Highlights
The Lo Herma Exploration Target Range (ETR) for Lo Herma is also updated & increased (Table 1), since first reported to ASX on 05/07/2023, and now stands at a range of between 5.59 to 7.10 million tonnes at a grade range of 500 ppm to 700 ppm U3O8. GTI’s combined uranium MRE across its Wyoming projects, including the Great Divide Basin, is now 10.32Mlbs with an additional exploration target (Table 6).
The potential quantity and grade of Exploration Targets is conceptual in nature and there has been insufficient exploration to estimate a JORC-compliant Mineral Resource Estimate. It is uncertain if further exploration will result in the estimation of a MRE in the defined exploration target areas. In addition to drilling conducted in 2024, Exploration Targets have been estimated based on historical drill maps, drill hole data, aerial geophysics (reported during 2023) and drilling by GTI conducted during 2023 to verify the historical drilling information. There are now 954 drill holes in the Lo Herma project area with the 2023 and 2024 drill programs conducted by GTI designed, in part, to test the Lo Herma Exploration Target.
“We are delighted with the major uplift in Lo Herma’s uranium resource, now 50% larger at 8.57Mlbs. This important milestone positions Lo Herma favourably in size against Ur-Energy’s nearby 8.8Mlb Shirley Basin ISR build, and Encore Energy’s 8.1Mlb Gas Hills ISR project (refer Schedule 1). Importantly, over 30% of Lo Herma’s resource is lifted into Indicated classification with an expanded Exploration Target pointing the way to even greater potential for growth. Given Lo Herma's proximity to several major ISR production facilities within 60 miles, we believe this project has strong potential to transition into production. Our immediate focus is completing a Scoping Study in the first half of 2025. This material resource upgrade plus the significant exploration target confirms our belief that 8.57Mlbs is just the starting point for Lo Herma.” Bruce Lane, Executive Director, GTi Energy.
FIGURE 1. WYOMING IS URANIUM PROCESSING ASSETS & GTI PROJECT LOCATIONS
LO HERMA URANIUM PROJECT – LOCATION & BACKGROUND
The Lo Herma ISR Uranium Project is located in Converse County, Powder River Basin (PRB), Wyoming. The Project lies approximately 15 miles north of the town of Glenrock and within ~60 miles of six (6) permitted ISR uranium production assets. These assets include UEC’s Willow Creek (Irigaray & Christensen Ranch) & Reno Creek ISR plants, Cameco’s Smith Ranch-Highland ISR facilities, Energy Fuels Nichols Ranch ISR plant & Ur-Energy’s Shirley Basin (Figure 1).
The Powder River Basin region has extensive ISR uranium production history with numerous defined ISR uranium resources, central processing plants (CPPs) and satellite deposits (Figure 1). The Powder River Basin region has been the backbone of Wyoming uranium production since the 1970s.
As reported to ASX on 14/03/2023, GTI acquired a comprehensive historical data package, with an estimated replacement value of over A$15m, for the Lo Herma region. The data package included original data for circa 1,771 drill holes for ~530,00 feet (~162,000m) of drilling in the Lo Herma region.
The original drill data was used to prepare an inferred MRE and an ETR for Lo Herma using the original exploration results. Subsequently GTI conducted a 26-hole exploration drill program in the winter of 2023 followed by a 73-hole resource development drill program in the summer of 2024, the results of which were previously reported on 20/12/2023, 31/07/24, 12/09/2024 & 19/09/2024 and support the updated MRE and ETR for Lo Herma shown in Table 1.
TABLE 1: SUMMARY OF LO HERMA RESOURCES & ETR (REFER TABLES 2 & 3)
The potential quantity and grade of Exploration Targets is conceptual in nature and there has been insufficient exploration to estimate a JORC-compliant MRE. It is uncertain if further exploration will result in the estimation of a MRE in the defined exploration target areas. In addition to drilling conducted in 2024, Exploration Targets have been estimated based on historical drill maps, drill hole data, aerial geophysics (reported during 2023) and drilling by GTI conducted during 2023 to verify the historical drilling information. There are now 954 drill holes in the Lo Herma project area with drill programs conducted by GTI during 2023 and 2024 designed, in part, to test the Lo Herma Exploration Target.
LO HERMA MINERAL RESOURCE ESTIMATE (MRE) UPDATE
The updated Lo Herma MRE, in accordance with the JORC Code (2012), is presented in Table 2:
TABLE 2: LO HERMA UPDATED MINERAL RESOURCE ESTIMATE
The MRE has been calculated by applying a cutoff grade of 200 ppm eU3O8 and a grade thickness (GT) cutoff of 0.2 GT. All available exploration data was evaluated using roll-front mapping techniques and modelled using GT contour methodology. GT contour modelling is widely accepted and used within the uranium industry for modelling roll-front style deposits. A range of criteria has been considered in determining resource classification including data quality, geologic continuity, and drill hole spacing which is discussed in Appendix 1, JORC code Table 1 report.
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Highlights:
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 Estimate 1 . 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.
_______________________ |
1 https://laramide.com/projects/westmoreland-uranium-project/ |
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 km 2 (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
Follow us on Twitter @LaramideRes
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 km 2 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.
Table 1: Significant intercepts >100ppm U 3 O 8 | |||||
Hole number | From | To | Length (m) | U 3 0 8 ppm | Au g/t |
HB24DD005 | 47 | 50 | 3 | 371.49 | 0.18 |
HB24DD005 | 55.4 | 63 | 7.6 | 162.71 | 0.03 |
HB24DD005 | 70 | 74 | 4 | 150.17 | 0.01 |
HB24DD005 | 103 | 111 | 8 | 102.27 | 0.01 |
HB24DD006 | 30 | 33 | 3 | 307.07 | 0.15 |
HB24DD006 | 36 | 44 | 8 | 1449.86 | 0.22 |
including | 37.3 | 39 | 1.7 | 6208.83 | 0.78 |
HB24DD006 | 79 | 80 | 1 | 155.06 | 0.02 |
HB24DD007 | 60 | 76 | 16 | 2151.24 | 0.01 |
including | 60 | 72 | 12 | 2816.22 | 0.01 |
HB24DD007 | 80 | 82 | 2 | 192.50 | 0.03 |
HB24DD007 | 86 | 87 | 1 | 121.46 | 0.01 |
HB24DD008 | 33 | 34 | 1 | 101.88 | 0.01 |
HB24DD008 | 40 | 42 | 2 | 222.28 | 0.02 |
HB24DD008 | 48 | 67 | 19 | 620.58 | 1.95 |
including | 57 | 59 | 2 | 1720.45 | 1.64 |
and | 64 | 66 | 2 | 2202.16 | 12.39 |
HB24DD008 | 73 | 74 | 1 | 190.44 | 0.23 |
HB24DD008 | 81 | 84 | 3 | 487.72 | 0.03 |
including | 83 | 84 | 1 | 1084.86 | 0.04 |
HB24DD009 | 58 | 62 | 4 | 236.11 | 0.04 |
HB24DD009 | 76 | 77 | 1 | 116.27 | 0.01 |
HB24DD009 | 78 | 79 | 1 | 153.30 | 0.01 |
HB24DD010 | 15 | 17 | 2 | 574.86 | 0.15 |
including | 15 | 16 | 1 | 1007.04 | 0.25 |
HB24DD010 | 33 | 41.3 | 8.3 | 336.50 | 0.08 |
including | 40 | 41.3 | 1.3 | 1379.66 | 0.35 |
HB24DD010 | 44 | 47 | 3 | 1339.85 | 1.18 |
including | 44 | 45.65 | 1.65 | 2191.03 | 0.96 |
HB24DD010 | 53.25 | 62 | 8.75 | 1115.03 | 1.44 |
including | 53.25 | 56.1 | 2.85 | 2785.70 | 0.22 |
HB24DD010 | 68.4 | 84 | 15.6 | 2237.03 | 0.53 |
including | 70 | 71 | 1 | 2264.06 | 0.23 |
and | 76 | 83 | 7 | 4311.16 | 0.10 |
with # | 80 | 81 | 1 | 1.42 % | 0.01 |
HB24DD010 | 88 | 89 | 1 | 131.48 | 0.01 |
HJ24DD014 | 25.55 | 27 | 1.45 | 180.42 | 0.01 |
HJ24DD014 | 79 | 80 | 1 | 310.13 | 0.01 |
HJ24DD014 | 125 | 126 | 1 | 113.20 | 0.02 |
HJ24DD015 | 95 | 96 | 1 | 321.92 | 0.40 |
HJ24DD015 | 101 | 103 | 2 | 191.03 | 0.10 |
HJ24DD015 | 133 | 135 | 2 | 1229.32 | 0.02 |
including | 133 | 135 | 2 | 1229.32 | 0.02 |
HJ24DD016 | 69.35 | 73 | 3.65 | 772.12 | 0.12 |
including | 69.35 | 70.15 | 0.8 | 1285.33 | 0.15 |
and | 71 | 72 | 1 | 1044.77 | 0.14 |
HJ24DD016 | 76 | 87 | 11 | 229.76 | 0.02 |
HJ24DD016 | 104.4 | 106 | 1.6 | 130.89 | 0.01 |
HJ24DD017 | 15 | 40 | 25 | 393.64 | 0.01 |
including | 28 | 29 | 1 | 1015.29 | 0.01 |
and | 34 | 35 | 1 | 2128.46 | 0.01 |
HJ24DD017 | 48 | 49 | 1 | 128.53 | 0.01 |
HJ24DD017 | 51 | 52 | 1 | 142.68 | 0.01 |
HJ24DD017 | 68 | 69 | 1 | 114.85 | 0.01 |
HJ24DD017 | 72 | 78 | 6 | 161.69 | 0.01 |
HJ24DD018 | 21 | 22 | 1 | 277.11 | 0.01 |
HJ24DD018 | 29 | 32 | 3 | 477.18 | 0.01 |
HJ24DD018 | 106 | 115 | 9 | 770.03 | 0.05 |
including | 111 | 113 | 2 | 2953.90 | 0.18 |
HJ24DD019 | 87 | 93 | 6 | 1177.43 | 0.04 |
including | 89 | 93 | 4 | 1520.58 | 0.01 |
HJ24DD020 | 70 | 71 | 1 | 199.87 | 0.01 |
HJ24DD020 | 95.55 | 100 | 4.45 | 163.33 | 0.01 |
HJ24DD020 | 104 | 108 | 4 | 196.04 | 0.01 |
HJ24DD020 | 113 | 114 | 1 | 178.65 | 0.01 |
HJ24DD020 | 119 | 120 | 1 | 203.41 | 0.01 |
HJ24RC016 | 35 | 40 | 5 | 176.13 | 0.01 |
HJ24RC016 | 43 | 44 | 1 | 114.62 | 0.01 |
HJ24RC016 | 48 | 51 | 3 | 195.16 | 0.01 |
HJ24RC016 | 62 | 63 | 1 | 109.90 | 0.01 |
HJ24RC017 | 22 | 23 | 1 | 120.87 | 0.01 |
HJ24RC018 | No significant intercepts to report | ||||
HJ24RC019 | 14 | 19 | 5 | 166.08 | 0.01 |
* Included intercepts are above >1000 ppm U 3 O 8 # intercept is above >1% U 3 O 8 |
Table 2: Significant intercepts >0.1 g/t Au | |||||
Hole number | From | To | Length (m) | U 3 0 8 ppm | Au g/t |
HB24DD005 | 47 | 47.7 | 0.7 | 233.48 | 0.51 |
HB24DD005 | 48.85 | 50 | 1.15 | 749.97 | 0.13 |
HB24DD005 | 55.4 | 56 | 0.6 | 244.09 | 0.10 |
HB24DD006 | 32 | 33 | 1 | 274.75 | 0.35 |
HB24DD006 | 37.3 | 39 | 1.7 | 6208.83 | 0.78 |
HB24DD006 | 43 | 44 | 1 | 341.97 | 0.21 |
HB24DD006 | 82 | 83 | 1 | 38.68 | 0.48 |
HB24DD006 | 86 | 87 | 1 | 58.25 | 0.43 |
HB24DD007 | 21 | 22 | 1 | 17.92 | 0.36 |
HB24DD008 | 48 | 51 | 3 | 343.34 | 0.46 |
HB24DD008 | 57 | 60.15 | 3.15 | 1220.21 | 1.10 |
including | 57 | 58 | 1 | 2185.06 | 2.89 |
with | 57.6 | 58 | 0.4 | 3631.94 | 5.96 |
HB24DD008 | 64 | 71 | 7 | 781.46 | 4.60 |
including | 64 | 67 | 3 | 1733.42 | 10.60 |
with # | 65 | 66 | 1 | 2299.44 | 24.2 |
HB24DD008 | 73 | 74 | 1 | 190.44 | 0.23 |
HB24DD008 | 79 | 80 | 1 | 30.66 | 0.10 |
HB24DD010 | 15 | 16 | 1 | 1007.04 | 0.25 |
HB24DD010 | 40 | 41.3 | 1.3 | 1379.66 | 0.35 |
HB24DD010 | 44 | 62 | 18 | 778.72 | 1.34 |
including | 44 | 47 | 3 | 1339.85 | 1.18 |
with | 52 | 53.25 | 1.25 | 54.01 | 5.51 |
including | 56.1 | 60 | 3.9 | 259.61 | 2.92 |
with | 56.1 | 58 | 1.9 | 139.39 | 5.41 |
HB24DD010 | 70 | 71 | 1 | 2264.06 | 0.23 |
HB24DD010 | 73 | 77 | 4 | 855.21 | 1.97 |
including | 74 | 77 | 3 | 1053.42 | 2.54 |
with | 74 | 76 | 2 | 545.38 | 3.54 |
HJ24DD016 | 69.35 | 72 | 2.65 | 974.04 | 0.14 |
HJ24DD018 | 111 | 113 | 2 | 2953.90 | 0.18 |
HJ24DD019 | 43 | 44 | 1 | 4.36 | 0.41 |
HJ24DD019 | 88 | 89 | 1 | 841.95 | 0.15 |
HJ24RC019 | 108 | 109 | 1 | 45.75 | 0.21 |
* Included intercepts are above >0.5g/t Au; with intercepts above >1g/t Au # I ntercepts exceed 20 g/t Au |
SOURCE Laramide Resources Ltd.
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