Laramide Resources (ASX:LAM) has struck further high-grade uranium mineralisation at the Huarabagoo deposit within its Westmoreland Project in North West Queensland.
The results come from 13 holes drilled in November 2023 to infill zones of historical drilling and test for potential expansions of the deposit to the northeast.
Laramide, which has a $238 million market capitalisation, says all 13 holes intercepted multiple zones of mineralisation greater than 100 parts per million U3O8, with some areas exceeding 1% U3O8.
Essentially, these results confirm the expansion potential of the deposit and could help Laramide upgrade the resource classification of the deposit. The Huarabagoo resource estimate currently sits at 5.8 million pounds @ 0.109% U3O8 in the inferred category and 2.7 million pounds @ 0.083% U3O8 in the indicated category.
Some of the top new drilling hits include hole HB23DD002 with 1.5m @ 1,448ppm U3O8 from 74.5m and hole HB23DD004 with 19m @ 519ppm U3O8 from 47m, including 2m @ 1,690ppm U3O8 from 53m.
Laramide President and CEO Marc Henderson says the new ‘high-grade’ results underscore the quality of the company’s Westmoreland asset and highlight the ‘significant scope’ to potentially double the size of the Huarabagoo resource.
“Resource growth is one of the key goals of the 2024 field season, and the technical team is in the final planning stages of a multi-rig drilling program.
In addition to the strong uranium grades, the deposits also host zones of significant gold and vanadium mineralisation.”
Speaking on these gold grades, Henderson says the Huarabagoo area was explored for gold in the 1980s, and while Laramide remains focused on the uranium opportunity at the project, it will also take on further studies to help identify whether gold could enhance the economics of the project.
In this vein, Laramide’s recent exploration in the area has yielded gold hits such as 1m @ 0.9 grams per tonne Au from 15m, 2m @ 3.1g/t Au from 56m, and 8m @ 0.84g/t Au from 47m.
Images: Laramide Resources
