Laramide Confirms High-Grade Uranium Expansion Potential at Westmoreland

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Laramide Confirms High-Grade Uranium Expansion Potential at Westmoreland

Canada NewsWire

Highlights:

  • 2023 drilling campaign included 13 holes for infill and extension at the Huarabagoo uranium deposit.
  • High grade uranium intercepts include:
    • HB23DD002 – 1.5m @ 1,448ppm (0.14%) U3O8 from 74.5m

    • HB23DD004 – 19m @ 519ppm U3O8 from 47m
                               Including 2.00m @ 1,690ppm (0.17%) U3O8 from 53m 

    • HB23DD005 – 6m @ 682ppm (0.07%) U3O8 from 50m
                               Including 1m @ 1,066ppm U3O8 (0.11%) from 50m
                               and 0.89m @ 1,798ppm (0.18%) U3O8 from 54.75m

    • HB23DD006 – 3m @ 1,236ppm (0.12%) U3O8 from 102m
                               Including 1m @ 2,305ppm (0.23%) U3O8 from 103m

    • HB23DD007 – 11m @ 747ppm (0.07%) U3O8 from 42m
                               Including 2m @ 1,389ppm (0.14%) U3O8 from 45m
                               and 1m @ 1,739ppm (0.17%) U3O8 from 49m
                               ALSO 5m @ 833ppm (0.08%) U3O8 from 71m
                               Including 1m @ 1,651ppm (0.17%) U3O8 from 73m

                                               ALSO – 7m @ 3,041ppm (0.30%) U3O8 from 80m
                                               Including 5m @ 4,204ppm (0.42%) U3O8 from 81m
                                               With 1m @ 10,353ppm (1.04%) U3O8 from 82m

    • HB23DD008 – 6.00m @ 847ppm (0.08%) U3O8 from 43.00m
                               Including 1m @ 1,098ppm (0.11%) U3O8 from 44m
                               and 0.36m @ 6,851ppm (0.69%) U3O8 from 47.54m
    • HB23DD009 – 5m @ 2,478ppm (0.25%) U3O8 from 61m

    • HB23DD010 – 8m @ 722ppm (0.07%) U3O8 from 65m
                              Including 1.45m @ 2,028 (0.20%) U3O8 from 71m
                              ALSO 11.9m @ 915ppm (0.09%) U3O8 from 75m
                              including 5m @ 1,621 (0.16%) U3O8 from 78m

  • Drillholes HB23DD002 to 007 also support extensions to over 250m strike of a gold zone identified in 2012, results include:
     
    • HB23DD002 – 1m @ 0.90g/t Au from 15m
                              2m @ 3.10g/t Au from 56m
                              1.5m @ 0.31g/t Au from 74.5m

    • HB23DD004 – 8m @ 0.84 g/t Au from 47m
                              including 4m @1.17g/t Au from 51m
                              AND 9.55m @ 0.53g/t Au from 56.45m
                              Including 2.38m @ 1.13g/t Au from 63m

    • HB23DD005 – 8m @ 0.54 g/t Au from 58m
                              Including 1m @2.06g/t Au from 64m

TORONTO, Feb. 20, 2024 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to announce assay results received from the 2023 drilling campaign at the Huarabagoo deposit at the Westmoreland Project in NW Queensland.

Thirteen drill holes were successfully completed in November 2023, with the primary objective of infilling zones that had been historically drilled, and to test for potential extensions of mineralisation to the northeast, beyond the footprint of the existing resource1.

All 13 holes intercepted multiple zones of mineralisation (>100ppm U3O8) with some zones displaying grades exceeding 1.0% U3O8 (see Table 2). The uranium mineralisation is hosted in the Westmoreland sandstone unit adjacent to the intrusive mafic Redtree dyke system.

The high-grade mineralisation intercepted at Huarabagoo improves the confidence in the integrity of the deposit with tighter spacing of less than 50m in some places. Ultimately, once modelled, this may lead to an improved resource classification of the deposit which is currently described with 5.8Mlbs U3O8 @ 0.109 % (Inferred) and 2.7Mlbs U3O8 @ 0.083% (Indicated).2 Furthermore, some drilling tested 200m to the north-east of the currently modelled zones and showed continuity of mineralisation that requires further investigation.

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

"We are pleased to continue to report more positive results from the drilling campaign at Westmoreland, which was completed in November 2023. The high-grade results underscore the quality of the Westmoreland asset lending confidence to the technical merits of the project and that there is significant scope for growth, conceivably doubling the size of the Huarabagoo Resource.

"Resource growth is one of key goals of the 2024 field season and the technical team is in the final planning stages of a multi-rig drilling program.

"In addition to the strong uranium grades, the deposits also host zones of significant gold and vanadium mineralisation. Evidence of significant gold grades had been explored in the early 1980s, and while Laramide remains focused on the uranium opportunity, further studies will help us identify whether possible beneficiation of these minerals will enhance the economics of the project as we progress towards development."

_______________________________

1 https://laramide.com/projects/westmoreland-uranium-project/

2 https://laramide.com/projects/westmoreland-uranium-project/

Huarabagoo deposit

The Huarabagoo deposit is about 3km northeast from the Redtree uranium deposit along the Redtree dyke zone (Figure 1) and straddles the contact between the Seigal Volcanics and the Westmoreland Conglomerate. The mineralisation outcrops at the southern end and is concealed to the north under 2 to 3m of sandy alluvium and 5 to 8m of weathered basalt of the Seigal Volcanics. The deposit comprises a 3km zone of vertical mineralisation associated with a complex dyke geometry with vertical and horizontal branches between two principal dykes.

Figure 1: Huarabagoo Drilling (2023) showing significant U3O8 intercepts, see Figure 2 for Cross Section NW-SE detail (CNW Group/Laramide Resources Ltd.)

All 13 holes intercepted multiple zones of mineralisation (>100ppm U3O8) with some zones displaying grades exceeding 1.0% U3O8 (Table 2).

Mineralisation is hosted in the coarse-grained to granular Westmoreland conglomerate with the higher grades (>0.1%) associated with the fractured footwall contact of intrusive dolerite dykes. Zones of higher grade generally occur within moderate patchy chlorite altered sandstone, with highest grade displaying pervasive chlorite and hematite alteration.

The 2.5km corridor between Huarabagoo deposit and the Junnagunna deposit (Figure 3) is a compelling target for resource growth. The results from the northeast extensions provide further confidence in this target as it has historically been very sparsely drilled. Indeed, Laramide previously reported a 'new zone' of significant uranium mineralisation 900m to the northeast of Huarabagoo in 2012.3

______________________________

3 TSX: Laramide Identifies New Zone of Mineralization in Initial Drilling Results at Westmoreland (October 17th, 2012)

 

Figure 2: HB23DD002 & HB23DD007 X-Section (NW-SE, looking NE) (CNW Group/Laramide Resources Ltd.)

Gold Mineralisation

In 2012 Laramide intercepted significant gold mineralisation (4m @ 30.9g/t Au) in drillhole WDD12-1674. Drillholes HB23DD002 to 007 (Figure 2) were designed to not only test infill of uranium mineralisation, but also assess the continuity of the gold mineralisation. The results now support extensions to over 250m strike of the gold zone drilled in 2012. Further work and validation are required as no systematic assessment of gold mineralisation has been undertaken since the 1980s.

  • Significant results from this year's drilling include:
    • HB23DD002 – 1m @ 0.90g/t Au from 15m
                               2m @ 3.10g/t Au from 56m 
                               1m @ 0.31g/t Au from 74.5m

    • HB23DD004 – 8m @ 0.84 g/t Au from 47m
                               including 4m @1.17g/t Au from 51m
                               AND 9.55m @ 0.53g/t Au from 56.45m
                               Including 2.38m @ 1.13g/t Au from 63m

    • HB23DD005 8m @ 0.54 g/t Au from 58m
                               Including 1m @2.06g/t Au from 64m

_______________________________

4 TSX: Laramide Continues to Expand New Zone of Mineralization at Westmoreland High grade gold also drilled at Huarabagoo (January 9th, 2013)

Figure 3: Current Mineral Resources at Westmoreland (CNW Group/Laramide Resources Ltd.)

 

Table 1: 2023 Huarabagoo – Drill Collar details

Hole ID

Prospect

GDA94_Easting

GDA94_Northing

Dip

Azimuth

Depth
(m)

HB23DD001

Huarabagoo

194411

8063082

-60

124

129.7

HB23DD002

Huarabagoo

194236

8062844

-60

124

126.7

HB23DD003

Huarabagoo

194156

8062727

-70

124

126.7

HB23DD004

Huarabagoo

194130

8062703

-55

124

68.7

HB23DD005

Huarabagoo

194128

8062703

-57

124

126.5

HB23DD006

Huarabagoo

194280

8062674

-60

304

126.5

HB23DD007

Huarabagoo

194332

8062760

-60

304

126.5

HB23DD008

Huarabagoo

194528

8063070

-60

304

126.5

HB23DD009

Huarabagoo

194510

8063039

-60

304

126.5

HB23DD010

Huarabagoo

194360

8063039

-60

124

126.4

HB23DD011

Huarabagoo

194875

8063599

-60

304

126.6

HB23DD012

Huarabagoo

194875

8063599

-90

355

126.7

HB23DD013

Huarabagoo

194875

8063599

-60

124

126.5

 

Table 2: Huarabagoo Significant uranium intercepts (>100ppm U3O8)

HOLE ID


From

To (m)

Interval Length

(m)

 

U3O8 ppm

HB23DD001


86.00

87.00

1.00

192.21

HB23DD001


125.10

126.00

0.90

216.97

HB23DD002


14.00

15.00

1.00

357.30

HB23DD002


57.00

58.00

1.00

188.67

HB23DD002


74.50

76.00

1.50

1447.67

HB23DD002

including

75.00

76.00

1.00

2034.12

HB23DD002


78.00

80.00

2.00

692.84

HB23DD002


83.00

85.00

2.00

169.51

HB23DD002


89.00

91.00

2.00

186.02

HB23DD002


93.10

94.00

0.90

491.73

HB23DD003


1.00

2.00

1.00

398.57

HB23DD003


63.00

64.00

1.00

258.25

HB23DD003


68.00

69.00

1.00

180.42

HB23DD003


100.00

101.00

1.00

457.53

HB23DD004


0.00

4.00

4.00

310.28

HB23DD004


47.00

66.00

19.00

519.44

HB23DD004

including

53.00

55.00

2.00

1690.44

HB23DD005


0.00

4.00

4.00

420.44

HB23DD005


45.00

48.00

3.00

205.46

HB23DD005


50.00

56.00

6.00

682.10

HB23DD005

including

50.00

51.00

1.00

1066.00

HB23DD005

including

54.75

55.64

0.89

1798.28

HB23DD005


58.00

67.05

9.05

277.65

HB23DD005


93.00

97.00

4.00

203.56

HB23DD006


99.00

100.00

1.00

135.02

HB23DD006


102.00

105.00

3.00

1236.20

HB23DD006

including

103.00

104.00

1.00

2305.34

HB23DD007


42.00

53.00

11.00

746.97

HB23DD007

including

45.00

47.00

2.00

1388.51

HB23DD007

including

49.00

50.00

1.00

1739.32

HB23DD007


66.00

69.00

3.00

173.74

HB23DD007


71.00

76.00

5.00

832.99

HB23DD007

including

73.00

74.00

1.00

1650.88

HB23DD007


80.00

87.00

7.00

3041.24

HB23DD007

including

81.00

86.00

5.00

4203.61

HB23DD007

including

82.00

83.00

1.00

10353.38

HB23DD008


43.00

49.00

6.00

846.86

HB23DD008

including

44.00

45.00

1.00

1097.84

HB23DD008

including

47.54

47.90

0.36

6851.15

HB23DD008


56.00

57.00

1.00

313.67

HB23DD008


61.00

61.67

0.67

189.85

HB23DD008


72.00

72.94

0.94

113.09

HB23DD009


61.00

66.00

5.00

2477.74

HB23DD009

including

62.00

66.00

4.00

2921.47

HB23DD009


69.80

71.00

1.20

465.78

HB23DD009


74.00

77.00

3.00

993.52

HB23DD009

including

74.00

75.00

1.00

2771.12

HB23DD010


65.00

73.00

8.00

721.82

HB23DD010

including

71.00

72.45

1.45

2027.61

HB23DD010


75.00

86.90

11.90

914.75

HB23DD010

including

78.00

83.00

5.00

1621.40

HB23DD010


91.00

92.00

1.00

577.81

HB23DD011


112.00

113.00

1.00

136.79

HB23DD012


72.00

76.07

4.07

358.24

HB23DD012


84.00

85.00

1.00

285.37

HB23DD012


87.00

88.00

1.00

119.69

HB23DD012


90.00

92.00

2.00

142.09

HB23DD013


17.00

18.00

1.00

404.47

HB23DD013


83.00

88.00

5.00

140.21

 

Table 3: Huarabagoo Significant gold intercepts (>0.1g/t Au)

HOLE ID


From

To (m)

Interval Length

(m)

 

Au g/t

HB23DD001


19.00

20.00

1.00

0.18

HB23DD002


15.00

17.00

2.00

0.67

HB23DD002

including

15.00

16.00

1.00

0.90

HB23DD002


56.00

58.00

2.00

3.11

HB23DD002


74.50

76.00

1.50

0.31

HB23DD002


78.00

80.00

2.00

0.21

HB23DD003


1.00

3.40

2.40

0.20

HB23DD003


44.00

48.00

4.00

0.14

HB23DD003


101.00

102.00

1.00

0.15

HB23DD004


47.00

55.00

8.00

0.84

HB23DD004

including

48.00

49.00

1.00

1.69

HB23DD004

including

51.00

55.00

4.00

1.17

HB23DD004


56.45

66.00

9.55

0.53

HB23DD004

including

56.45

57.00

0.55

1.59

HB23DD004

including

60.00

61.00

1.00

0.53

HB23DD004

including

63.00

65.38

2.38

1.13

HB23DD005


46.00

55.64

9.64

0.74

HB23DD005

including

47.00

48.00

1.00

1.37

HB23DD005

including

50.00

52.00

2.00

2.28

HB23DD005

including

54.75

55.64

0.89

0.76

HB23DD005


58.00

66.00

8.00

0.54

HB23DD005

including

58.00

59.00

1.00

1.36

HB23DD005

including

64.00

65.00

1.00

2.06

HB23DD007


47.00

52.00

5.00

0.15

HB23DD008


44.00

45.00

1.00

0.24

HB23DD008


47.00

47.54

0.54

0.10

HB23DD008


72.94

74.00

1.06

0.39

HB23DD009


64.00

65.00

1.00

0.26

HB23DD010


65.00

67.00

2.00

0.58

HB23DD010

including

66.00

67.00

1.00

0.97

QP/CP Statement

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.

To learn more about Laramide, please visit the Company's website at www.laramide.com

Follow us on Twitter @LaramideRes

About Laramide Resources Ltd.:

Laramide is focused on exploring and developing high-quality uranium assets in Australia and the western 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 largest projects 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. An NI 43-101 PEA study completed in 2023 has described an 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.

SOURCE Laramide Resources Ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2024/20/c7649.html

Copyright CNW Group 2024

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