Impact: Positive
Laramide Resources announced assays from two holes, completed as part of the five-hole (932.7m) diamond drill program at the Amphitheatre prospect of its Westmoreland uranium project in Australia. Amphitheater is located 16km NW of the Junnagunna deposit which was included within the 2016 PEA. Drilling intersected a mafic dyke feeder system 190m downhole, which could potentially be the control on mineralization at Amphitheatre. Highlights include: 1) 0.23% over 11.3m including 0.52% over 4.0m and 1.00% over 1.0m (AMD-009). Gold was also found associated with uranium mineralization with highlight intercepts of up to 1.52 g/t Au over 2.90m (-009). Multiple lower grade uranium zones were also identified in hole AMD-008. We view these results positively as mineralization controls at Amphitheatre are similar to those found at Westmoreland. The grades encountered, while from a single hole, are considerably higher than the 0.09% U3O8 average grade for Westmoreland’s 52M lb resource, over 2/3rd of which is indicated. Management believes that mineralization may continue to the north but may be buried under alluvial cover which has obscured any surface radiometric anomalies. Follow up drilling is being planned at the tail end of this 2024 drilling program, with testing specifically targeting near the fault bound competency contrast between two conglomerate units, on trend with the mafic dyke.
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