Laramide Westmoreland Drilling Delivers Further Strong Results

News provided by

Laramide Resources Ltd.

Nov 14, 2024, 07:30 ET

Highlights:

  • Initial results validate the potential to link Huarabagoo and Junnagunna
  • Gold mineralisation continues to be discovered
  • Best assay results include:
    • HB24DD004 – 2.20m @ 2,675.18 ppm U3O8 and 1.51 g/t Au from 63.00m, including 1.00 m @ 4,091.82 ppm U3O8 & 2.0 g/t Au from 64.00 m.
    • HJ24RC004 – 17.00m @ 469.17 ppm U3O8 from 54.00m, including 3.00 m @ 1,374.16 ppm U3O8 from 60.00m.
    • HJ24RC011 – 15.00m @ 380.17 ppm U3O8 from 61.00m, including 1.00m @ 1,986.95 ppm U3O8 from 63.00m AND 16.00m @ 573.42 ppm U3O8 from 88.00m, including 2.00m @ 1,712.79 ppm U3O8 from 91.00m.

TORONTO, Nov. 14, 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 further results following the conclusion of the 2024 drilling campaign at the Westmoreland Uranium Project in Queensland, Australia ("Westmoreland"). The current batch of assays include the first results for the Huarabagoo and Junnagunna targets. 

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Results demonstrate that uranium mineralisation is continuous along strike, and potentially joins the two deposits of Huarabagoo and Junnagunna. These infill drilling results include 4 holes (of 17) at Huarabagoo and 12 holes (of 27) in the Linking Zone between the Huarabagoo and Junnagunna deposits.

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

"The initial batch of results from the Huarbagoo-Junnagunna link zone underscores the potential for substantial growth of the mineral resources. The shallow, broad mineralized zones identified here, some with impressively higher grades, further validate the characteristics that we are observing across the whole Westmoreland system.

"Infill drilling at Huarabagoo has improved our confidence in our geological models as well, the emerging gold results are also compelling. We are investigating how the gold may enhance the economics of the deposit as we prepare to advance the project to a prefeasibility study."

Drilling across the broader Westmoreland Project was completed on the 4th of November and has comprised of 106 holes (includes 60 RC and 46 DD) for 11,263 meters, across multiple targets. Core processing continues, with assay results expected to be announced throughout Q4 2024 and into Q1 2025.

An updated Westmoreland Mineral Resource Estimate, which will include all results and a Maiden Resource Estimate for Long Pocket, remains on track for early 2025.

Huarabagoo

The Huarabagoo deposit is located in the structural corridor between Redtree and Junnagunna and is included in the restated 2016 Westmoreland Mineral Resource Estimate[1]. Seventeen diamond drill holes for a total of 1,827.16m, were completed in 2024. Laramide designed this program to test the extents of modelled mineralisation for both uranium and the gold associated with the intrusive dolerite dyke. In the drill programs completed prior to Laramide's acquisition of the project, assaying for gold had been inconsistent, however, Laramide's 2012[2] drilling at Huarabagoo included:

  •  WDD12-170 - 34 meters at 1,467 ppm U3O8
  •  WDD12-167 - 2 meters at 6.1 g/t Au and 4 meters at 30.9 g/t Au

Initial results from the 2024 drilling confirms that both uranium and gold mineralisation are peripheral to dyke margins (Figure 1) and along fault extensions, with multiple zones intersecting a similarly variable hematite-silicate-sericite altered sandstone.

Huarabagoo-Junnagunna Link Zone

Drilling in the Huarabagoo-Junnagunna structural corridor is designed to test the mineralisation continuity between the two deposits with the intent to further increase the overall size of the resource. The program drill tested a system analogous to the Redtree Dyke system, and comprised of 21 RC holes for 3,096m, and 8 diamond drillholes for 1,124.10m, totaling 29 holes for 4,220.10m. The program was designed with three phases starting with an initial RC component (HJ24RC001 to HJ24RC013) to target the spatial extents for the Dolerite Dyke. The subsequent phases consisted of step out diamond drilling (HJ24DD014-HJ24DD021) to understand structural controls and orientation of mineralisation relative to the dolerite dyke system. The final phase consisted of RC drilling (HJ24RC014-HJ24RC021) to follow up on substantial downhole gamma results identified from the initial RC portion of drilling at the start of this campaign.

Results from the first phase of RC drilling returned substantial intercepts including:

    • HJ24RC004 – 17.00m @ 469.17 ppm U3O8 from 54.00m, including 3.00 m @ 1,374.16 ppm U3O8 from 60.00m.
    • HJ24RC006 – 2.00m @ 260.19 ppm U3O8 and 1.28 g/t Au including 1.00m @ 415.08 ppm U3O8 and 2.54g/t Au.
    • HJ24RC011 – 15.00m @ 380.17 ppm U3O8 and 0.017 g/t Au from 61.00m, including 1.00m @ 1,986.95 ppm U3O8 from 63.00m.
    • HJ24RC011 – 16.00m @ 573.42 ppm U3O8 from 88.00m, including 2.00m @ 1,712.79 ppm U3O8 from 91.00m.

Importantly, this drilling campaign has successfully intersected the dolerite dyke system (under alluvial cover) and the associated mineralisation across the 2km strike length of the link zone. This data is valuable for deposit modelling in the link zone and will help guide future infill drilling.

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.

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

Follow us on Twitter @LaramideRes

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 the 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 addresses 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

HUARABAGOO

HB24DD001

194116

8062630

86

110.8

133

-60

DD

08/08/2024

13/08/2024

HUARABAGOO

HB24DD002

194186

8062731

85

37.8

134

-50

DD

13/08/2024

14/08/2024

HUARABAGOO

HB24DD003

194185

8062731

85

117.9

134

-50

DD

20/08/2024

23/08/2024

HUARABAGOO

HB24DD004

194110

8062675

90

116.1

134

-50

DD

23/08/2024

27/08/2024

HUARABAGOO

HB24DD005

194211

8062632

86

137.8

314

-50

DD

27/08/2024

30/08/2024

HUARABAGOO

HB24DD006

194234

8062667

85

122.8

314

-50

DD

30/08/2024

01/09/2024

HUARABAGOO

HB24DD007

193970

8062353

95

88.3

314

-50

DD

01/09/2024

03/09/2024

HUARABAGOO

HB24DD008

193974

8062381

94

117.3

314

-60

DD

03/09/2024

06/09/2024

HUARABAGOO

HB24DD009

194171

8062573

88

119.6

314

-50

DD

06/09/2024

07/09/2024

HUARABAGOO

HB24DD010

194283

8062835

84

95.1

134

-50

DD

07/09/2024

09/09/2024

HUARABAGOO

HB24DD011

194303

8062858

84

90.1

134

-60

DD

09/09/2024

10/09/2024

HUARABAGOO

HB24DD012

194573

8063195

84

102.2

134

-70

DD

16/09/2024

18/09/2024

HUARABAGOO

HB24DD013

194573

8063195

84

81.5

134

-50

DD

18/09/2024

19/09/2024

HUARABAGOO

HB24DD014

194567

8063202

82

101.3

315

-55

DD

19/09/2024

24/09/2024

HUARABAGOO

HB24DD015

194660

8063383

81

107.0

314

-60

DD

24/09/2024

25/09/2024

HUARABAGOO

HB24DD016

194764

8063486

81

141.1

134

-60

DD

26/09/2024

27/09/2024

HUARABAGOO

HB24DD017

194724

8063527

80

140.7

134

-60

DD

28/09/2024

29/09/2024

HJ Link Zone

HJ24RC001

195002

8063617

81

150.0

315

-60

RC

17/08/2024

18/08/2024

HJ Link Zone

HJ24RC002

195064

8063844

79

150.0

135

-60

RC

19/08/2024

19/08/2024

HJ Link Zone

HJ24RC003

195275

8063908

79

150.0

315

-60

RC

20/08/2024

21/08/2024

HJ Link Zone

HJ24RC004

195141

8064040

79

150.0

135

-60

RC

21/08/2024

22/08/2024

HJ Link Zone

HJ24RC005

195346

8064256

78

168.0

135

-60

RC

22/08/2024

24/08/2024

HJ Link Zone

HJ24RC006

195559

8064345

77

90.0

315

-60

RC

24/08/2024

25/08/2024

HJ Link Zone

HJ24RC007

195448

8064447

77

150.0

135

-60

RC

25/08/2024

26/08/2024

HJ Link Zone

HJ24RC008

195634

8064542

78

150.0

135

-60

RC

27/08/2024

28/08/2024

HJ Link Zone

HJ24RC009

195838

8064619

78

150.0

315

-60

RC

28/08/2024

29/08/2024

HJ Link Zone

HJ24RC010

195932

8064814

77

150.0

135

-60

RC

29/08/2024

30/08/2024

HJ Link Zone

HJ24RC011

196114

8064909

77

150.0

315

-60

RC

30/08/2024

31/08/2024

HJ Link Zone

HJ24RC012

196208

8065094

77

150.0

135

-60

RC

01/09/2024

02/09/2024

HJ Link Zone

HJ24RC013

195362

8064519

77

150.0

315

-55

RC

02/09/2024

03/09/2024

HJ Link Zone

HJ24RC014

194937

8063686

79

150.0

135

-60

RC

25/09/2024

26/09/2024

HJ Link Zone

HJ24RC015

194872

8063736

80

150.0

135

-60

RC

26/09/2024

27/09/2024

HJ Link Zone

HJ24RC016

195131

8063771

80

162.0

315

-55

RC

27/09/2024

27/09/2024

HJ Link Zone

HJ24RC017

195006

8063894

78

150.0

135

-60

RC

28/09/2024

29/09/2024

HJ Link Zone

HJ24RC018

196158

8065142

79

150.0

135

-60

RC

02/10/2024

03/10/2024

HJ Link Zone

HJ24RC019

195999

8065017

77

126.0

135

-60

RC

03/10/2024

05/10/2024

HJ Link Zone

HJ24RC020

195731

8064722

77

150.0

135

-60

RC

05/10/2024

06/10/2024

HJ Link Zone

HJ24RC021

195372

8064237

79

150.0

246

-55

RC

06/10/2024

07/10/2024

HJ Link Zone

HJ24DD014

195202

8063980

78

150.3

315

-60

DD

04/09/2024

06/09/2024

HJ Link Zone

HJ24DD015

195400

8064216

79

150.3

135

-50

DD

06/09/2024

08/09/2024

HJ Link Zone

HJ24DD016

195533

8064369

77

132.5

315

-70

DD

08/09/2024

10/09/2024

HJ Link Zone

HJ24DD017

195789

8064673

78

132.3

135

-60

DD

11/09/2024

12/09/2024

HJ Link Zone

HJ24DD018

195591

8064583

77

138.3

135

-60

DD

13/09/2024

14/09/2024

HJ Link Zone

HJ24DD019

196051

8064970

77

135.3

135

-60

DD

15/09/2024

16/09/2024

HJ Link Zone

HJ24DD020

196267

8065043

77

135.0

315

-50

DD

16/09/2024

19/09/2024

HJ Link Zone

HJ24DD021

195533

8064369

77

150.2

315

-55

DD

20/09/2024

24/09/2024

 Table 2: Significant intercepts >100ppm U3O8

Hole
number

From

To

Length (m)

U308ppm

Au g/t

HB24DD001

5

6

1

123.23

0.17

HB24DD001

9

10

1

100.23

0.23

HB24DD001

13

15

2

547.74

0.67

HB24DD001

28

29

1

148.58

0.04

HB24DD001

42

44.45

2.45

393.68

0.11

HB24DD001

56

57

1

235.25

0.03

HB24DD001

74

76

2

194.86

0.01

HB24DD001

95

97

2

145.93

0.01

HB24DD002

No reportable results#

HB24DD003

11.3

14

2.7

233.57

0.09

HB24DD003

20

21

1

192.80

0.10

HB24DD003

35

36

1

123.82

0.01

HB24DD003

75

76

1

132.66

0.03

HB24DD003

90

92.55

2.55

993.19

0.06

Including

91

91.75

0.75

2452.74

0.15

HB24DD004

0

4

4

819.40

0.02

Including

1

2

1

2234.58

0.03

HB24DD004

37

43

6

217.83

0.64

Including

37

38

1

112.73

3.01

HB24DD004

63

65.2

2.2

2675.18

1.51

Including

64

65.2

1.2

4091.82

2.00

HB24DD004

101.75

104

2.25

309.61

0.01

HB24DD004

108

109

1

123.23

0.01

HJ24RC001

22

24

2

132.37

0.01

HJ24RC001

30

36

6

206.65

0.01

HJ24RC001

74

76

2

126.76

0.01

HJ24RC002

39

40

1

116.39

0.01

HJ24RC002

47

48

1

252.35

0.01

HJ24RC002

63

66

3

1394.40

0.01

Including

63

64

1

3655.52

0.01

HJ24RC002

71

72

1

145.63

0.01

HJ24RC003

33

34

1

389.14

0.01

HJ24RC004

23

24

1

246.45

0.02

HJ24RC004

46

51

5

611.65

0.01

Including

48

49

1

1586.02

0.01

HJ24RC004

54

71

17

469.17

0.01

Including

60

63

3

1374.16

0.03

HJ24RC004

126

128

2

110.02

0.01

HJ24RC005

111

112

1

108.13

0.01

HJ24RC005

145

151

6

167.58

0.01

HJ24RC005

154

156

2

248.52

0.01

HJ24RC006

55

59

4

113.41

0.01

HJ24RC006

73

74

1

123.82

0.01

HJ24RC006

77

79

2

260.19

1.28

Including

78

79

1

415.08

2.54

HJ24RC007

120

122

2

583.11

0.01

HJ24RC008

138

139

1

150.35

0.01

HJ24RC008

140

141

1

120.87

0.01

HJ24RC009

51

53

2

145.93

0.03

HJ24RC009

64

65

1

199.28

0.01

HJ24RC009

69

78

9

173.72

0.01

HJ24RC010

59

60

1

224.64

0.08

HJ24RC011

16

17

1

138.56

0.15

HJ24RC011

28

31

3

424.32

0.13

HJ24RC011

61

76

15

380.17

0.02

Including

63

64

1

1986.95

0.03

HJ24RC011

88

104

16

573.42

0.01

Including

91

93

2

1712.79

0.01

HJ24RC012

80

81

1

108.60

0.01

HJ24RC012

83

84

1

122.05

0.01

HJ24RC012

89

99

10

119.46

0.01

HJ24RC013

No reportable results

* Included intercepts are above >1000 ppm U3O8 or >0.1g/t Au

# HB24DD002: incorrect dip – re-drilled as HB24DD003
 

SOURCE Laramide Resources Ltd.

Marc Henderson, President and CEO, Toronto, Canada +1 (416) 599 7363; Ann Baines, Director, Investor Relations, Toronto, Canada +1 (647) 832-9904

Organization Profile

Laramide Resources Ltd.

Laramide is engaged in the exploration and development of high-quality uranium assets. Its wholly owned uranium assets are in Australia and the United States. Each of Laramide’s portfolio of five advanced uranium projects have been chosen for their production potential....