Laramide Resources Ltd.
TSX : LAM

Laramide Resources Ltd.

March 09, 2010 10:17 ET

Laramide Reports Remaining Assays From 2009 Drilling at Westmoreland

Highlights Include WDD09-137(Junnagunna) with 20 metres grading 0.25% U3O8 from 56 metres depth

TORONTO, ONTARIO--(Marketwire - March 9, 2010) - Laramide Resources Ltd. (TSX:LAM) reports the receipt of final laboratory results from drilling at Westmoreland in the fourth quarter of 2009. A total of 17 diamond drill holes for 1871.2 metres were drilled in November and December 2009 prior to the onset of the Northwest Queensland wet season. This drilling was one component of a broader program to assess the potential for additional uranium resources in the Redtree-Junnagunna structural trend. Drilling at the Huarabagoo and Junnagunna areas was focused on defining steeper structurally controlled mineralization. The program will continue in 2010. Drilling to date has confirmed continuity of mineralization at Junnagunna and Huarabagoo and indicated that steeper structurally defined mineralization may extend beyond the defined boundaries of the existing resources. Best results for the program included WDD09-128 (Huarabagoo – reported January 2010) which intersected 25 metres at 0.07%U3O8 from 32 metres, WDD09-132 (Huarabagoo) with 10 metres at 0.08%U3O8 from 44 metres (reported January 2010) and WDD09-137(Junnagunna) with 20 metres at 0.25%U3O8 from 56 metres (new). In addition, WDD09-140 was drilled 150 metres south of the defined extent of the Junnagunna deposit, and intersected structurally controlled uranium mineralization (5 metres at 0.09%U3O8 from 71 metres). Assay results for all 17 holes were drilled with HQ core, and are reported in the table below, with drill plan location maps and cross sections posted to our website at www.laramide.com. Note the table below includes previously reported holes WDD09-128 – WDD09-134 as well as new holes WDD09-135 to WDD09-144:

TABLE 1

Drill AMG AMG Azimuth Dip RL From To Interval U3O8
Hole East* North* (degrees) (degrees) (m) (m) (m) (m) (%)
      Huarabagoo North            
WDD09-128 194494 8063127 309 -60 82.35 32 57 25 0.07
Including 48 57 9 0.14
WDD09-128 194494 8063127 309 -60 82.35 79 103 24 0.07
Including 90 96 6 0.13
WDD09-129 194494 8063127 309 -45 82.35 23 39 16 0.06
WDD09-130 194494 8063127 0 -90 82.35 53 60 7 0.08
WDD09-131 194494 8063127 129 -45 82.35 85 90 5 0.04
WDD09-131 194494 8063127 129 -45 82.35 107 117 10 0.04
WDD09-132 194678 8063348 309 -75 81.26 44 53 10 0.08
WDD09-132 194678 8063348 309 -75 81.26 72 75 3 0.06
WDD09-133 194678 8063348 309 -55 81.26 No Significant Assays
WDD09-134 194678 8063348 129 -45 81.26 No Significant Assays
WDD09-135 194678 8063348 0 -90 81 No Significant Assays
Junnagunna Deposit
WDD09-136 196728 8065615 309 -80 76 60 65 5 0.18
And 73 75 2 0.24
And 79 81 2 0.14
And 90 100 10 0.10
WDD09-137 196764 8065649 309 -80   56 76 20 0.25
And 80 93 13 0.07
Junnagunna South
WDD09-138 196139 8065001 309 -60 76.5 No Significant Assays
WDD09-139 196139 8065001 129 -55 76.5 No Significant Assays
WDD09-140 196139 8065001 129 -75 76.5 71 76 5 0.09
WDD09-141 196204 8064939 309 -60 76.6 No Significant Assays
WDD09-142 196204 8064939 129 -60 76.6 No Significant Assays
Huarabagoo North
WDD09-143 194551 8063076 309 -60 82.35 No Significant Assays
WDD09-144 194551 8063076 0 -90 82.35 No Significant Assays
                   
*Datum is AGD66
*Intersections calculated using a 0.02% U3O8 cut-off and minimum intersection of 2 metres.

The holes listed above were also assayed for gold, but other than the weakly anomalous gold intersected in WDD09-128 (12m @ 0.23g/t Au from 65 metres depth), no significant gold was intersected. Laramide plans to resume drilling in the second quarter of 2010 when the rainy season concludes. The drilling will contribute to a broad work program to advance the project toward detailed Feasibility studies and permitting. A detailed description of the drill program with corresponding maps and figures will be announced prior to the resumption of drilling, but drilling is expected to continue the program between Huarabagoo and Junnagunna, as well as new drilling in the Longpocket area, which contains the historic Sue, Outcamp and Black Hills prospects. 

Environmental Baseline Studies

Extensive wet season baseline studies are currently underway at Westmoreland. These studies include water quality, hydrology and flora and fauna studies. Completion of these studies will position Laramide to quickly pursue permitting and final feasibility studies once government policy changes.

Metallurgical Studies.

Laramide plan to undertake further metallurgical test work as part of the 2010 program. This metallurgical testwork will include leach optimization tests and comparative studies of Solvent Extraction and Resin in Pulp methods for uranium recovery, and will position Laramide to pursue a preferred process route for final feasibility studies.

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.

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.

Contact Information

  • Laramide Resources Ltd.
    Flora Wood
    VP Investor Relations
    Toronto, Canada +1 (416) 599 7363
    or
    Laramide Resources Ltd.
    Peter Mullens
    VP Exploration
    Brisbane, Australia +61 (7) 3831 3407
    www.Laramide.com