Laramide Resources' Westmoreland Drilling Yields Promising Uranium and Gold Results
LAM (LAM) Share Update November 2024 Thursday 14th
Laramide Resources Announces Promising Drilling Results at Westmoreland
Laramide Resources Ltd. has announced significant findings from its 2024 drilling campaign at the Westmoreland Uranium Project in Queensland, Australia, highlighting the potential for increased mineral resources.
Instant Summary:
- Potential link between Huarabagoo and Junnagunna deposits.
- Significant uranium and gold mineralization discovered.
- Best assay results: 2.20m @ 2,675.18 ppm U3O8 and 1.51 g/t Au.
- Drilling campaign completed with 106 holes over 11,263 meters.
Drilling Campaign Overview
Laramide Resources Ltd. has completed its 2024 drilling campaign at the Westmoreland Uranium Project, located in Queensland, Australia. The campaign focused on exploring the potential link between the Huarabagoo and Junnagunna deposits, with promising results indicating continuous uranium mineralization along the strike.
The campaign included 106 drill holes, comprising 60 Reverse Circulation (RC) and 46 Diamond Drill (DD) holes, covering a total of 11,263 meters. The assays from the Huarabagoo and Junnagunna targets have shown significant uranium and gold mineralization, enhancing the project's potential.
Significant Assay Results
The drilling results revealed some of the best assay outcomes, including:
- HB24DD004: 2.20 meters at 2,675.18 ppm U3O8 and 1.51 g/t Au from 63.00 meters, with a section of 1.00 meter at 4,091.82 ppm U3O8 and 2.0 g/t Au from 64.00 meters.
- HJ24RC004: 17.00 meters at 469.17 ppm U3O8 from 54.00 meters, including 3.00 meters at 1,374.16 ppm U3O8 from 60.00 meters.
- HJ24RC011: 15.00 meters at 380.17 ppm U3O8 from 61.00 meters, with a section of 1.00 meter at 1,986.95 ppm U3O8 from 63.00 meters.
Exploration and Future Plans
The Vice-President of Exploration, Rhys Davies, emphasized the potential for substantial growth in mineral resources, noting the shallow and broad mineralized zones identified. The company plans to advance the project to a prefeasibility study, considering the economic benefits of the emerging gold results.
An updated Westmoreland Mineral Resource Estimate is expected in early 2025, incorporating all results, including a Maiden Resource Estimate for Long Pocket.
The announcement of strong drilling results is likely to positively influence Laramide Resources' stock, as investors anticipate increased mineral resources and potential economic benefits from the gold findings. The continuous mineralization along the strike between Huarabagoo and Junnagunna could significantly enhance the project's value.
Investor Reaction:
Analysts are likely to view these results favorably, given the potential for increased resource estimates and the strategic importance of linking the Huarabagoo and Junnagunna deposits. The discovery of gold mineralization adds an attractive dimension to the project's economics.
Conclusion:
Investors should keep a close watch on Laramide's upcoming resource estimates and prefeasibility study developments. The promising results from the Westmoreland project could lead to substantial growth opportunities for the company.