Laramide Resources (ASX:LAM) says initial drilling assay results from the Westmoreland Uranium Project in Queensland show strong uranium mineralisation at shallow depths, and demonstrate scope for resource growth.
The intersections, taken from the Long Pocket deposits, include 10m @ 606 parts per million (ppm) triuranium octoxide, including 2m @ 1,726ppm triuranium octoxide; and 8m @ 1,770ppm triuranium octoxide, including 4m @ 3,128ppm triuranium octoxide.
Laramide, which has a market capitalisation of $119.5 million, says the uranium mineralisation at the deposit is laterally continuous. Drillhole collar spacing was less than 50m, which lends to a high-level of confidence of the mineralisation.
Drilling at the Amphitheatre deposit intercepts multiple zones of uranium mineralisation down hole and indicates that the target remains open.
Vice-President of exploration Rhys Davies says these results show the quality of Long Pocket with good uranium grades at shallow depths, and also supports the company’s focused attention on enhancing Westmoreland’s resources.
“Building on previously reported results, Amphitheatre continues to impress with multiple zones of sandstone hosted mineralisation,” Davies says.
“The prospect remains open to the north and to the south, which warrants follow-up drilling during this field season. We look forward to updating investors as more assay results are received over the coming weeks and months.”
Long Pocket is a satellite deposit which lies 7km to the east of the Westmoreland Project. Meanwhile, Amphitheatre lies 16km northeast of the Junnagunna uranium deposit.
The Westmoreland Project covers 548.5km2 and lies in northwest Queensland.
Laramide Resources is an explorer and developer focused on its uranium assets in Australia and the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Laramide Resources
