Laramide intercepts broad-based uranium mineralization in initial holes from 2023 Australian exploration program

TORONTO, Sept. 29, 2023 /CNW/ – Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to announce assay results from the first two diamond drill holes from the Amphitheatre exploration target ("Amphitheatre") at its Westmoreland Uranium Project in Queensland, Australia ("Westmoreland").  These results are the first received from a 4,000+ meter exploratory drill program announced 19^th July 2023[1]. The program was designed to include a mixture of infill but also to test new prospects for possible expansion across four discrete targets, which are described in more detail below. This season’s exploration campaign in Australia also includes on ground exploration and target generation at the Company’s contiguous Murphy Project in the Northern Territory, which will be the subject of a separate news release in the coming weeks.

The 2023 exploration drilling program commenced at Amphitheatre uranium prospect and comprised nine holes for a total of 855.8m diamond drilling. Assay results from the first two holes at Amphitheatre, AM23DD001 & 002, have been received (Figure 2); highlights include:

AM23DD001

•  Near surface 1m @ 660ppm U₃O₈ from 1m
•  3m @ 177 ppm U₃O₈ from 7m
•  5.5m @ 242 ppm U₃O₈ from 34.5m including 0.59m @ 1,249ppm (0.12%) U₃O₈ from 36.81m
•  3.32m @ 253 ppm U₃O₈ from 47.68m and;
•  2.5m @ 775 ppm U₃O₈ from 52.5m

AM23DD002

•  18.41m @ 352 ppm U₃O₈ from 49.21m including 0.66m @ 2,452ppm (0.25%) U₃O₈ from 49.21m and 0.84m @1,910 ppm (0.19%) U₃O₈ from 69.06m

This season’s exploration drilling campaign at Westmoreland has two objectives: resource infill and extension at the Huarabagoo and Long Pocket deposits, and exploration drilling of new targets at Amphitheatre and Black Hills. (Figure 1) The 2023 exploration program, which commenced on July 17, has completed a total of 30 holes to date (9 at Amphitheatre, 15 at Long Pocket, 3 at Black Hills and 3 at Huarabagoo). Nine holes remain to be drilled in the current program which should be completed by the end of October.

To date, drilling has identified multiple, shallow, mineralized horizons all hosted within the PTW4 unit of the Westmoreland Sandstone. Results from the remaining seven holes drilled at Amphitheatre, which were completed in August, are pending. Interpretation of geology and mineralisation controls is ongoing and will be refined as more results are received.

Commenting on the exploration results, Laramide’s President and CEO, Marc Henderson said:

"Our drill program at Westmoreland is off to an excellent start, with the first of our exploration drillholes at Amphitheatre returning multiple zones of mineralisation; we look forward to updating investors as more assays are received. We believe the exploration potential at Westmoreland to be exceptional and underappreciated, likely because this is the first substantial exploration drilling campaign undertaken by Laramide since 2012."

The Amphitheatre uranium prospect is located 16km northeast of the Junnagunna uranium deposit and expresses as a strong 400m x 300m airborne radiometric anomaly. The area was subject to historical exploration in the late 1960s and early 1970s.

Visible secondary uranium minerals such as carnotite and torbernite are present at surface, hosted within the PTW4 unit of the Westmoreland Conglomerate. Mineralisation identified in 2022[2] drilling has a relationship with mafic intrusive units, sharing similarities with other nearby uranium deposits, namely Redtree, Huarabagaoo and Junnagunna which host a combined 51.9Mlb U₃O₈ resource[3].

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 mineralisation 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 under the guidelines of the National Instrument 43-101. 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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Laramide is focused on exploring and developing high-quality uranium assets in Australia and the western United States. The company’s portfolio comprises five advanced uranium projects in districts with historical production or superior geological prospectivity. Each asset has been carefully chosen for their size, production potential, and are considered late-stage, low-technical risk projects.  

The Westmoreland project in Queensland, Australia, is one of the largest uranium development assets held by a junior mining company. This project has a PEA that describes an economically robust, open-pit mining project with a mine-life of 13 years.  Additionally, the adjacent Murphy Project in the Northern Territory of Australia is a greenfield asset that Laramide strategically acquired to control the majority of the mineralized system along the Westmoreland trend.  

In the United States, Laramide’s assets include the NRC licensed Crownpoint-Churchrock Uranium Project, which is proposed to be developed using in-situ recovery ("ISR") production methodology. The Company also owns the La Jara Mesa project in the historic Grants mining district of New Mexico and an underground project, called La Sal, in Lisbon Valley, Utah.  

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.

Table 1: Amphitheatre – Drill Collar details

Table 2: Significant Results (>100ppm U3O8)

SOURCE Laramide Resources Ltd.