Laramide’s Exploration Drilling at Amphitheatre Intercepts High-Grade Uranium; Points to a Developing Satellite Deposit

Criteria

JORC Code explanation

Commentary

Sampling techniques

• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
• Aspects of the determination of mineralisation that are Material to the Public Report.
• In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

Diamond Drilling (DD)
Amphitheatre

• Diamond drill holes utilised HQ3 (triple tube 61mm Ø) and NQ (standard tube drilling, 47.6mm Ø) drill core sizes
• Core loss was predominantly restricted to the top two meters from surface.
• Core samples are ½ cut using core saw with ½ sample being retain for future reference or QAQC.
• Generally, samples are taken at 1m intervals but in places sampling was defined by geological contact.
• Samples are sent to ALS Laboratories Mt Isa or Townsville for Au assay via 50g fire assay with AA Finish (method Au-AA26), and multi-element assay via ICP-MS (ME-MS61) methods considered industry standard.
• High radioactivity samples were sent by Mt Isa prep lab to ALS Perth with any ore grade U analysed via XRF-30 method.
• Certified QA/QC standards, blanks, field and lab duplicates were inserted at nominal 1:20 or better intervals with samples in conjunction with laboratory duplicates and internal QA/QC
• All sampling, assay and QA/QC procedures considered industry standard and/or best practice and appropriate for the style of mineralisation
• Across all drilling sampling is guided by geology, visual estimation of mineralisation & radioactivity defined by:
• >350cps utilising handheld RS-125 SUPER-spec unit.
• >350cps utilising the AusLog W450-1 Downhole gamma probe.
• > 350 cps utilising the Reflex EZ-Gamma Downhole Gamma Probe.
• Visual fluorescent mineralisation observed under UV light.

Drilling techniques

• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

Diamond Drilling (DD)
Amphitheatre

• HQ3 DD core size includes the use of triple tube to ensure maximum sample recovery and core preservation to a maximum depth of 10.9m, and NQ Standard drilling was implemented to a maximum of 241.6m (for AMD008 & AMD009 relating to this report).
• Sample recovery was overall excellent however zones of broken ground conditions limited full recovery and orientation in some zones.
• Core was oriented via Reflex ACT III core tool where possible

Drill sample recovery

• Method of recording and assessing core and chip sample recoveries and results assessed.
• Measures taken to maximise sample recovery and ensure representative nature of the samples.
• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

Diamond Drilling
Amphitheatre

• HQ3 and NQ core are used, with careful drilling techniques, appropriate product use and short runs in broken ground to ensure maximum recovery and core preservation.
• Recovery is carefully measured each core run at the rig, then using drillers blocks and double checking via on ground/core shed measurement through standard metre mark up and geotechnical logging (run recovery, breaks per metre, RQD etc)
• All data is continuously recorded and entered into a managed, cloud-based database (MXDeposit).
• Samples are half (HQ and NQ) split via diamond core saw on site, apexing mineralisation to ensure representative sampling where possible.
• Field cut duplicate samples are submitted as quarter cut samples, in these cases ½ core has been retained.
• The sample size and sampling techniques are considered appropriate and industry standard practice for the style of mineralisation

Logging

• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
• The total length and percentage of the relevant intersections logged.

Diamond Drilling
Amphitheatre

• All diamond drilling is logged for geology in the field by qualified geologists with lithological and mineralogical data recorded for all drill holes using a coding system developed specifically for the project
• Primary and secondary lithologies are recorded in addition to texture, structure, colour, grain size, alteration type and intensity, estimates of mineral quantities, sample recovery, weathering and oxidation state, radioactivity plus geotechnical and structural logging is also conducted were possible
• Sampling details are also collected and entered
• Geological logging is qualitative in nature and considered appropriate for the level of detailed required
• All DD samples are photographed wet shortly after drilling and markup, labelled and filed for future record. Photos are also taken under a UV lamp to assist visual identification and distribution of mineralisation.
• All holes are logged and entered into MX Deposit software – an industry leading integrated cloud-based logging/database system with built-in validation.

Sub-sampling techniques and sample preparation

• If core, whether cut or sawn and whether quarter, half or all core taken.
• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.
• For all sample types, the nature, quality and appropriateness of the sample preparation technique.
• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
• Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material being sampled.

Note assay results relating to this release are reporting for AMD008 and AMD009 only. Assay results for AMD010 AMD011 and AMD012 remain pending and are not included in this release.

Diamond Drilling
Amphitheatre

DD sampling and sub-sampling

• As prior sections
• DD core (NQ or HQ3) was half-cored via diamond brick core saw with a maximum length of 1.3m for a representative sample of ~3-5kg weight.
• Where nominated, field duplicates were processed as quarter cut core samples, cut by diamond brick saw with a maximum length of 1.2m.
• Veins/mineralisation were apexed to ensure representivity where possible, retaining orientation lines
• Broken/fissile core was sampled by paint scraper where possible.
• Certified QA/QC standards, blanks, field and lab duplicates were inserted at nominal 1:20 or better intervals with samples in conjunction with laboratory duplicates and internal QA/QC.
• All samples were double-checked for numbering, missing and data integrity issues prior to dispatch
• No QA/QC or sampling issues were noted.
• The sample and sub-sample size and sampling techniques are considered appropriate and industry standard practice for the style of mineralisation.

DD sample preparation

• Samples were prepared and analysed at ALS Mt Isa, Townsville or Brisbane, with High radioactivity samples forwarded to ALS Perth for analysis.
• Samples were dried at approximately 120°C with the sample then crushed using a Boyd crusher which crushes the samples to –2mm
• The resulting material is then passed to a series LM5 pulverisers and ground to pulp of a nominal 85% passing of 75μm, typically with a 1-3kg sample size
• The milled pulps are weighed out to 50g for Au analysis via fire assay (method Au-AA26 via AA Finish) and broad suite multi-element via ME-MS61 (four acid – ICP-MS). Any ore grade U is analysed via ME-XRF-30 method.
• Field sample and laboratory sample and preparation techniques are considered appropriate and industry standard practice for the style of mineralisation

Quality of assay data and laboratory tests

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

Note assay results relating to this release are reporting for AMD008 and AMD009 only. Assay results for AMD010 AMD011 and AMD012 remain pending and are not included in this release.

Diamond Drilling
Amphitheatre

• The milled pulps are weighed out to 50g for Au analysis via fire assay (method Au-AA26 via AA Finish) and broad suite multi-element via ME-MS61 (four acid – ICP-MS). Any ore grade U is analysed via ME-XRF-30 method.
• Assaying techniques and laboratory procedures used are appropriate for the material tested and the style of mineralisation
• NORM samples were subset and analysed at ALS Perth.
• Certified QA/QC standards, blanks, field and lab duplicates were inserted at nominal 1:20 or better intervals with samples in conjunction with laboratory duplicates and internal QA/QC
• Certified Reference Materials (CRMs) were sourced through OREAS Pty Ltd, with samples of a similar nature to the uranium mineralisation and/or similar grade ranges to ensure representivity
• Laboratory analytical techniques are considered appropriate and industry standard practice for the style of mineralisation
• Sampling is guided by geology, visual estimation of mineralisation & radioactivity defined by:
  • >350cps utilising handheld RS-125 SUPER-spec unit.
  • >350cps utilising the AusLog W450-1 Downhole gamma probe.

> 350 cps utilising the Reflex EZ-Gamma Downhole Gamma Probe.

• Comparison between the AusLog W450-1 Downhole gamma probe and the Reflex EZ-gamma probe in the company designated calibration drillhole shows a 0.5x correlation. i.e. cps readings from the AusLog unit display as double the Reflex EZ-Gamma. For example, 15,000cps reading on the AusLog unit is approximately equivalent to 7,500cps on the Reflex Unit. For clarity, Table 2 defines the tool used to derive data.    
• Gamma data supports interpretation and sampling protocols only, with >350cps considered an appropriate sampling cut-off. Acceptable levels of accuracy and precision were obtained
• No external third-party QA/QC reviews have been undertaken.
• Handheld RS-125 SUPER-spec (Scintillometer) device were also used for preliminary guidance and additional information regarding radioactivity, lithologies and interpretation. No RS-125 data is included in this release

Verification of sampling and assaying

• The verification of significant intersections by either independent or alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.

• No independent analysis of the historical results has been done at this stage of the project work.
• Field data is entered digitally using MX Deposit software which is an industry leading integrated cloud-based logging/database system.
• Physical copies are retained and filed, and digital document control procedures are in place
• Regular reviews and auditing of the database occur to ensure clean, tidy and correct information
• No twinned holes have been completed to date
• A x1.179 conversion factor has been applied to U ppm assays results to obtain a U3O8 equivalent grade.

Location of data points

• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.

• Drill hole collar location data is initially captured with handheld GPS and subsequently collected at end of program via a Trimble DGPS, accurate to within 10cm.
• Grid system used is GDA94 Zone 54
• Downhole surveys were completed for all Laramide drill holes with a nominal 30m or better downhole spacing using Reflex Ez-Track camera tool or a Reflex North-seeking Gyro.

Data spacing and distribution

• Data spacing for reporting of Exploration Results.
• Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
• Whether sample compositing has been applied.

• Location of drill collars presented.
• Geological interpretation and mineralisation continuity analysis indicates data spacing is insufficient for definition of a Mineral Resource
• Sample compositing has been applied for barren/background lithologies and also for mineralisation wireframe interpretation
• Mineralisation compositing for initial interpretation used a 1m minimum width, 100ppm U3O8 grade and 2m maximum internal dilution in conjunction with structure and geological interpretation. Included high grade intercepts are above 1000 ppm U3O8. No cut-off has been applied to Au and are reported internal within U3O8 intercept.

Orientation of data in relation to geological structure

• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

Diamond Drilling
Amphitheatre

• Mineralisation at Amphitheatre is interpreted as generally flat lying, sandstone hosted uranium with association with proximal mafic dyke/sill units. The orientation of the mafic units is yet to be determined and requires further drilling information.
• All DD drilling is optimally oriented to ensure the most appropriate and most perpendicular intersection angle to mineralisation as possible with respect to available drilling locations. The drilling orientation is considered appropriate with the current geological information.
• Bias is also reduced via apexing of mineralisation in drill core where possible.
• Limited bias is interpreted.

Sample security

• The measures taken to ensure sample security.

• LCR chain of custody and sample security was ensured by staff preparation of samples into checked and zip-tied poly-weave bags transported by staff personnel direct to ALS Mt Isa.
• No issues were reported or identified

Audits or reviews

• The results of any audits or reviews of sampling techniques and data.

• No third-party audit or review of sampling data was conducted.

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
• The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

• Laramide Resources Ltd through its wholly owned subsidiary Tackle Resource Pty Ltd owns a 100% interest in the Westmoreland Project consisting of 2 granted and contiguous Exploration Permits for Minerals (EPMs) – EPM 14558 and EPM 14672.
• Tenements are in excellent standing
• Existing environmental surveys conducted to date have not identified any impediments to the project
• Existing cultural heritage surveys conducted to date have identified areas defined as exclusion zones until further surveys and negotiations are conducted

Exploration done by other parties

• Acknowledgment and appraisal of exploration by other parties.

• The project has been subject to exploration by a number of companies including historic operators in the early 1960 and 1970s (Queensland Mines Ltd) and several other companies throughout the 1980s and 1990s including CRA/Rio Tinto. Recent exploration has consisted of significant resource definition drilling during the period of Tackle’s tenure 2005 – present

Geology

• Deposit type, geological setting and style of mineralisation.

• The Westmoreland region lies within the Palaeoproterozoic Murphy Tectonic Ridge, which separates the Palaeoproterozoic Mt Isa Inlier from the Mesoproterozoic McArthur Basin and the flanking Neoproterozoic South Nicholson Basin.
• The oldest rocks exposed in the area are early Proterozoic sediments, volcanics and intrusives, deformed and regionally metamorphosed before 1875 Ma. These Murphy Metamorphics (Yates et al., 1962) are represented mainly by phyllitic to schistose metasediments and quartzite. They are overlain by two Proterozoic cover sequences laid down after the early deformation and metamorphism of the basement and before a period of significant tectonism, which be.g.an at about 1620 Ma.
• The oldest cover sequence is the Cliffdale Volcanics unit, which unconformably overlies the Murphy Metamorphics. The Cliffdale Volcanics contain over 4000m thickness of volcanics of probably subaerial origin, more than half of which consists of crystal-rich ignimbrites with phenocrysts of quartz and feldspar. The remainder is rhyolite lavas, some of which are flow banded. The ignimbrites are more common in the lower part of the sequence, with the Billicumidjii Rhyolite Member occurring towards the top.
• The Cliffdale Volcanics are comagmatic with the Nicholson Granite, and together they comprise the Nicholson Suite. SHRIMP dating of both the Nicholson Granite and the Cliffdale Volcanics gave an age of 1850 Ma (Scott et al., 1997).
• Unconformably overlying the Nicholson Suite is the Tawallah Group (Yates et al., 1962). This is the oldest segment of the southern McArthur Basin. The base is a sequence of conglomerates and sandstones comprising the Westmoreland Conglomerate (Carter et al., 1958). The conglomerates thin out to the southeast and are in turn conformably overlain by the Seigal Volcanics (Grimes & Sweet, 1979), an andesitic to a basic sequence containing interbedded agglomerates, tuffs and sandstones. Together these units comprise about two-thirds of the total thickness of the Tawallah Group. In turn, the volcanics are overlain by the McDermott Formation, the Sly Creek Sandstone, the Aquarium Formation, and the Settlement Creek Volcanics.
• Uranium mineralisation has been recognised in the Westmoreland region in numerous structural and stratigraphic positions. These include:
1. associated with faults and fractures in Murphy Metamorphics;
2. in shear zones in the Cliffdale Volcanics near the Westmoreland Conglomerate unconformity;
3. at the reverse-faulted contact between Cliffdale Volcanics and Westmoreland Conglomerate;
4. within Westmoreland Conglomerate about 50m above its base;
5. in Westmoreland Conglomerate in close proximity to the overlying Seigal Volcanics;
6. in association with mafic dykes and sills; and
7. in shear zones within the Seigal Volcanics.
• The most important uranium deposits occur on the northern dip slope of the Westmoreland Conglomerate in situation five above. The deposits represent thicker and higher-grade concentrations of trace uranium mineralisation than is regionally common beneath the Seigal Volcanics – Westmoreland Conglomerate contact and along the flanks of the Redtree dyke zone. Mineralisation in other settings is only present in trace amounts (Rheinberger et al., 1998).
• The deposits are associated with an altered basic dyke system intruded along faults. Mineralisation is present in both the sandstones and dyke rocks. To the north, the Westmoreland Conglomerate is overlain by the Seigal Volcanics under Recent alluvial cover.

Drill hole Information

• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
• easting and northing of the drill hole collar
• elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
• dip and azimuth of the hole
• down hole length and interception depth
• hole length.
• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

• All relevant drill hole information including locations and assays are provided in Appendix tables within this document.
• Drilling is reporting of exploration results only.
• Incomplete assay information is available at time of writing.

Data aggregation methods

• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.
• Where aggre.g.ate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggre.g.ation should be stated and some typical examples of such aggre.g.ations should be shown in detail.
• The assumptions used for any reporting of metal equivalent values should be clearly stated.

• Generally, sampling was conducted at 1m intervals, but in places, sampling was defined by geological contact.
• Where samples cut to geological contact were <1m it is noted.
• Intervals were aggre.g.ated using weighted average length.
• Mineralisation compositing for initial interpretation used a 1m minimum width, 100ppm U3O8 grade and 2m maximum internal dilution in conjunction with structure and geological interpretation. Included high grade intercepts are above 1000 ppm U3O8. No cut-off has been applied to Au and are reported internal within U3O8 intercept.
• Data from individual samples are presented in Appendix 1, Table 2
• No metal equivalents are calculated.

Relationship between mineralisation widths and intercept lengths

• These relationships are particularly important in the reporting of Exploration Results.
• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).

• All DD drilling is optimally oriented to ensure the most appropriate and most perpendicular intersection angle to mineralisation as possible with respect to available drilling locations
• All reported results are down-hole lengths, with the majority of intersections being between 75-95% of estimated true widths.

Diagrams

• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

• See body of announcement.
• Map present drilling locations relative to historical drilling and in context of overall project.
• Cross sections included present assay data down hole, highlight basic geology and zones of currently interpreted mineralisation using a combination of geological logging and qualitative downhole gamma data.

Balanced reporting

• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

• All drillhole and assay data from Westmoreland drilling to the time of update have been reported and can be accessed via www.sedar.com.
• All results reported within this document relate to recent drilling activities and are represented as mineralised intervals with U3O8 values exceeding 100ppm. Mineralisation compositing for initial interpretation used a 1m minimum width, 100ppm U3O8 grade and 2m maximum internal dilution in conjunction with structure and geological interpretation. Included high grade intercepts are above 1000 ppm U3O8. No cut-off has been applied to Au and are reported internal within U3O8 intercept.

Other substantive exploration data

• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

• No other substantive data is available.

Further work

• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).
• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

• Additional exploration, resource, geotechnical and metallurgical drilling is proposed and required.
• Further metallurgical test work, engineering and economic scoping to pre-feasibility studies including environmental, heritage and compliance requirements are also in preparation.