High grade gold also drilled at Huarabagoo
~ Drilling Results Include~
|WDD12-170||34 metres at 1,467 ppm U3O8|
|WDD12-167||2 metres at 6.1 g/t Au|
|and 4 metres at 30.9 g/t Au|
Trading on TSX (Symbol: LAM)
TORONTO, Jan. 9, 2013 /CNW/ - Laramide Resources Ltd. is pleased to release additional drilling assay results at the 100% owned Westmoreland Uranium Project located in Northwest Queensland, Australia.
The Company is reporting results from 13 diamond drill holes for 1,776.9 metres from the 2012 Program: 10 drill holes were drilled in the northern section of the Huarabagoo deposit area, and 3 were drilled on a single section along the structural corridor that connects the Huarabagoo and Junnagunna deposits. Drilling has been completed for this stage with a total of 30 diamond drill holes for 4,118 metres.
Drilling Highlights include:
Huarabagoo section 10,490
- 36 metres at 858 ppm U3O8 (confirms previous drilling)
- 7 metres at 590 ppm U3O8, plus 9 metres at 842 U3O8
- In addition, 2 metres at 6.1 g/t Au, plus 4 metres at 30.9 g/t Au
- Targeted high grade gold section identified in previous drilling
Huarabagoo section 10,940
- 39 metres at 983 ppm U3O8 (known mineralization)
- 6 metres at 377 ppm U3O8 (new mineralization east of dyke)
Huarabagoo section 11,050
- 34 metres at 1,467 ppm U3O8 (new mineralization east of dyke)
- Including 10 metres at 3,965 ppm U3O8 (new mineralization east of dyke)
"The results continue to confirm the technical merits of Westmoreland," said Peter Mullens, Vice President, Exploration. "The new mineralization east of the dyke initially reported in the previous press release (drill holes WDD12-159 and 160) continues to show promise with a substantial intercept in drill hole WDD12-170 (34 metres at 1,467 ppm U3O8 including 10 metres at 3,965 ppm U3O8. The initial results in the Huarabagoo deposit area show excellent potential to increase the overall size of the resource, in addition to further confirming the continuity and grade of mineralization in this part of the project," Mr. Mullens stated.
"Of particular note is drill hole WDD12-167, which intersected a number of gold bearing intervals including 2 metres at 6.1 g/t Au from 33 metres and 4 metres at 30.9 g/t Au from 55 metres," said Mr. Mullens.
"It has always been known that the Huarabagoo mineralization carries good gold grades but Laramide has not understood the extent of this mineralization and whether it will be commercially viable. Much of the historic drilling was not assayed for gold. Future work will focus on trying to establish a gold resource here in addition to uranium."
The mineralization in holes WDD12-161, 162, 163 and 168 were drilled within the boundaries of the known resource. The results continue to support the merits of the project and the overall grade of the deposit.
Assay results are summarized in Table 1 (All 12 holes were drilled with HQ core).
|Hole ID|| Local
|Hole ID|| Local
Uranium intersections = 100 ppm U3O8 cut off and minimum intersection of 1 metre
Gold intersections = 0.5 g/t Au cut off greater than 1 metre
Location of these results and the cross sections can be viewed here: http://files.newswire.ca/773/maps.pdf
In addition, a map indicating location of drill holes and five corresponding cross sections are also available at the company's website, www.laramide.com, under Westmoreland.
This initial program of 4,118 metres for 30 drill holes of diamond core drilling, within a larger program of 30,000 metres, has been completed.
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 Fellow of the Australian Institute of Mining and Metallurgy. All drill cores for this program have been cut in half by diamond saw and assayed with ALS Chemex Laboratory located in Mount Isa, Australia. Mr. Mullens has reviewed and approved the technical content of this release.
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 ventures in the Northern Territory, strategic equity positions and a portfolio of uranium royalties in the Grants Mineral District of New Mexico.
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.
SOURCE: Laramide Resources Ltd.
For further information:
To learn more about Laramide, please visit the Company's website at www.laramide.com or contact:
Marc Henderson, President and CEO
Toronto, Canada +1 (416) 599 7363
Peter Mullens, Vice President Exploration
Brisbane, Australia +61 (7) 3831 3407
Greg Ferron, Vice-President, Corporate Development and IR
Toronto, Canada +1 (416) 599 7363