LAM Laramide Resources Ltd

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.

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.

SOURCE Laramide Resources Ltd.