Laramide Continues to Expand New Zone of Mineralization at Westmoreland

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

• WDD12-168
• 36 metres at 858 ppm U₃O₈ (confirms previous drilling)
• WDD12-167
• 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

• WDD12-162
• 39 metres at 983 ppm U₃O₈ (known mineralization)
• WDD12-169
• 6 metres at 377 ppm U₃O₈ (new mineralization east of dyke)

Huarabagoo section 11,050

• WDD12-170
• 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 East	Local North	Azimuth (Degrees)	Dip (Degrees)	Hole Depth (m)	RL (m)		From (m)	To (m)	Interval (m)	U3O8 ppm
Huarabagoo Deposit
WDD12-161	10596	11039	90	-50	201.00	80.0		6	13	7 mts	404
								44	46	2 mts	290
								52	67	15 mts	2778
Includes								55	61	6 mts	6500
								76	95	19 mts	247
Includes								77	84	7 mts	398
								100	102	2 mts	238
WDD12-162	10638	10943	90	-50	132.00	80.0		36	75	39 mts	983
Includes								49	67	18 mts	1614
WDD12-163	10638	10943	90	-65	123.30	80.0		42	50	8 mts	3503
								62	79	17 mts	1289
Includes								63	67	4 mts	3160
WDD12-164	10705	10738	90	-70	120.00	81.0		27	38	11 mts	164
								54	56	2 mts	201
								76	78	2 mts	175
								89	92	3 mts	1076
WDD12-165	10705	10738	90	-85	111.30	81.0		4	6	2 mts	352
								14	16	2 mts	526
								21	39	18 mts	252
WDD12-166	10705	10738	270	-70	111.34	81.0		4	6	2 mts	393
								56	69	13 mts	838
Includes								65	69	4 mts	2341
								74	76	2 mts	328
WDD12-167	10706	10492	90	-55	122.10	84.0		0	7	7 mts	852
Includes								0	3	3 mts	1663
								11	14	3 mts	833
								18	23	5 mts	272
								28	35	7 mts	590
								55	59	4 mts	369
								64	67	3 mts	777
								86	95	9 mts	842
WDD12-168	10706	10492	90	-75	128.90	84.0		0	7	7 mts	1454
								17	23	6 mts	894
								27	63	36 mts	858
Includes								33	38	5 mts	1752
								119	121	2 mts	208
WDD12-169	10690	10950	90	-45	121.75	81.0		32	38	6 mts	377
Huarabagoo North
WDD12-170	10690	11050	90	-70	150.00	80.0		33	36	3 mts	442
								57	91	34 mts	1467
Includes								60	70	10 mts	3965
Structural Corridor
WDD12-171	10525	12200	270	-65	155.10	77.5		48	51	3 mts	163
								125	128	3 mts	383
WDD12-172	10525	12200	90	-70	150.00	77.5		100	110	10 mts	136
WDD12-173	10525	12200	90	-85	162.10	77.5		30	35	5 mts	205

Gold Results

Hole ID	Local East	Local North	Azimuth (Degrees)	Dip (Degrees)	Hole Depth (m)	RL (m)	From (m)	To (m)	Interval (m)	Au g/t
Huarabagoo Deposit
WDD12-163	10638	10943	90	-65	123.30	80.0	62	63	1 mts	0.6
WDD12-165	10705	10738	90	-85	111.30	81.0	14	16	2 mts	31.5
WDD12-166	10705	10738	270	-70	111.34	81.0	54	56	2 mts	1.6
WDD12-167	10706	10492	90	-55	122.10	84.0	33	35	2 mts	6.1
							55	59	4 mts	30.9
							64	66	2 mts	1.6
WDD12-168	10706	10492	90	-75	128.90	84.0	13	14	1 mts	2.7
							28	31	3 mts	0.8
							55	57	2 mts	1.1
							61	62	1 mts	1.7
							72	73	1 mts	0.6

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.

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 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. 

 

PDF available at: http://stream1.newswire.ca/media/2013/01/09/20130109_C4746_DOC_EN_22368.pdf

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    [phone]

Peter Mullens, Vice President Exploration
Brisbane, Australia [phone]

Greg Ferron, Vice-President, Corporate Development and IR
Toronto, Canada   [phone]