Following a prolonged wet season, Toronto-based explorer Laramide Resources (ASX:LAM) has kicked off its 12,000m 2024 drilling campaign at the Westmoreland Uranium Project in northwest Queensland.
Drilling will include more than 100 drillholes designed to test multiple targets across Westmoreland, and into the Murphy Uranium project in the Northern Territory..
Laramide, which has a market capitalisation of $211.5 million, says the first rig will begin drilling at the Amphitheatre prospect, which will expand on shallow mineralisation uncovered in 2023 and target interpreted extensions under alluvial cover to the north.
The second rig is expected to arrive early next month, which will move to the main resource areas to test extensions of mineralisation that potentially links the Redtree, Huarabagoo, and Junnagunna deposits, and enhance the deposits’ potential.
At the Long Pocket prospect, which lies 7km to the east of Junnagunna, drilling will support a maiden resource estimate due for completion before the end of this year. Drilling will comprise up to 1,000m to ensure appropriate drill spacing in order to show continuity of mineralisation.
Laramide says it expects the addition of Long Pocket to the Westmoreland mineral resource base will enhance the economics of the project and possibly contribute to an extended mine life.
CEO Marc Henderson says the company aims to investigate whether the three known deposits — Redtree, Huarabagoo, and Junnagunna — can be linked and, if so, whether it can increase the size of deposit.
“We believe that our large strategic land position has some of the best potential for meaningful resource growth within Australia — and within the uranium sector generally,” Henderson says.
“Furthermore, we believe that our expanding exploration effort comes at an ideal time as nuclear power gains renewed acceptance globally and energy policy considerations everywhere take centre stage.”
Meanwhile, Laramide has been awarded $60,000 under the Northern Territory Geological Survey’s exploration grant scheme to test the genetic linkage of uranium at the Southern Comfort and Mageera prospects towards proving almost 10km of mineralised strike length.
The company has also been awarded $100,000 to conduct a gradient array induced polarisation (GAIP) survey at the Crystal Hill prospect. Crystal Hill is a vein-hosted, intrusion-related tin-tungsten target.
Laramide Resources is a uranium explorer and developer with assets in Australia and the US. The company’s portfolio consists of advanced uranium projects in districts with historical production or superior geological prospectivity.
Write to Aaliyah Rogan at Mining.com.au
Images: Laramide Resources
