2006 Press Releases

Laramide Airborne Survey Shows Potential for Discovery of New Uranium District in Northern Australia

Laramide Airborne Survey Shows Potential for Discovery of New Uranium District in Northern Australia.
Laramide Resources Ltd. (LAM:TSXV) has completed a state of the art, low level, high resolution airborne magnetics and radiometrics survey over its Northern Australian project area. The survey was completed by UTS Geophysics of Perth and was flown at 60m flight height on 100m space lines for a total of 21,500 line kilometers. It covered Laramide’s 100 % owned Westmoreland Project, plus joint venture areas with Arafura Resources, (ASX symbol ARU, www.arafuraresources.com.au), a publicly listed Australian company, and Hartz Range Mines a private Australian company.

Initial results report twelve strong uranium, radiometric, anomalies located in highly prospective geological sites for uranium deposition. These 12 anomalies include known mineralization at Redtree and the Sue prospects on Laramide’s Westmoreland tenements and at Mageera, Cobar and the El Hussen Trend on Arafura and Hartz Range joint venture areas. They also include:

  • two previously unidentified anomalies on Westmoreland (Anomalies 3 + 4).
  • a new 4 kilometer long trend on Arafura’s joint venture zone, (Debbill trend).
  • spot radiometric high in Arafura JV, (Anomaly 11 Conglo).
  • numerous spot anomalies located in Arafura JV which require follow up.
  • a new 5 kilometer long trend on Hartz Range Mines JV, (Anomaly 12).

For details of radiometric anomalies, please click here.

The radiometrics and magnetics have clarified the distribution of uranium mineralization and provided significant targets for follow up in 2006. Detailed target analysis is currently being undertaken by Dr. Vic Wall of Taylor Wall & Associates in conjunction with Laramide personnel.

The detailed magnetics and associated terrain model has enabled prospective geological structures and lithological contacts to be discerned under shallow cover with the radiometrics highlighting mineralized trends, facilitating accurate targeting of covered mineralization.

Peter Mullens, VP Exploration, says “Laramide’s survey has enhanced the potential for further significant discoveries in the Westmoreland uranium province. The survey has provided the Company with major advantages over previous explorers. We can now see the framework of the unconformity - related structures involved and can target the most prospective settings for uranium deposits. This has the potential for Laramide to discover a whole new uranium district.”

A major exploration campaign is planned for the coming dry season in Northern Australia commencing in late April 2006. This will include the drill testing of a number of these anomalies within a larger drill program of at least 20,000 meters. The drill program will also include resource drilling and metallurgical test work drilling at Redtree where previous exploration has defined a significant resource of U3O8 (Rio Tinto 1997).

The twelve main radiometric anomalies are described below:
Westmoreland Tenements, 100 % Laramide Resources Ltd.

  1. Redtree.
    Previous drilling has defined a resource of 46 million pounds of U3O8 at Redtree and Junnagunn. Redtree stands out as a very strong large radiometric anomaly. (Note: this resource is currently not 43-101 compliant).

  2. Junnagunna
    Mineralization is covered by shallow transported cover and does not show up on radiometric survey. This gives hope for discovering other significant mineralization under transported cover.

    Part of existing resource.

  3. Anomaly 3.
    Target along strike from Junnagunna to NE. Does not have a high radiometric signature but occurs in interesting structural settings adjacent to strike continuation of the Redtree Dyke, which controls mineralization to the south.

  4. Anomaly 4.
    Anomaly 4 occurs along on the partially covered structural contact between Siegal Volcanics and the Westmoreland Conglomerate. Some previous drilling.

  5. Outcamp and Sue prospects.
    These two prospects have had limited previous drilling. The new survey shows that mineralization may be much more extensive than previously known. Prime exploration target for 2006 field season.

  6. Moogoona.
    Has had limited previous work, with known surface mineralization.

    Targets located on joint venture areas with Arafura Resources and Hartz Range Mines.

  7. Mageera Zone
    Drilled by previous explorer. This is parallel fault zone to Redtree dyke. Previous work resulted in following drill intercepts.

    WPD 3 1 meter @ 2.3 % U3O8.
    WPD 45 1 meter @ 0.18 % U3O8.
    WPD 60 1 meter @ 2.4 % U3O8 + 6.8 g/t Au.
  8. Cobar Zone.
    Previously known small scale workings in overlying Siegal Volcanics.

  9. El Hussen Trend

    Work during 2005 field season defined a 1400 meter long zone of mineralization in which twelve separate rock chip samples averaged 0.06% U3O8 over 3 meters widths.
    Highest sample was 3 meters @ 0.3 % U3O8.
  10. Anomaly 11 (Debbil Zone).
    The Debbil zone is a 5 kilometer long zone occurring in either upper Westmoreland comglomerate or possibly in Cretaceous sediments which overlie the Westmoreland Conglomerate. Three high order radiometric appear to be structurally controlled and require field checking. No previous work is reported from this zone. High priority target for the 2006 field season.
  11. Anomaly 11, (Conglo).
    Isolated high amplitude anomaly in middle of Arafura’s joint venture tenement.
    Requires field checking. High priority target
  12. Anomaly 12.
    5 kilometer long structurally controlled radiometric anomaly which occurs at the top of the Siegal Volcanics. Indicates structure was fertile during mineralizing process. Requires field checking. Anomaly located within JV area with Hartz Range Mines, priority target for 2006 field season.

In addition to this there are a number of smaller spot anomalies which occur on the Arafura joint venture area which will receive priority on follow up in 2006 field season.

Laramide Resources Ltd. (“Laramide”) is a Toronto-based resource company specializing in the acquisition and development of precious and base metal properties. Laramide has a diverse portfolio of assets, all of which are leveraged to improve commodity fundamentals. The Company’s lead project is the Westmoreland Project, Queensland, Australia.

For further information contact:
Marc C. Henderson, President
Toronto, Canada +1 (416) 599 7363

Peter Mullens, VP Exploration/Corporate Development
Brisbane, Australia +61 (7) 3831 3407
Or visit our web site at www.Laramide.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

The airborne magnetics and radiometrics survey was carried under the direction of Mr. Peter Mullens, the qualified person within the meaning of National Instrument 43-101. Mr. Mullens has reviewed the contents of this release.

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.