Laramide's 2024 Drill Program Continues to Return Strong Results at the Westmoreland Project in Queensland, Australia, including Notable Gold Mineralisation

Highlights:

• Results continue to demonstrate the potential to link the Huarabagoo and Junnagunna uranium deposits
  • HJ24DD017 – 25.00m @ 393.64 ppm (0.04%) U₃O₈ from 15.00m,
    • including 1.00m @ 1,015.29 ppm (0.10%) U₃O₈ from 28.00m
    • and 1.00m @ 2,128.46 ppm (0.21%) U₃O₈ from 34.00m
  • HJ24DD019 – 6.00m @ 1,177.43 ppm (0.12%) U₃O₈ from 87.00m,
    • including 4.00m @ 1,520.58 ppm (0.15%) U₃O₈ from 89.00m
• Uranium mineralisation at Huarabagoo continues to deliver impressive results including:
  • HB24DD010 – 15.60m @ 2,237.03 ppm (0.22%) U₃O₈ and 0.53 g/t Au from 68.40m,
    • including 1.00m @ 2,264.06 ppm (0.23%) U₃O₈ and 0.23 g/t Au from 70.00m
    • and 7.00m @ 4311.16 ppm (0.43%) U₃O₈ and 0.10 g/t Au from 76.00m
    • with highest intercept result of 1.00m @ 1.42% U₃O₈ and 0.01 g/t Au from 80.00m
• Broad zones of gold mineralisation were also intercepted with grades up to 24.2g/t Au
  • HB24DD008 – 19.00m @ 620.58 ppm (0.06%) U₃O₈ and 1.95 g/t Au from 48.00m,
    • including 2.00m @ 1,720.45 ppm (0.17%) U₃O₈ and 1.64 g/t Au from 57.00m
    • and 2.00m @ 2,202.16 ppm (0.22%) U₃O₈ and 12.39 g/t Au from 64.00m
    • with highest intercept result of 1.00m @ 2,299.44 ppm (0.22%) U₃O₈ and 24.20g/t Au from 65.00m
  • HB24DD006 – 8.00m @ 1,449.86 ppm (0.14%) U₃O₈ & 0.22 g/t Au from 36.00m,
    • including 1.70m @ 6,208.83 ppm (0.62%) U₃O₈ & 0.78 g/t Au from 37.60m.
• New Exploration Permit (EPM 28807) granted adjacent to Westmoreland Project adding 327km² of highly prospective tenure in NW Queensland

TORONTO, Dec. 9, 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 another batch of assay results from the 2024 drilling campaign completed at the Westmoreland Uranium Project in Queensland, Australia ("Westmoreland") and the receipt of a permit for exploration for a large land package immediately east of and adjacent to the current Westmoreland land tenure.

Results for 6 holes of 17 holes from infill drilling at Huarabagoo and for 11 holes of 27 holes drilled in the zone between the Huarabagoo and Junnagunna deposits have been received. The results demonstrate that uranium mineralisation is continuous along strike and potentially joins the two deposits. Furthermore, there is a significant gold endowment within the mineralising system.

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

"The uranium and gold grades at Huarabagoo are consistently impressive. As we continue to gather more data relating to gold in the system, it is becoming clear that historical exploration work did not include assaying for gold, which has left significant gaps in the data, and presents a meaningful opportunity to enhance the project economics of these deposits.

"Furthermore, the shallow and broad zones of mineralisation observed in the Huarabagoo-Junnagunna link zone highlight the considerable potential for expanding the uranium mineral resources."  

Drilling across the broader Westmoreland Project was completed on the 4th of November and comprised 106 holes (includes 60 RC and 46 DD) for 11,263 meters, across multiple targets. Core processing continues, with announcements on assay results expected to continue into Q1 2025.

An updated Westmoreland Mineral Resource Estimate, which will include all results and include a Maiden Resource Estimate for Long Pocket, remains on track for early 2025.

Huarabagoo

The Huarabagoo deposit is located in the structural corridor between Redtree and Junnagunna and is included in the restated 2016 Westmoreland Mineral Resource Estimate¹. Seventeen diamond drill holes for a total of 1,827.16m, were completed in 2024. Laramide designed this program to test the extents of modelled mineralisation for both uranium and also for the gold associated with the intrusive dolerite dyke.

Significant results from the 2024 drilling confirm that both uranium and gold mineralisation are within and peripheral to the dyke margins (Figure 1) and along fault extensions, with multiple zones intersecting a similarly variable hematite-silicate-sericite altered sandstone.

Full Drill Collar details can be found here by clicking this link.

Huarabagoo-Junnagunna Link Zone

Drilling in the Huarabagoo-Junnagunna structural corridor is designed to test the mineralisation continuity between the two deposits with the intent to further increase the overall size of the resource. The program drill tested a system analogous to the Redtree Dyke system, and comprised of 21 RC holes for 3,096m, and 8 diamond drillholes for 1,124.10m, totaling 29 holes for 4,220.10m. The program was designed with three phases starting with an initial RC component (HJ24RC001 to HJ24RC013) to target the spatial extents for the Dolerite Dyke. The subsequent phases consisted of step out diamond drilling (HJ24DD014-HJ24DD021) to obtain structural measurements and establish structural controls and orientation of mineralisation the dolerite dyke system and fault zone extensions. The final phase consisted of RC drilling (HJ24RC014-HJ24RC021) to follow up on substantial downhole gamma results from earlier in the campaign.

NEW EXPLORATION PERMIT GRANTED

EPM28807 has recently been granted, adding 327 km² (32,700 hectares) to the exploration portfolio in northwest Queensland. This tenement is adjacent to and surrounding EPM14558 which contains the Westmoreland Project, increasing and securing our foothold in the region to grow our pipeline of exploration targets and resources. The permit hosts 7 known uranium occurrences and one gold occurrence and presents a substantial exploration opportunity with significant areas of prospective Westmoreland Conglomerate outcropping and under cover.

Qualified/Competent Person

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 mineralization 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" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. 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

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About Laramide Resources Ltd.

Laramide is focused on exploring and developing high-quality uranium assets in Tier-1 uranium jurisdictions. 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 large development projects are considered to be late-stage, low-technical risk projects.  As well, Laramide has expanded its pipeline with strategic exploration in Kazakhstan where the company is exploring over 5,500 km² of the prolific Chu-Sarysu Basin for world class roll-front deposits which are amenable to in-situ recovery. 

Forward-looking Statements and Cautionary Language

This release includes certain statements that may be deemed to be "forward-looking statements." All statements in this release, other than statements of historical facts, that address events or developments that the management of the Company expect, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Actual results or developments may differ materially from those in forward-looking statements. Laramide disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Since forward-looking information addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration and production for uranium; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; worldwide demand for uranium; uranium price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.

SOURCE Laramide Resources Ltd.