Laramide Resources Announces 51 Million Pounds Mineral Resource Estimate on the Church Rock Uranium Project
Oct 10, 2017
Listed (ASX:LAM; TSX:LAM)
TORONTO, Oct. 10, 2017 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") is pleased to announce the results of its maiden independent Mineral Resource Estimate (the "Resource Estimate") for the Company's 100% owned Church Rock Uranium Project (the "Project" or "Church Rock"), located in New Mexico, United States. The Resource Estimate was prepared to CIM Definition Standards (2014) as incorporated in NI 43-101 and completed by Roscoe Postle Associates Inc. ("RPA") in Denver, USA with the assistance of Laramide's technical team. The Technical Report pertaining to the Resource Estimate will be filed on Sedar (www.sedar.com) within 45 days.
The current Resource Estimate supersedes various "historical estimates" for purposes of NI 43-101 reporting (see press release dated March 29, 2017) and considers planned In Situ Recovery ("ISR") of uranium consolidating the significant work completed by previous operators on the Project.
A Preliminary Economic Assessment ("PEA") is planned to be commenced in Q4-2017 including:
Marc Henderson, Laramide Resources' President and Chief Executive Officer, commented, "The Church Rock Project is a compilation of significant historical work completed by tier one mining and energy companies. This is the first time since discovery that the Project has been combined under one banner without significant royalty burden and this impressive initial resource at Church Rock clearly demonstrates the District scale potential of the asset. Combined with the NRC licence and other permitting work already completed by previous operators, Laramide is well positioned to benefit from a likely renewal of US domestic uranium production when market conditions warrant".
The Resource Estimate did not include the Company's 100% owned Crownpoint project, located 25 miles east of Church Rock. The Laramide team plans to begin the process of digitizing the significant data for Crownpoint in the coming months which will allow for a resource estimate on the Crownpoint property planned for Q1-2018 (The Crownpoint property has a historical resource estimate; see press release dated March 29, 2017 and the company's website at www.laramide.com).
Mineral Resource Estimate
The following table summarizes the Mineral Resource Estimate. Due to the historical nature of the data the resource estimate is classified as Inferred, until additional new confirmatory drilling data can be obtained:
Table -1 Mineral Resource Estimate – September 30, 2017
To complete New Mexico Environmental Department Groundwater Discharge Plan requirements, the Company must demonstrate in a laboratory environment the ability, post leaching, to restore groundwater in the mining aquifer to an acceptable level. In order to complete this leach study fresh core is required from the Project. The Company plans to complete this core drilling and begin the leach-restoration testing in early 2018.
Exploration is also planned for areas noted in the Technical Report where wide-spaced drilling previously defined potential mineralization. This drilling, in conjunction with the core studies, may allow areas of the present Inferred Mineral Resource to be elevated to Measured and Indicated Resources, as well as lead to the potential discovery of additional mineral resources.
To learn more about Laramide, please visit the Company's website at www.laramide.com.
About Laramide Resources:
Forward-looking Statements and Cautionary Language
This News Release contains forward looking statements which are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward looking statements. The Company does not intend to update this information and disclaims any legal liability to the contrary.
SOURCE Laramide Resources Ltd.
For further information: Marc Henderson, President and Chief Executive Officer, Toronto, Canada +1 (416) 599 7363; Bryn Jones, Chief Operating Officer, Brisbane, Australia, P: (07) 3831 3407; Greg Ferron, Vice-President, Toronto, Canada +1 (416) 599 7363