Trading on TSX (Symbol: LAM)
TORONTO, Jan. 13 /CNW/ - Laramide Resources Ltd. (TSX: LAM) is pleased to announce the concluding results of 18 drill holes remaining from the 39 drill hole program completed in the Redtree project area within the 100% owned Westmoreland Project in North Queensland, Australia. These results include WDD08-114 which intersected 11 metres at 0.41% U(3)O(8) from 14m, WDD08-112 with 5 metres at 0.43% U(3)O(8) from 4 metres depth and WDD08-123 which intersected 12 metres at 0.24 % U(3)O(8) from 6 metres depth. These complete the results for the 39 hole, 928.4 metre drilling program which included previously announced results:
- WDD08-096 - 10m @ 0.66 % U(3)O(8) - WDD08-100 - 8 m @ 0.25 % U(3)O(8) - WDD08-106 - 10m @ 0.23 % U(3)O(8)
This second drill phase was completed in October 2008 and focused on the thinner Jack lens which forms the western half of the Redtree deposit (see Fig. 1 for details of location of drill holes). The Jack lens is located very close to the surface at Westmoreland, generally within 10 metres. This allows for open pit mining and a low strip ratio, leading to robust economics of the deposit.
Peter Mullens, VP Exploration, stated "The technical merit of the project continues to be reinforced as we accumulate more data. Studies on drill core from Laramide's drilling have confirmed the high proportion of uraninite in the Redtree ore, which responds favourably to conventional metallurgy."
Mr. Mullens also drew attention to the recent public statements by Murrundoo Yanner, Aboriginal Activist and Chairman of the Gangalidda - Garawa Claim Group. Mr. Yanner in late December 2008 called upon the Queensland State Government to urgently reconsider its position on uranium mining in order to facilitate permitting of the Westmoreland Uranium deposit. In print and radio media, Murrundoo highlighted the economic and social benefits which accrue to indigenous communities from well planned mining activities.
All 18 holes reported in the table below were drilled with HQ core:
------------------------------------------------------------------------- Drill AMG AMG Azimuth Dip RL Hole East(x) North(x) (degrees) (degrees) (m) ------------------------------------------------------------------------- REDTREE ------------------------------------------------------------------------- WDD08-110 191716 8060528 360 -90 176.89 ------------------------------------------------------------------------- WDD08-111 191686 8060621 360 -90 166.72 ------------------------------------------------------------------------- WDD08-112 191743 8060582 360 -90 170.28 ------------------------------------------------------------------------- WDD08-113 191852 8060571 360 -90 174.6 ------------------------------------------------------------------------- WDD08-114 191888 8060556 360 -90 178.9 ------------------------------------------------------------------------- WDD08-115 191792 8060608 360 -90 172 ------------------------------------------------------------------------- WDD08-116 191821 8060595 360 -90 172.6 ------------------------------------------------------------------------- WDD08-117 191712 8060682 360 -90 162.4 ------------------------------------------------------------------------- WDD08-118 191749 8060646 360 -90 168.82 ------------------------------------------------------------------------- WDD08-119 191649 8060744 360 -90 158.6 ------------------------------------------------------------------------- WDD08-120 191724 8060726 360 -90 162.4 ------------------------------------------------------------------------- WDD08-121 191774 8060785 360 -90 158.6 ------------------------------------------------------------------------- WDD08-122 191762 8060809 360 -90 157.68 ------------------------------------------------------------------------- WDD08-123 191788 8060552 360 -90 174.78 ------------------------------------------------------------------------- WDD08-124 191892 8060609 360 -90 171.63 ------------------------------------------------------------------------- WDD08-125 192198 8060609 360 -90 162.1 ------------------------------------------------------------------------- WDD08-125 192198 8060609 360 -90 162.1 ------------------------------------------------------------------------- WDD08-125 192198 8060609 360 -90 162.1 ------------------------------------------------------------------------- WDD08-126 191852 8060643 360 -90 170.38 ------------------------------------------------------------------------- WDD08-127 191791 8060685 360 -90 166.58 ------------------------------------------------------------------------- ----------------------------------------------------------- Drill From To Interval U(3)O(8) True Width Hole (m) (m) (m) (%) (m) ----------------------------------------------------------- REDTREE ----------------------------------------------------------- WDD08-110 7 15 8 0.08 8 ----------------------------------------------------------- WDD08-111 0 3 3 0.06 3 ----------------------------------------------------------- WDD08-112 4 9 5 0.43 5 ----------------------------------------------------------- WDD08-113 7 12 5 0.16 5 ----------------------------------------------------------- WDD08-114 14 25 11 0.41 11 ----------------------------------------------------------- WDD08-115 8 13 5 0.08 5 ----------------------------------------------------------- WDD08-116 5 18 13 0.07 13 ----------------------------------------------------------- WDD08-117 1 9 8 0.12 8 ----------------------------------------------------------- WDD08-118 5 12 7 0.07 7 ----------------------------------------------------------- WDD08-119 1 9 8 0.12 8 ----------------------------------------------------------- WDD08-120 0 7 7 0.14 7 ----------------------------------------------------------- WDD08-121 No significant assays ----------------------------------------------------------- WDD08-122 0 7 7 0.1 7 ----------------------------------------------------------- WDD08-123 6 18 12 0.24 12 ----------------------------------------------------------- WDD08-124 No significant assays ----------------------------------------------------------- WDD08-125 24 27 3 0.06 3 ----------------------------------------------------------- WDD08-125 37 40 3 0.19 3 ----------------------------------------------------------- WDD08-125 47 50 3 0.05 3 ----------------------------------------------------------- WDD08-126 10 18 8 0.04 8 ----------------------------------------------------------- WDD08-127 5 10 5 0.03 5 ----------------------------------------------------------- (x)Datum is AGD66 (x)Intersections calculated using a 0.02% U(3)O(8) cut-off and minimum intersection of 3 metres.
The second phase of drilling was completed with two small man portable diamond drill rigs which were moved from drill site to drill site with the assistance of a helicopter. Certain holes have had half the core retained for metallurgical test work to be completed in the first quarter of 2009. The data from the 2008 programs will be incorporated into a revised resource calculation, which Laramide has commissioned. The current NI 43-101 compliant resource estimate (Mining Associates of Australia, October, 2006) is as follows:
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U(3)o(8) U(3)o(8)
Category Deposit Tonnes Uncut Cut ktonnes Mlbs
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Inferred Red Tree 10,928,500 0.094% 0.093% 10.2 22.4
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Huarabagoo 2,925,250 0.122% 0.108% 3.2 7.0
---------------------------------------------------------------
Junnagunna 2,149,500 0.077% 0.075% 1.6 3.6
---------------------------------------------------------------
Total Group 16,003,250 0.097% 0.094% 14.9 32.9
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Indicated Red Tree 3,672,250 0.096% 0.096% 3.5 7.8
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Huarabagoo 0 0.0 0.0
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Junnagunna 4,364,750 0.082% 0.081% 3.5 7.8
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Total Group 8,037,000 0.088% 0.088% 7.1 15.6
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Total Red Tree 14,600,750 0.095% 0.094% 13.7 30.2
Inferred ---------------------------------------------------------------
plus Huarabagoo 2,925,250 0.122% 0.108% 3.2 7.0
indicated ---------------------------------------------------------------
Junnagunna 6,514,250 0.080% 0.079% 5.1 11.3
---------------------------------------------------------------
Total Group 24,040,250 0.094% 0.092% 22.0 48.5
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The objective of the pending revised resource estimate is primarily to increase the confidence interval from Inferred to at least Indicated on a larger proportion of the resource.
Mr. Mullens pointed out that drilling activity was suspended after the completion of the program, in keeping with general seasonal practice. He further stated, "The first tropical cyclone of the season has caused localised flooding and seasonal run-off in the Westmoreland district. We are monitoring this event to collect critical data for project planning in conjunction with radiological baseline studies."
Laramide has implemented a quality control program at Westmoreland to ensure best practices.
Under the guidelines of the National Instrument 43-101, the Qualified Person for the Westmoreland Uranium Project is Mr. Peter Mullens who is a member of the Australian Institute of Mining and Metallurgy. Mr. Mullens has reviewed and approved the technical content of this release.
About Laramide:
Laramide is engaged in the exploration and development of high quality uranium assets. Its wholly owned uranium assets are in Australia and the United States. Laramide's portfolio of advanced uranium projects have been chosen for their production potential. Its flagship project, Westmoreland, in Queensland, Australia, is one of the largest projects currently held by a junior mining company. Its U.S. assets include La Jara Mesa in Grants, New Mexico and La Sal in the Lisbon Valley district of Utah. Its portfolio also includes joint venture, strategic equity positions and royalty participation in uranium development and exploration companies that provide additional geographic diversification and uranium exposure for shareholders.
This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information. To view Red Tree Prospect Drill Hole Location Plan, please visit http://files.newswire.ca/773/RedTreePlan.pdf To view Red Tree Prospect Cross Section 3, please visit http://files.newswire.ca/773/CrossSection3.pdf To view Red Tree Prospect Cross Section 2, please visit http://files.newswire.ca/773/CrossSection2.pdf