Laramide Resources: Positive Assay Results from Westmoreland Project
LAM (LAM) Share Update January 2025 Thursday 16th
Laramide Resources Reports Positive Drill Results from Westmoreland Project
Laramide Resources Ltd. has released encouraging assay results from its 2024 drilling campaign at the Westmoreland Uranium Project in Queensland, Australia, indicating significant uranium and gold mineralization.
Instant Summary:
- Huarabagoo deposit shows strong uranium and gold mineralization.
- Potential linkage of Huarabagoo and Junnagunna deposits.
- Updated Mineral Resource Estimate expected in Q1 2025.
- Continuous uranium mineralization along the Link Zone.
Overview of Drilling Results
Laramide Resources Ltd. has reported further assay results from its 2024 drilling campaign at the Westmoreland Uranium Project in Queensland, Australia. The results highlight significant uranium and gold mineralization, particularly at the Huarabagoo deposit.
The Huarabagoo deposit continues to deliver broad and consistent mineralization, with notable results including 5 meters at 2,053 ppm U3O8 and 0.58 g/t Au, and 12 meters at 1,694 ppm U3O8. These findings underscore the deposit's potential and contribute to an upcoming updated Mineral Resource Estimate (MRE), expected later in Q1 2025.
Link Zone Potential
The drilling results also suggest the possibility of linking the Huarabagoo and Junnagunna deposits. The Link Zone has demonstrated continuous uranium mineralization along its strike, which could significantly increase the size of the resource.
Rhys Davies, Laramide's Vice-President of Exploration, commented on the results, emphasizing their importance in supporting the objectives of the 2024 drill program. The data will underpin the next phase of work at Westmoreland, which includes further drilling and development studies.
Corporate Developments
In addition to the drilling results, Laramide has provided updates on its exploration activities in Kazakhstan, where it has been granted 21 exploration licenses. The company is planning a large-scale airborne survey to commence in Q2 2025, with a budget of approximately USD$2.5M.
The positive assay results are likely to boost investor confidence in Laramide Resources, as they indicate a strong potential for expanding the Westmoreland Project's resource base. The potential linkage of the Huarabagoo and Junnagunna deposits could significantly enhance the project's value, potentially leading to a positive impact on the company's stock price.
Investor Reaction:
Analysts are likely to view these results favorably, as they highlight the project's potential for resource expansion. The upcoming updated Mineral Resource Estimate will be closely watched by investors, as it could further validate the project's prospects.
Conclusion:
Investors should keep an eye on Laramide's upcoming Mineral Resource Estimate and the company's strategic plans for further exploration and development. The positive drilling results could signal a promising future for the Westmoreland Project.