Laramide's Drilling at Westmoreland Uranium Project Continues to Demonstrate Scope for Resource Growth

CNW Group
9 min read

In This Article:

TORONTO, Oct. 22, 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 more assay results from the 2024 drilling activities at the Westmoreland Uranium Project in Queensland, Australia ("Westmoreland").

Figure 1. Cross section 204150E looking west (window +/-50m), showing mineralisation wireframes (solid yellow lines) and interpreted mineralisation. Refer Figure 2 for Plan view. (CNW Group/Laramide Resources Ltd.)
Figure 1. Cross section 204150E looking west (window +/-50m), showing mineralisation wireframes (solid yellow lines) and interpreted mineralisation. Refer Figure 2 for Plan view. (CNW Group/Laramide Resources Ltd.)

Assays have now been received from the remaining 32 RC drill holes at Long Pocket, with 29 of these holes mineralized. (Table 2) Long Pocket drilling has demonstrated that uranium mineralisation is laterally continuous with drillhole collar spacing now generally less than 50m which lends to a high level of confidence. Mineralisation remains open and untested in a southerly direction (Figure 2).

Zones of higher-grade uranium intercepted within the broader coherent mineralised envelope include:

    • LP24RC008 – 16.00m @ 485.61 ppm U3O8 from 16.00m depth, including 4.00 m @ 1,264 ppm U3O8 from 21.00 m

    • LP24RC009 – 8.00m @ 490.59 ppm U3O8 from 16.00m, including 1.00 m @ 1,545 ppm U3O8 from 20.00 m.

    • LP24RC016 – 4.00m @ 2022.03 ppm U3O8 from 8.00m, including 3.00 m @ 2,639 ppm U3O8 from 9.00m.

Commenting on the results, Laramide's Vice-President of Exploration, Rhys Davies said:

"Results from infill drilling at Long Pocket demonstrate the quality of this satellite deposit with good uranium grade at very shallow depths and supports Laramide's focused attention on enhancing Westmoreland's resources towards improving the economics of a future mine plan. The deposit also remains open and untested to the south.

"We look forward to updating investors as we incorporate these results into a Maiden Resource Estimation of the deposit in Q1 2025."

Drilling across the broader Westmoreland Project is ongoing with the final few holes of the campaign due to be completed in the next two weeks. The 2024 drilling campaign has comprised over 100 holes across multiple targets, core processing is continuing, and assay results will be delivered with regularity throughout Q4 2024.

Long Pocket Uranium Deposit

Long Pocket is a satellite deposit located 7 km to the east of the Westmoreland Project. Thirty-eight infill RC drill holes, for a total of 2,139m, were recently completed in 2024.

Results from the 2024 drilling confirms shallow (<50m depth), flat-lying, continuous mineralisation (Figure 1) with multiple zones intersecting a similar highly altered hematitic sandstone of medium to coarsely grained and poorly sorted texture, located peripheral to a dyke/sill margin.

Recommended Stories