TORONTO, May 25, 2022
/CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") is
pleased to announce the commencement of a diamond drill program at
its Westmoreland Uranium Project in Queensland, Australia ("Westmoreland").
The current phase of the Australian 2022 drilling program is
focused on an initial test of a potential satellite deposit called
the Amphitheatre prospect ("Amphitheatre"), which is located
approximately 16.5km NE of the Junnagunna deposit, one of the three
mineralized zones comprising the Westmoreland mineral resource.
Amphitheatre is situated entirely within EPM 14558 (see map
below Figure 1) and within an area of previously identified
radiometric anomalies but was not considered a priority target by
Laramide during their previous drill campaigns at Westmoreland, which were principally focused
on converting historical resources to the measured and indicated
category in anticipation of the ultimate development of
Westmoreland as a large-scale open
pit uranium mine.
Figure 1: Current phase will focus on target area
Amphitheatre
Another satellite deposit known as Longpocket (or Sue / Outcamp)
did see some limited drilling in 2010 and again in 2012 but was
never included in the overall resource at Westmoreland. A second phase of the 2022
Australian drilling program is expected to focus once again on this
target with a view to expanding the overall resource at
Westmoreland. This phase of the
program would be expected to follow completion and delivery of
results from the 1,000 metres of planned drilling at Amphitheatre
and would likely commence no sooner than late Q3/2022.
Laramide has plans for exploration programs in Australia that include an initial phase of
drilling at the Murphy Project, which is situated in the Northern
Territory and is contiguous to the Westmoreland tenements in Queensland. Laramide has already completed
several earlier phases of exploration work at Murphy – including
extensive geophysics and some widespread surface geochemistry (see
reference to technical report below) – but the large tenement
package has yet to be drilled and was acquired for its district
scale potential.
"We are pleased to be drilling and actively exploring again in
Australia and have been encouraged
by the dramatic improvement in the uranium price, which is finally
beginning to reflect very tight supply /demand fundamentals in the
sector," said Marc Henderson,
President and CEO of Laramide Resources. "The broader energy supply
constraints, a renewed emphasis on energy security of supply
including the provenance of the supply, and the focus on
transitioning to the production of clean energy are expected to
contribute to the price fundamentals of uranium mining."
Laramide currently has a healthy balance sheet to support its
expanding exploration effort and also plans to ramp up its investor
relations initiatives. To this end, we are pleased to announce that
Ann Baines has joined the company as
Director, Investor Relations, effective immediately. Ms. Baines
brings over 20 years' experience working with TSX and ASX listed
junior mining companies, including Bannerman Resources, Frontera
Copper, Queenston Mining and Kensington Resources.
References to Mineral Resource Estimates and the Preliminary
Economic Assessment of Westmoreland Uranium Project are available
on the Company website: Independent JORC/NI 43-101 Mineral Resource
Estimate completed by Mining Associates of Australia in May
2009 and Westmoreland Uranium Project NI 43-101 PEA/Scoping
Study completed by Lycopodium Mining Associates in April 2016.
References to work completed by Laramide on Murphy Project is
available in this Report, Independent Technical Report on the
Murphy Project, Northern Territory, Australia on the Company's website.
Follow us on Twitter @LaramideRes
About Laramide:
Laramide is engaged in the exploration and development of
high-quality uranium assets. Its wholly owned uranium assets are in
Australia and the United States. Laramide's portfolio of
advanced uranium projects have been chosen for their production
potential. Its flagship project, Westmoreland, in Queensland, Australia, is one of the largest
projects currently held by a junior mining company. Its U.S. assets
include La Jara Mesa in Grants, New
Mexico, and La Sal in the
Lisbon Valley district of Utah.
Its portfolio also includes joint ventures in the Northern
Territory, strategic equity positions and a portfolio of uranium
royalties in the Grants Mineral District of New Mexico.
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.
