TORONTO, Dec. 13,
2022 /CNW/ - Laramide Resources Ltd. ("Laramide") is
pleased to announce the commencement of a diamond drill program at
its NRC licensed Crownpoint Uranium Project, near Gallup, New Mexico, USA ("Crownpoint"). The
work programs are being managed and executed by NuFuels, Inc., a
subsidiary of Laramide Resources Ltd. Crownpoint consists of two discrete
ISR-amenable deposits Crownpoint
and Churchrock covered by a single NRC licence (sua-1580).
Marc Henderson, President and CEO
of Laramide Resources Ltd., commented, "Throughout the prolonged
downturn of the uranium market, we maintained and enhanced our
asset base as well as our core technical capability and that
strategy has paid off, allowing us to now re-start our development
plans at several of the company's US Assets. The retention of key
professional and technical staff along with our new General Manager
for US Operations ensures that our team now possess the diverse
skills to launch our return to active development status."
This initial drilling, which will consist of seven drill holes
located within our NRC-licensed areas, will confirm and potentially
expand our understanding of the mineralized resources and optimize
our planned ISR production processes. The program also combines
phase I maintenance at our existing Crownpoint site to support the drilling
program. Results from the current program, expected in Q1/2023 will
inform the detailed planning and Preliminary Economic Assessment
("PEA") required to advance for full ISR production. With the
fundamental shift in the uranium market now becoming increasingly
entrenched and validated by utility action, we are now taking
active measures to better prepare for additional start up
activities and investment when warranted.
NuFuels will conduct additional Laboratory testing on the Core
samples with the objective of the laboratory-scale program to
demonstrate the capacity to restore groundwater geochemical
conditions to levels that existed prior to uranium recovery through
the application of ISR methods. We will conduct a bench level
demonstration, through an independent laboratory, of ISR, post ISR
restoration and post restoration stability characteristics using
core samples collected from multiple representative locations
within the Churchrock deposit. The objectives for this program are
as follows:
- Complete a bench level testing program in support of the
New Mexico State discharge permit
application.
- Replicate the in-situ uranium chemistry and recovery
characteristics at the laboratory scale;
- Determine ISR mining reaction kinetics data specific to the ore
body
- Duplicate expected reverse osmosis (RO) restoration chemistry
characteristics and evaluate the results;
- Examine uranium and other trace element concentrations after
simulated reverse osmosis treatment and sulfide treatment;
- Record pH and clay mineralogy of the (laboratory) leached
samples.
- Examine uranium and other potential trace metals concentrations
for rebound during a post restoration stability period.
"We are pleased to be drilling and actively working again
in the USA and our renewed
activity in New Mexico culminates
what has been an active year for the Company. We completed two
separate drilling programs at our Westmoreland Project in
Queensland, Australia – both
awaiting assay results – and we also recently completed an ILUA
(Indigenous land use agreement) and ancillary agreement with the
Gangalidda & Garawa Native Title Aboriginal Corporation
(GGNTAC) for the Westmoreland Uranium Project. Our increasing pace
of project activity is directly related to our confidence that the
dramatic improvement in the uranium price that began in early 2021
is still in its early innings as utilities and capital market
players finally react to the very tight supply /demand fundamentals
in the sector," said Marc Henderson, President and CEO of
Laramide Resources. "These uranium sector dynamics are occurring
within broader global energy supply constraints, a renewed emphasis
on energy security of supply (including the provenance of supply),
and the focus on transitioning to the production of cleaner energy
– all trends which are expected to continue for years. For this
reason, we expect activity levels at Laramide to remain high, and
potentially accelerate in 2023."
To learn more about Laramide, please visit the Company's
website at www.laramide.com or contact:
Marc Henderson, President
and CEO
Toronto,
Canada, +1 (416) 599 7363
Ann Baines, Director,
Investor Relations
Toronto, Canada, +1 (647)
832-9904
Follow us on Twitter @LaramideRes
About Laramide Resources Ltd.:
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. Each of Laramide's
portfolio of five advanced uranium projects have been chosen for
their production potential. Laramide's Westmoreland project, in Queensland, Australia, is one of the largest
projects currently held by a junior mining company. Its U.S. assets
include Churchrock/Crownpoint, a
large ISR project, and the La Jara Mesa in the historic
Grants, New Mexico mining
district.
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.
