Laramide Westmoreland Drilling Delivers Further Strong Results

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. 

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.

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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 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.

SOURCE Laramide Resources Ltd.