Laramide Resources Ltd. (TSX: LAM) is pleased to announce further results from 21 of the 39 drill holes completed in the Redtree project area within the 100% owned Westmoreland project in North Queensland Australia. These results include WDD08- 096 which contains 10 metres @ 0.66% U3O8 from 10 metres depth, WDD08-100 with 8 metres @ 0.25% U3O8 from 10 metres and WDD08-106 which intersected 10 metres @ 0.23 % U3O8 from 8 metres, all located within the Jack lens of the Redtree project area
The second drill phase was completed in October and focussed on the thinner Jack lens which forms the western half of the Redtree deposit (see fig. 1 for details of location of drill holes). The Jack lens is located very close to the surface at Westmoreland, generally within 10 metres. This allows for open pit mining and a low strip ratio, leading to robust economics of the deposit.
Peter Mullens, VP Exploration, stated “The results continue to confirm our belief in the technical merits of the project. The shallow nature of the resource at Westmoreland means that a future operation can operate with an open cut technology, reducing costs and technical challenges of the project. The historic favourable metallurgical test work also confirms the compelling economics of the project. Mineral processing at Westmoreland can be completed with conventional technology used currently in other uranium mines throughout the world, as detailed in our Scoping Study announced by press release April 2007. Results from the remaining 18 holes will be announced when the assays are returned, and we expect to publish an updated resource estimate in the first quarter of 2009.”
Mullens continued “We strongly believe that Westmoreland is one of the more robust economic uranium projects held by a junior company. This is especially important during these challenging times with uranium developers, as a number of projects have been impacted by technical challenges and production issues.”
All 21 drill holes reported in the table below were drilled with either NQ or HQ core.
Latest Drill Assay Results from Redtree
|True Width (m)|
|WDD08-089||191484.8||8060259||360||-90||187.81||No significant assays|
|WDD08-091||191545.5||8060388||360||-90||181.69||No significant assays|
|WDD08-105||191580.7||8060545||360||-90||171.46||No significant assays|
|WDD08-109||191668.1||8060579||360||-90||170.13||No significant assays|
*Datum is AGD66
*Intersections calculated using a 0.02% U3O8 cut-off and minimum intersection of 2 metres.
(See figs 1 to 4 for location of drill holes at Redtree and for cross sections.)
The second phase of drilling was completed with two small man portable diamond drill rigs which were moved from drill site to drill site with the assistance of a helicopter. Thirty nine drill holes were completed in the program for 928.4 metres of drilling. Drilling was completed with HQ size core. Certain holes have had half the core retained for metallurgical test work to be completed in quarter 1 2009.
In addition to the assays reported above, seven drill holes were completed for hydrological investigations with an RC rig. The bulk of these holes were approximately 100 metres deep and will be used to monitor ground water within the Westmoreland project area. Water data is being compiled for inclusion in an Environmental Impact Study, expected to commence during 2009.
Laramide has implemented a quality control program at Westmoreland to ensure best practices.
Under the guidelines of the National Instrument 43-101, the Qualified Person for the Westmoreland Uranium Project is Mr. Peter Mullens who is a member of the Australian Institute of Mining and Metallurgy. Mr. Mullens has reviewed and approved the technical content of this release.
For further information contact:
|Flora Wood, Investor Relations
Toronto, Canada +1 (416) 599 7363
|Peter Mullens, VP Exploration
Brisbane, Australia +61 (7) 3831 3407
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.