Laramide Resources Ltd. (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with globally significant assets in the United States and Australia, is pleased to report more assay results from the 2024 drilling campaign completed at the Westmoreland Uranium Project in Queensland, Australia.

Further results for 7 holes of 17 holes from infill drilling at Huarabagoo and for 4 holes of 27 holes drilled in the zone between the Huarabagoo and Junnagunna (“Link Zone”) deposits have been received. All of the holes returned significant uranium mineralization with further gold mineralization evident at the Huarabagoo deposit. The results from the Link Zone demonstrate that uranium mineralisation is continuous along strike and potentially joins the two deposits. (Figure 1)

Commenting on the results, Laramide’s Vice-President of Exploration Rhys Davies said:

“The latest results from Huarabagoo and the Link Zone continue to show the high quality of the project and will contribute to an updated Westmoreland Mineral Resource Estimate. The updated MRE which will include a Maiden Resource Estimate for Long Pocket, remains on track for delivery later in Q1 2025. The results to date have supported the objectives of the 2024 drill program, including testing new areas for expansion which have led us to appreciate the size and scope of the deposit. 

“Additionally, this data will underpin the next phase of work at Westmoreland in 2025, which is expected to include further drilling along with renewed development studies, including geotechnical, advanced metallurgical, mining optimisation and scheduling.

“The final exploration results from the 2024 campaign are expected in the coming weeks from Junnagunna North and Amphitheatre in Queensland, and from Mageera in the Northern Territory.” 

The 2024 drilling campaign across the broader Westmoreland Project was completed on the 4th of November and comprised 106 holes (includes 60 RC and 46 DD) for 11,263 meters, across multiple targets.

Figure 1 Plan view of Drill Collars between Huarabagoo and Junnagunna, locations of highlight holes shown. (CNW Group/Laramide Resources Ltd.)

Figure 2. Cross section along HB24DD012, HB24DD013 & HB24DD014 looking northeast (window ±5m), Refer Figure 1 for Plan view; 2024 Huarabagoo Drill Collar location and Cross Section. (CNW Group/Laramide Resources Ltd.)

Figure 3: Cross section along HJ24RC014 & HJ24RC015 looking northeast (window ±5m), Refer Figure 1 for Plan view; 2024 Huarabagoo-Junnagunna Link Zone Drill Collar location and Cross Section. Note; significant intercept results for blue collar drill holes are reported in this release. (CNW Group/Laramide Resources Ltd.)

Highlights:

• Huarabagoo continues to deliver broad, consistent mineralisation including: 
  • HB24DD011 – 5m @ 2,053 ppm (0.21%) U₃O₈ and 0.58 g/t Au from 34.5m,
    • including 3.7m @2,751 ppm (0.28%) U₃O₈ and 0.81 g/t Au
  • HB24DD013 – 12m @ 1,694 (0.17%) U₃O₈ from 44 m,
    • including 5.0m @ 3,235 ppm (0.32%) U₃O₈
  • HB24DD014 – 17m @ 764 ppm (0.08%) U₃O₈ from 30m,
    • including 9m @ 1,247 ppm (0.12%) U₃O₈
    • and 3m @ 5,286 ppm (0.53%) U₃O₈ and 0.62 g/t Au from 72m,
  • HB24DD015 – 22m @ 871 ppm (0.09%) U₃O₈ from 27m,
    • including 5m @ 2,050 ppm (0.25%) U₃O₈
  • HB24DD015 – 19m @ 965 ppm (0.1%) U₃O₈ from 83m,
    • including 6m @ 2,622 ppm (0.26%) U₃O₈

• Results continue to demonstrate the potential to link the Huarabagoo and Junnagunna uranium deposits:
  • HJ24RC014 – 15m @ 267 ppm (0.03%) U₃O₈ from 79m,
    • including 1m @ 1,068 ppm (0.11%) U₃O₈ from 80m
    • and 1m @ 2,128 ppm (0.21%) U₃O₈ from 34m

Huarabagoo

The Huarabagoo deposit, located in the structural corridor between Redtree and Junnagunna, is included in the restated 2016 Westmoreland Mineral Resource Estimate¹.

The 2024 drilling at Huarabagoo was designed to infill data gaps within the deposit, and to also test continuity of gold mineralisation within the system.

The reported results continue to support the model and confirm lateral continuity but also vertical continuity, for example HB24RC014 presents multiple mineralised intercepts downhole within a 31m zone (30m to 61m) plus a higher-grade zone from 72m:

• 3m @ 0.53% U₃O₈ and 0.62g/t Au (Figure 2, Table 2).

¹ https://laramide.com/projects/westmoreland-uranium-project/

Huarabagoo-Junnagunna Link Zone

Drilling in the Huarabagoo-Junnagunna structural corridor is designed to test the mineralisation continuity between the two deposits with the intent to further increase the overall size of the resource. Results are encouraging and support the rationale for further testing of this zone.

Corporate Update

Further to Laramide’s release of December 6, 2024, regarding the Kazakhstan exploration opportunity, Aral Resources (which Laramide has an option to acquire) has now been granted 21 exploration licenses that were applied for, with one license pending grant. Planning is well advanced for the initial phase of exploration in the country which includes historical data compilation, as well as a large-scale airborne survey expected to commence in Q2 2025. The expected budget for Kazakhstan exploration in 2025 is approximately USD$2.5M, which aligns with the requisite statutory work commitments attached to the licenses. Most of this budget is back-end loaded, beginning in Q3, and will be focused on initial drilling of the most promising roll front targets identified across the very large land package.

Following the extension of Laramide’s USD$3.5M convertible note held by Extract Capital in Q4 2024 (see news release of October 18, 2024), the Company ended the year in a comfortable financial position with cash and marketable securities exceeding CDN$5 million. This was facilitated by sales of a portion of the shares held in Sol Strategies, a CSE listed public company (symbol: HODL) which traded at 22 cents per share on September 30, 2024, but ended the year at $3.02 per share.

Qualified/Competent Person

The information in this announcement relating to Exploration Results is based on information compiled or reviewed by Mr. Rhys Davies, a contractor to the Company. Mr. Davies is a Member of The Australasian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’, and is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Davies consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

To learn more about Laramide, please visit the Company’s website at www.laramide.com.

Follow us on Twitter @LaramideRes

About Laramide Resources Ltd.

Laramide is focused on exploring and developing high-quality uranium assets in Tier-1 uranium jurisdictions. The company’s portfolio comprises predominantly advanced uranium projects in districts with historical production or superior geological prospectivity. The assets have been carefully chosen for their size, production potential, and the two large development projects are considered to be late-stage, low-technical risk projects.  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.