Listed (TSX:LAM; ASX:LAM)
TORONTO, Sept. 4, 2018 Laramide Resources Ltd.
("Laramide" or the "Company") (TSX:LAM)
(ASX:LAM) is pleased to announce it has entered into a
sale and purchase agreement (the "Agreement") with Verdant Minerals
Limited ("Verdant") pursuant to which the Company will acquire a
100% interest in the Lagoon Creek Joint Venture Tenement in
Northern Territory of Australia
(the "Project"). The new Agreement replaces an existing Farm-In and
Joint Venture on the Project between Laramide and Verdant. That
earlier agreement has now been terminated and superseded by the
Agreement with terms as further detailed below.
The Company has also engaged CGG Multi-Physics to complete the
acquisition of high resolution Falcon Airborne Gravity Gradiometry
("Falcon AGG") over the contiguous Queensland and Northern Territory tenure
highlighted in Figure 1.
The Falcon AGG survey will provide detailed structural
information by highlighting basement architecture and faulting
including those which may penetrate the sedimentary package and
hence be conduits for fluids analogous to the faults controlling
the uranium resource at Westmoreland.
This structural information is important in the exploration for
Westmoreland analogues in the
district, which Laramide now controls.
Verdant JV Acquisition
The strategically located Project in Northern Territory
comprises 190 km2 of granted exploration tenure, which
lies contiguous to and along strike from Laramide's Westmoreland
Project in northwest Queensland.
The Project will enhance Laramide's dominant landholding in the
highly prospective and underexplored Murphy Uranium Province.
The Northern Territory of Australia is a jurisdiction that is supportive
of both uranium development and mining and hosts several well-known
deposits including the Ranger Mine which has produced in excess of
120,000 tonnes of U3O8 over a 35-year
period.
Key terms of the Agreement:
As consideration for the sale by Verdant of its interest in the
Project to Laramide, the Company shall make the following
payments:
- AUD$25,000 within 14 Days of the closing date;
- a further payment of AUD$100,000 on drilling executed on the
tenement; and
- a further payment on the publication of a NI 43-101 compliant
measured and indicated resource equivalent to AUD $0.05 per in place pound
U3O8 (or equivalent value of an alternative
commodity).
Laramide can elect to make the further payments in cash or cash
plus up to 50% common shares at the Company's discretion. Should
the cash and common share option be selected, the common shares (or
CDI's) will be issued to Verdant at a price which is at a discount
of 10% to the value of the weighted average price of the common
shares on the TSX over the 30 days prior to the date of issue.
The Murphy Uranium Province produced high-grade uranium during
the 1950s and stands out amongst the world's attractive
underexplored uranium provinces, having not seen any meaningful
exploration since the 1970s (see press releases May 16, 2011; October 6,
2014; and, May 24, 2016).
Tenement transfer is subject to certain regulatory approvals and
processes and would be expected to be completed sometime in Q4,
2018.
Falcon AGG
A resumption of active exploration in the district will benefit
from airborne geophysics previously completed by Laramide in 2016
and from the ongoing Geoscience Australia (GA) AusAEM survey which
is scheduled for completion this year
http://www.ga.gov.au/eftf/minerals/nawa/ausaem.
To compliment these data sets the Company has engaged CGG
Multi-Physics to complete a Falcon Airborne Gravity Gradiometry
("Falcon AGG" or "Survey") over the combined Northern Territory and
Queensland tenements highlighted
in Figure 1.
The Westmoreland exploration
model involves targeting mineralisation associated with chlorite
and haematite alteration confined by large fault systems and in
association with intrusive dykes.
Structural information is key in target development. The Falcon
AGG survey will provide structural information by highlighting
basement architecture and faulting including those which may
penetrate the sedimentary package and hence be conduits for
mineralising fluids.
The Survey may also enable the mapping of alteration extent
associated basement features and structure and mapping of the
location and extent of volcanic units and intrusives.
The Northern Territory government has awarded Laramide a AUD
$100,000 co-funding grant towards the
completion of the Survey under the Geophysics and Drilling
Collaborations program.
Figure 1: Now 100% Laramide tenements covered by
Falcon AGG survey (red outline).
Figure 2: Recently acquired Tenement from Verdant
Minerals Ltd (red highlights)
Figure 3: Murphy Uranium Tenements (Click here to
enlarge), Press release dated July 16,
2018
To learn more about Laramide, please visit the Company's website
at www.laramide.com.
About Laramide Resources:
Laramide is a Canadian-based company with diversified uranium
assets strategically positioned in the
United States and Australia
that have been chosen for their low-cost production potential.
Laramide's recently acquired Church
Rock and Crownpoint
properties form a leading In-Situ Recovery (ISR) division that
benefits from significant mineral resources and near-term
development potential. Additional U.S. assets include La Jara Mesa
in Grants, New Mexico, and
La Sal in the Lisbon Valley
district of Utah. The Company's
Australian advanced stage Westmoreland is one of the largest uranium
projects currently held by a junior mining company. Laramide is
listed on the TSX: LAM and ASX: LAM.
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.
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SOURCE Laramide Resources Ltd.