Highlights Include Hole WDD09-128 with 25 Metres Grading 0.07% U3O8, including 9 Metres Grading 0.14% U3O8
Laramide Resources Ltd. (TSX: LAM) is pleased to announce results from the first seven diamond drill holes completed in late 2009 at its flagship project, Westmoreland, located in Northwest Queensland Australia. During November and December 2009, a total of 17 diamond drill holes were completed to launch the drilling program announced November 17 2009. Seventeen drill holes for a total of 1871.2 metres were completed prior to the onset of rainy season conditions in mid-December. To date, results have been received from the first seven drill holes of this program, with assay results for the remaining ten holes expected within the first quarter this year. Drill holes WDD09-128 to WDD09-134 are located in the northern part of the Huarabagoo deposit, as shown below. These holes were drilled to better define the structurally controlled mineralization in this area and for metallurgical test work. Significant drill intercepts are provided below in Table 1. These results indicate that additional mineralized lenses to those previously intersected in this area are present and therefore indicate potential to increase the Huarabagoo resource both within the existing deposit and along strike to the north.
In a press release dated November 17, 2009, Laramide reported the observations of its technical team concerning limited historical data demonstrating gold mineralization associated with the Huarabagoo deposit, which would be followed up by assaying for gold at the same time as uranium in the 2009/2010 program. The seven holes contained in Table 1 were assayed for gold, but no significant gold intersections were intersected, other than weakly anomalous gold intersected in WDD09-128 (12m @ 0.23g/t Au from 65m depth). The Huarabagoo deposit comprises approximately 7.5% of the Indicated resource at Westmoreland, or 2.7 million pounds U3O8 of the 36.0 million contained pounds (Indicated) at Westmoreland. Westmoreland’s resource comprises 18.7 million tonnes grading 0.089 g/t U3O8 (Indicated) and a further Inferred resource of 9.02 million tonnes grading 0.083 g/t U3O8 (Mining Associates of Australia, May 2009).
Peter Mullens, VP Exploration, commented, “We are pleased with the results of the drill campaign so far. The interception of additional mineralization demonstrates potential to increase the overall size of the resource. We plan to drill another 3000 metres (30 holes) starting in May 2010. The new drilling will target the Redtree-Junnagunna structural corridor and the Longpocket area which is located eight kilometres to the east of the Junnagunna deposit. The Longpocket area includes the historic Sue, Outcamp and Black Hills prospects which are associated with an extensive area of radiometric anomalism. Mineralization intersected by exploration drilling in the 1980’s is hosted by the Westmoreland Conglomerate and occurs as shallow flat lying lenses. We have significant radiometric anomalies that have never been tested in this area, and we also have potential for steeper high grade mineralization associated with major structures”.
Mr. Mullens continued, “ Our environmental work required to support an Environmental Impact Study will continue during the rainy season, and will prepare us for the permitting process that will be required when Queensland’s uranium policy changes.” Marc Henderson, President and CEO, added "We continue to receive encouraging drill results on Westmoreland, and see some opportunities emerging in the uranium sector. Our exploration and development program is fully funded, with marketable securities on our balance sheet of over $10 million in relatively liquid stocks. These securities can be sold to fund our exploration and development activity into 2011, leaving most of our core strategic holdings intact."
The table below includes results of all seven holes drilled to date, with the location maps included by link and all maps, tables and cross sections posted to our website at www.laramide.com.
About Laramide: 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. Laramide's portfolio of advanced uranium projects have been chosen for their production potential. Its flagship project, Westmoreland, in Queensland, Australia, is one of the largest projects currently held by a junior mining company. Its U.S. assets include La Jara Mesa in Grants, New Mexico and La Sal in the Lisbon Valley district of Utah. Its portfolio also includes joint venture, strategic equity positions and royalty participation in uranium development and exploration companies that provide additional geographic diversification and uranium exposure for shareholders.
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.