Laramide Announces an Increase in Mineral Resource Estimate for Westmoreland Uranium Project
Laramide Resources Ltd. [TSX, ASX: LAM; OTCQX: LMRXF], a uranium mine development and exploration company with a portfolio of globally significant projects, provided an updated Mineral Resource Estimate (MRE) for the Westmoreland Project in northwest Queensland Australia.
The updated Mineral Resource Estimate represents a 34% increase in Indicated Resources and an 11% increase in Inferred Resources, compared to the 2009 estimate. The updated MRE now reports Total Indicated Resource of 48.1 million pounds of U3O8 and Total Inferred 17.7 million pounds across four deposits: Redtree, Huarabagoo, Junnagunna and Long Pocket.
Laramide President and CEO Marc Henderson commented: “This updated MRE reiterates our long-held view that Westmoreland is a genuinely world class deposit. At 65-plus million pounds it ranks as one of the largest undeveloped uranium deposits in the world and has the potential to be a top 10 global uranium mine. It has demonstrable attributes that support a long-life mining operation that could support ongoing jobs and regional development in North-West Queensland while providing the world with the raw materials required for the burgeoning Nuclear Power industry and drive towards Net Zero. Moreover, we have identified extensions to mineralization 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.
“Pending the support of the new Liberal Queensland Government, we will look forward to quickly transitioning the Project to a Development Phase while concurrently continuing with high-impact exploration to further grow the resource base.”
The Westmoreland Uranium Project is located in far northwest Queensland, Australia, approximately 380km northwest of the mining township of Mt Isa. The Project is 100% owned by Laramide Resources through its wholly owned subsidiary Tackle Resources Pty Ltd. The project comprises three granted and contiguous Exploration Permits for Minerals (EPMs) – EPM 14558, EPM 14672 and EPM 28807. Also, a Mineral Development Licence (MDL), MDL 2026, is pending grant.
The project area has been subject to exploration for uranium since the 1950’s and is host to numerous mineral occurrences and deposits, including the four largest: Redtree, Huarabagoo, Junnagunna, and Long Pocket.
The updated Mineral Resource Estimate has an effective date of January 31, 2025, and is reported above a cut-off grade of 200 ppm U3O8 and comprises of Indicated Resources of 27.8 million tonnes averaging 770 ppm U3O8 for 48.1 million contained Lbs. of U3O8 and Inferred Resources of approximately 11.8 million tonnes averaging 680 ppm U3O8 for 17.7 million contained Lbs. of U3O8.
Additional recommendations to advance the project include further environmental studies, continued exploration of satellite prospects on the property and infill and extensional drilling at all prospects. A gap analysis to review the steps and data required to advance the project to Pre-Feasibility is also advised.
Laramide’s portfolio comprises predominantly advanced uranium projects in districts with historical production or superior geological prospectivity. As well, Laramide has expanded its pipeline with strategic exploration in Kazakhstan where the company is exploring over 5,500 km2 of the prolific Chu-Sarysu Basin for world class roll-front deposits which are amenable to in-situ recovery.