Uranium explorer Laramide Resources (ASX:LAM) has struck ‘broad-based’ uranium mineralisation in the first two holes drilled at its Amphitheatre exploration target in Western Australia.
The results are the first received by Laramide from its more-than-4000m exploratory drilling program, first announced in July, across the Westmoreland Uranium Project, which is home to the Amphitheatre target.
Results from the first hole, AM23DD01, include 1m @ 660 parts per million (ppm) triuranium octoxide (U3O8) from 1m, 3m @ 177ppm U3O8 from 7m, and 5.5m @ 242ppm U3O8 from 34.5m, including 0.59m @ 1,249ppm U3O8 from 36.81m.
Hole AM23DD02 struck 18.41m @ 352ppm U3O8 from 49.21m, including 0.66m @ 2,452ppm U3O8 from 49.21m and 0.84m @ 1,910ppm U3O8 from 69.06m.
All up, Laramide, which has a $176.22 million market capitalisation, drilled 9 holes for 855.8m at the Amphitheatre target, though it is still awaiting assays for the remaining 7 holes.
Commenting on the exploration results so far, Laramide President and CEO Marc Henderson says: “Our drill program at Westmoreland is off to an excellent start, with the first of our exploration drillholes at Amphitheatre returning multiple zones of mineralisation; we look forward to updating investors as more assays are received.
“We believe the exploration potential at Westmoreland to be exceptional and underappreciated”
We believe the exploration potential at Westmoreland to be exceptional and underappreciated, likely because this is the first substantial exploration drilling campaign undertaken by Laramide since 2012.”
The Westmoreland exploration program was designed to include a mixture of infill and exploratory drilling, with the company testing new prospects for possible expansion across four discrete targets.
The 2023 Australian exploration work included on-ground exploration and target generation at the contiguous Murphy Project in the Northern Territory.
Alongside its Australian assets, Laramide also owns the Crownpoint-Churchrock Uranium Project and the La Jara Mesa Uranium Project in New Mexico, as well as the La Sal Uranium Project in Utah.
As of June 30, Laramide had just under $3 million in cash and cash equivalents, according to its latest financial report.
Write to Joshua Smith at Mining.com.au
Images: Laramide Resources
