's resources towards improving the economics of a future mine plan.

"Building on previously reported results, Amphitheatre continues to impress with multiple zones of sandstone hosted mineralisation. The prospect remains open to the north and to the south which warrants follow-up drilling during this field season.

"We look forward to updating investors as more assay results are received over the coming weeks and months."

Long Pocket Uranium Deposit

Long Pocket is a satellite deposit located 7 km to the east of the Westmoreland Project.  Thirty-eight infill RC drill holes, for a total of 2,139m, were recently completed in 2024.

Initial results from the 2024 drilling confirms shallow (<50m depth), flat-lying, continuous mineralisation (Figure 1) with multiple high zones intersecting a similar highly altered hematitic sandstone of medium to coarsely grained and poorly sorted texture, located peripheral to a dyke/sill margin.

Assay results from the remaining Long Pocket drilling are expected in Q3 & Q4 2024 and results from this drilling program will be incorporated into a Maiden Resource Estimation of the deposit in Q1 2025. The central part of this deposit is now well understood with hole spacing now less than 50m in places.

Amphitheatre Uranium Prospect 

The Amphitheatre uranium prospect is located 16km northeast of the Junnagunna uranium deposit.

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. The Amphitheatre prospect geology consists of the Cliffdale Volcanics and Westmoreland 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) (Figure 2).

• AMD010 uranium mineralisation is predominately observed as disseminated uraninite within variably hematite and silica altered in sandstone with secondary mineralisation observed within veins and as fracture fill.
• AMD011 intersected a mafic dyke (similar to AMD009 intersection) hosting an intercept of 7m @ 307.85ppm U₃O₈ from 137m.
• AMD012 – silicified sandstone with limonitic oxides and patchy pervasive sericite throughout.

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. 

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 mineralization 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" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. 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 Tier-1 uranium jurisdictions of Australia and 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. 

Forward-looking Statements and Cautionary Language

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Actual results or developments may differ materially from those in forward-looking statements. Laramide disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration and production for uranium; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; worldwide demand for uranium; uranium price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.

Table 1: Drill Collar Details
Prospect	Hole ID	GDA_Easting	GDA_Northing	RL (m)	Depth (m)	Grid Azi	Dip	Hole type	Drilling started	Drilling completed
AMPHITHEATRE	AMD008	209879	8074908	93	241.6	90	-60	DD	01/07/2024	09/07/2024
AMPHITHEATRE	AMD009	209928	8074816	90	202.9	270	-80	DD	10/07/2024	15/07/2024
AMPHITHEATRE	AMD010	209954	8074725	90	203.4	90	-60	DD	15/07/2024	26/07/2024
AMPHITHEATRE	AMD011	209958	8074620	99	200.3	90	-60	DD	26/07/2024	02/08/2024
AMPHITHEATRE	AMD012	209928	8074820	90	84.5	90	-55	DD	03/08/2024	05/08/2024
LONGPOCKET	LP24RC001	204362	8065063	98	54	0	-90	RC	01/08/2024	01/08/2024
LONGPOCKET	LP24RC002	204312	8065113	98	54	0	-90	RC	02/08/2024	08/08/2024
LONGPOCKET	LP24RC003	204262	8065063	98	78	0	-90	RC	03/08/2024	03/08/2024
LONGPOCKET	LP24RC004	204212	8065063	97	60	0	-90	RC	03/08/2024	03/08/2024
LONGPOCKET	LP24RC005	204168	8065127	95	60	0	-90	RC	03/08/2024	03/08/2024
LONGPOCKET	LP24RC006	204122	8065007	97	54	0	-90	RC	04/08/2024	04/08/2024
LONGPOCKET	LP24RC007	204092	8064933	98	48	180	-60	RC	04/08/2024	04/08/2024
LONGPOCKET	LP24RC008	204192	8064940	100	54	180	-60	RC	04/08/2024	04/08/2024
LONGPOCKET	LP24RC009	204187	8065025	97	48	0	-90	RC	04/08/2024	05/08/2024
LONGPOCKET	LP24RC010	204079	8065059	96	60	0	-90	RC	05/08/2024	05/08/2024
LONGPOCKET	LP24RC011	204109	8065106	96	60	0	-90	RC	05/08/2024	05/08/2024
LONGPOCKET	LP24RC012	204072	8065117	95	60	0	-90	RC	05/08/2024	06/08/2024
LONGPOCKET	LP24RC013	204078	8065160	94	54	0	-90	RC	06/08/2024	06/08/2024
LONGPOCKET	LP24RC014	203524	8065406	91	54	0	-90	RC	06/08/2024	06/08/2024
LONGPOCKET	LP24RC015	203615	8065322	91	48	0	-90	RC	07/08/2024	07/08/2024
LONGPOCKET	LP24RC016	203715	8065262	92	48	0	-90	RC	07/08/2024	07/08/2024
LONGPOCKET	LP24RC017	203715	8065362	91	48	0	-90	RC	07/08/2024	07/08/2024
LONGPOCKET	LP24RC018	203715	8065462	90	48	0	-90	RC	08/08/2024	08/08/2024
LONGPOCKET	LP24RC019	203724	8065561	90	54	0	-90	RC	08/08/2024	08/08/2024
LONGPOCKET	LP24RC020	203824	8065611	90	48	0	-90	RC	08/08/2024	08/08/2024
LONGPOCKET	LP24RC021	203924	8065561	90	48	0	-90	RC	08/08/2024	08/08/2024
LONGPOCKET	LP24RC022	203915	8065462	90	48	0	-90	RC	09/08/2024	09/08/2024
LONGPOCKET	LP24RC023	203915	8065362	91	48	0	-90	RC	09/08/2024	09/08/2024
LONGPOCKET	LP24RC024	203930	8065255	92	48	0	-90	RC	09/08/2024	09/08/2024
LONGPOCKET	LP24RC025	203999	8065213	93	98	0	-90	RC	09/08/2024	10/08/2024
LONGPOCKET	LP24RC026	204086	8065313	92	60	0	-90	RC	10/08/2024	10/08/2024
LONGPOCKET	LP24RC027	204027	8065110	95	60	0	-90	RC	11/08/2024	11/08/2024
LONGPOCKET	LP24RC028	203958	8065116	95	60	0	-90	RC	11/08/2024	11/08/2024
LONGPOCKET	LP24RC029	203881	8065146	94	60	0	-90	RC	11/08/2024	11/08/2024
LONGPOCKET	LP24RC030	203977	8065042	96	84	0	-90	RC	11/08/2024	12/08/2024
LONGPOCKET	LP24RC031	203933	8065019	96	48	0	-90	RC	12/08/2024	12/08/2024
LONGPOCKET	LP24RC032	203986	8064911	98	48	0	-90	RC	12/08/2024	12/08/2024
LONGPOCKET	LP24RC033	203889	8064909	97	48	0	-90	RC	13/08/2024	13/08/2024
LONGPOCKET	LP24RC034	204331	8064746	107	48	0	-90	RC	13/08/2024	13/08/2024
LONGPOCKET	LP24RC035	204134	8064653	108	54	0	-90	RC	15/08/2024	15/08/2024
LONGPOCKET	LP24RC036	204121	8064795	105	55	0	-90	RC	15/08/2024	15/08/2024
LONGPOCKET	LP24RC037	204001	8064732	101	66	0	-60	RC	15/08/2024	16/08/2024
LONGPOCKET	LP24RC038	203843	8064732	100	66	30	-60	RC	16/08/2024	16/08/2024

Table 2: Significant intercepts >100ppm U3O8
Hole number	From	To	Length (m)	U308ppm	Au g/t
AMD010	22.25	23.55	1.3	208.13	0.01
AMD010	57.05	58.05	1	211.67	0.03
AMD010	63.05	64.3	1.25	130.30	0.02
AMD010	74.2	75.2	1	172.16	0.05
AMD010	79.2	80.2	1	129.71	0.04
AMD010	86.2	88.2	2	124.70	0.005
AMD010	109.6	111.6	2	164.50	0.01
AMD010	114.65	120.4	5.75	142.06	0.053
AMD010	129.95	130.95	1	125.58	0.01
AMD010	140.95	141.95	1	108.60	0.01
AMD010	167.29	169.29	2	179.83	0.06
AMD011	5	7	2	189.26	0.008
AMD011	43	44	1	107.31	0.02
AMD011	137	144	7	307.89	0.006
AMD011	174	175	1	299.52	0.02
AMD011	179	181	2	467.55	0.005
AMD012	65	69	4	200.94	0.029
LP24RC001	5	6	1	119.10	0.005
LP24RC001	28	29	1	127.35	0.005
LP24RC001	38	41	3	261.39	0.053
LP24RC002	8	9	1	105.89	0.005
LP24RC002	15	20	5	328.53	0.1
LP24RC002	29	30	1	107.66	0.02
LP24RC002	36	38	2	233.78	0.035
LP24RC003	7	30	23	221.59	0.006
LP24RC003	38	40	2	229.65	0.035
LP24RC004	2	3	1	126.76	0.01
LP24RC004	6	16	10	606.32	0.008
Including*	11	13	2	1726.35	0.01
LP24RC004	35	39	4	282.21	0.06
LP24RC005	1	4	3	229.75	0.005
LP24RC005	40	42	2	289.79	0.055
LP24RC006	16	24	8	1769.91	0.008
Including*	17	21	4	3127.83	0.008
LP24RC006	33	35	2	143.80	0.095
* Included intercepts are above >1000 ppm U3O8

SOURCE Laramide Resources Ltd.

To learn more about Laramide, please visit the Company's website at www.laramide.com or contact: Marc Henderson, President and CEO, Toronto, Canada [phone]; or Ann Baines, Director, Investor Relations, Toronto, Canada [phone]