Laramide Reports Results from Drilling at Westmoreland Highlights Include Hole LPDD10-006 with 4 Metres Grading 0.29% U3O8 and Hole WDD-004 with 9 Metres Grading 0.16% U3O8
Highlights Include Hole LPDD10-006 with 4 Metres Grading 0.29% U3O8 and Hole WDD-004 with 9 Metres Grading 0.16% U3O8
TORONTO, ONTARIO -- (Marketwire) -- 11/24/10 -- Laramide Resources (TSX: LAM) is pleased to release assay results for drilling completed in September 2010 at its 100% owned Westmoreland project located in North West Queensland, Australia. A total of 19 diamond drill holes for 1377.9 metres were drilled in August and September 2010. Of the 19 drill holes, 7 holes were drilled for 630.40 metres at Huarabagoo, and 12 holes were drilled for 747.50 metres at Long Pocket.
The Long Pocket area is located 8km east of Junnagunna and incorporates the historic Sue, Outcamp and Black Hills prospects. Drilling at Long Pocket was undertaken to test the tenor and distribution of mineralization at the historic Outcamp prospect area. Drilling at Huarabagoo was undertaken primarily to obtain structural data on mineralizing structures in the northern part of that prospect. The Huarabagoo drilling confirmed the Huarabagoo mineralization is bound by steep structures broadly parallel to the Redtree Dyke with indications of horizontal mineralization in coarser more permeable sandstone facies. Diagrams are available on our company website at www.laramide.com.
Best results for the program included:
-- LPDD10-004 (Long Pocket) with 4m at 0.13% U3O8 from 19m below ground
level;
-- LPDD10-006 (Long Pocket) with 4m at 0.29% U3O8 from 23m below ground
level;
-- LPDD10-009 (Long Pocket) with 15m at 0.09% U3O8 from 5m below ground
level;
-- WDD10-150 (Huarabagoo) with 16m at 0.08% U3O8 from 19m below ground
level;
-- WDD10-151 (Huarabagoo) with 9m at 0.16% U3O8 from 22m below ground
level;
Assay results are summarized in TABLE 1
TABLE 1 - Significant Drill Intersections
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Drill AMG AMG Azimuth Dip From To Interval U3O8
Hole East(i) North(i) (degrees) (degrees) RL (m) (m) (m) (m) (%)
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Huarabagoo(ii)
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WDD10-
145 194603.4 8063271.9 309 -45 80.75 No Significant Assays
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WDD10-
146 194603.4 8063271.9 309 -70 80.75 28 38 10 0.04
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40 45 5 0.05
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WDD10-
147 194603.4 8063271.9 0 -90 80.75 18 20 2 0.05
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27 48 21 0.05
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69 71 2 0.05
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WDD10-
148 194599.6 8063268.5 129 -60 80.47 No Significant Assays
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WDD10-
149 194540.9 8063207.2 129 -45 81.41 No Significant Assays
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WDD10-
150 194540.9 8063207.2 129 -70 81.38 19 35 16 0.08
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WDD10-
151 194540.9 8063207.2 0 -90 81.38 22 31 9 0.16
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43 45 2 0.06
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55 62 7 0.11
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Long Pocket(iii)
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LPDD10-
001 204262.5 8065022.9 0 -90 93.82 42 45 3 0.02
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LPDD10-
002 204166.8 8064992.1 0 -90 93.91 5 11 6 0.06
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15 17 2 0.03
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41 42 2 0.03
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LPDD10-
003 204084.4 8064936.4 0 -90 94.18 0 6 6 0.03
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17 23 6 0.03
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LPDD10-
004 204005.5 8064877.0 0 -90 94.93 19 23 4 0.13
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LPDD10-
005 203915.6 8064837.6 0 -90 95.26 33 36 3 0.02
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LPDD10-
006 203822.1 8064799.0 0 -90 95.79 23 27 4 0.29
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LPDD10-
007 203732.6 8064759.3 0 -90 97.17 No Significant Assays
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LPDD10-
008 204125.2 8064963.2 0 -90 94.26 8 11 3 0.02
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29 31 2 0.03
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39 41 2 0.02
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LPDD10-
009 204044.4 8064906.3 0 -90 94.57 5 20 15 0.09
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LPDD10-
010 203960.2 8064855.3 0 -90 95.42 22 26 4 0.04
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35 37 2 0.02
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LPDD10-
011 203869 8064818.3 0 -90 95.27 26 30 4 0.04
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32 35 3 0.02
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LPDD10-
012 204214.5 8065012.3 0 -90 93.89 4 9 5 0.04
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(i) Datum is AGD66
(ii) WDD10 = 200ppm U3O8 cut off and minimum intersection of 2 metres
(iii) LPDD10 = 100ppm U3O8 cut off and minimum intersection of 2 metres
The drilling at Long Pocket is the first drilling undertaken by Laramide in this area which was last explored in the late 1990's by Rio Tinto. The Long Pocket area contains a complex of radiometric anomalies which are comparable in size to the Redtree-Huarabagoo radiometric anomalies. Past drilling indicated that a broad zone of shallow, flat lying mineralization is associated with the radiometric anomalies. Drilling in August consisted of a single traverse of 50 metre spaced drill holes across the historic Outcamp prospect. Drilling confirmed the presence of a broad, flat-lying and relatively shallow zone of uranium mineralization. In this area, the width of the mineralized zone (greater than 0.02% U3O8) is approximately 500 metres. The results from this preliminary drilling provide encouragement to further drill test the area to determine its resource potential. A more extensive drilling program is planned for 2011 to provide sufficient data to undertake a resource estimation and to facilitate a revised scoping study for the project. The scoping study will incorporate the results of extensive metallurgical testwork currently underway and all previous drilling and resource modeling data. The scoping study will include a new pit optimization and scheduling study. Laramide considers that the Westmoreland project can support higher production rates than the 3 Million lbs per annum proposed in the 2007 scoping study. Laramide considers higher production rates are possible due to the size of total resources, the geometry of the deposits (80% of resources occur within 50 metres of the surface) and favourable metallurgical properties.
Peter Mullens VP Exploration commented, 'We are pleased with the results from Huarabagoo and Longpocket. Good widths and grades were returned from Huarabagoo which continues to establish the quality of the Resource. In addition Laramide completed drilling at the Longpocket area for the first time. Uranium has been known from work completed by a previous operator in the Longpocket area; however Laramide had never drilled in this zone. This is a new zone of uranium mineralization located outside the existing resource. This shows the exploration potential on the property and the ability for the resource to grow.'
Currently work at Westmoreland is focussed on completing a further program of environmental baseline data collection. This program will bring an end to collection of major data for the eventual Environmental Study and will allow Laramide to be in a position to commence a feasibility study and file for permits once there is a clear path to development of the project. Ongoing monitoring of Environmental information such as weather will continue.
Laramide has implemented a quality control program at Westmoreland to ensure best practices. Under the guidelines of the National Instrument 43-101, the Qualified Person for the Westmoreland Uranium Project is Mr. Peter Mullens who is a member of the Australian Institute of Mining and Metallurgy. Mr. Mullens has reviewed and approved the technical content of this release.
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 venture, strategic equity positions and royalty participation in uranium development and exploration companies that provide additional geographic diversification and uranium exposure for shareholders.
Or visit our web site at 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.
Contacts:
Laramide Resources Ltd.
Marc Henderson
President and CEO
Toronto, Canada
1 (416) 599 7363
www.Laramide.com