Laramide Resources (ASX:LAM) has an increase in its resource estimate for the Westmoreland Project in northwest Queensland, by 34% in the indicated resource category.
The updated estimate totals 48.1 million pounds of triuranium octoxide at 770 parts per million (ppm) and an inferred resource of 17.7 million pounds of triuranium octoxide at 680ppm.
Laramide, which has a market capitalisation of $149.64 million, says the re-estimate supersedes all other estimations and also includes drilling results from 2012, 2023, and 2024.
CEO Marc Henderson says Westmoreland has demonstrable attributes that supports a long-life mining operation that could support ongoing jobs and regional development in northwest Queensland.
“At 65-plus million pounds it ranks one of the largest undeveloped uranium deposits in the world and has the potential to be a top 10 global uranium mine,” Henderson says.
“Moreover, we have identified extensions to mineralisation and targets in the mineral system so have a clear line of sight to adding yet more pounds.
“Building on a few years of significant effort and work, this update is a credit to our Australian Exploration team and all contractors involved.”
Laramide notes it will move forward to transition the project to a development phase, pending the support of the new Liberal Queensland Government.
Concurrently, the company will continue to conduct high-impact exploration to further grow the resource base.
The Westmoreland Project, located 380km northwest of Mt Isa comprises three granted and contiguous exploration permits. The area has been subject to exploration for uranium since the 1950s and is host to numerous occurrences and deposits.
Write to Aaliyah Rogan at Mining.com.au
Images: Laramide Resources
