Listed (TSX:LAM;
ASX:LAM)
TORONTO,
Dec. 20, 2018
/PRNewswire/ - Laramide Resources Ltd.
("Laramide" or the "Company") is pleased to announce
the results of its maiden independent Mineral Resource Estimate
(the "Resource Estimate") prepared using the CIM Definitions (2014)
as incorporated in NI 43-101 for the Company's 100% owned
Crownpoint Uranium Project (the "Project" or "Crownpoint"), located
in New Mexico, United
States. The Resource Estimate was completed by Roscoe Postle and Associates Inc. ("RPA") in
Denver, USA with the assistance of Laramide's
technical team. The Resource Estimate also satisfies the
requirements of the 2012 JORC code. The Technical Report
pertaining to the Resource Estimate will be filed on Sedar
(www.sedar.com) within 45 days.
The Resource Estimate supersedes various "historical estimates"
for purposes of NI 43-101 reporting (see press release dated
October 10, 2018) and considers
planned In Situ Recovery ("ISR") of uranium consolidating the
significant work completed by previous operators on the
Project.
Highlights include:
- An Inferred Resource Estimate of 2.5 million tons at an
average grade of 0.102% eU3O8 for a
contained resource of 5.1 million pounds
U3O8 using a 0.5 ft-%
U3O8 Grade Thickness (GT) cutoff.
- Data from previous operators was consolidated and digitized
resulting in a database of 305 drill holes totaling 648,702 feet of
drilling.
- The report highlighted areas where wide-space drilling did not
support a current resource estimate using the CIM Definitions
(2014), but have been flagged for immediate follow up to
potentially allow further expansion of the resource.
The Resource Estimate expands on the Company's New Mexico uranium resources including the
50.8 million pounds U3O8 of Inferred Resource
estimated for the Church Rock Project (see Press Releases
October 10, 2017 and November 22, 2017). Importantly, both of
the Resource Estimates fall under the Company's NRC license which
is the identified location for the 3 million lb
U3O8 per annum Central Processing Plant (CPP)
under the permit.
Marc Henderson, Laramide
Resources Ltd.'s President and Chief Executive Officer, commented,
"The Crownpoint Resource is an important piece in the development
of our New Mexico uranium
portfolio. With this information now in hand the Company can look
towards developing a preliminary economic assessment (PEA) of the
combined Church Rock and
Crownpoint Deposits."
Mineral Resource Estimate
The Crownpoint Resource Estimate was completed utilizing the
Grade x Thickness (GT) Contour Method, an industry standard for
estimating uranium roll-front type deposits hosted within
groundwater-saturated sandstones. The mineralization at
Crownpoint has been previously
shown to be amenable to ISR techniques.
The Resource Estimate is comprised of the following
properties and ownership:
- Section 9, T17N-R13W: The Section 9 property (~160 acres)
consists of nine unpatented Lode Mining Claims of which Laramide
owns 100%.
- Section 24, T17N-R13W: The Section 24 property (S½ = ~320
acres) consists of 12 unpatented mining claims (Consol 1, 2; CP
10-19), of which Laramide owns 100%, and a 40% interest in the
remainder of the property held by private mineral
ownership.
- Section 25, T17N-R13W: The Section 25 property (~135
acres) consists of eight unpatented mining claims (Hydro 1-8) of
which Laramide owns 100%.
The following table summarizes the Mineral Resource Estimate by
Sand Unit and by Section. Due to the historical nature of the
data the resource estimate is classified as Inferred, until
additional new confirmation data can be obtained:
|
Table -1 Mineral Resource Estimate by Sand Unit –
November 16, 2018
Laramide
Resources Ltd. – Crownpoint Deposit
|
|
|
|
Total Resource
|
Laramide Controlled Resource
|
|
Classification
|
Sand Unit
|
Tonnage
|
Grade
|
Contained Metal
|
Tonnage
|
Grade
|
Contained Metal
|
% Controlled
|
|
|
(000 Tons)
|
(% eU3O8)
|
(000 lbs
U3O8)
|
(000 Tons)
|
(% eU3O8)
|
(000 lbs
U3O8)
|
|
|
Inferred
|
Jmw A Sand
|
436
|
0.091
|
797
|
416
|
0.091
|
753
|
94.4%
|
|
Jmw B Sand
|
907
|
0.099
|
1,802
|
655
|
0.099
|
1,300
|
72.1%
|
|
Jmw C Sand
|
444
|
0.088
|
784
|
250
|
0.092
|
458
|
58.4%
|
|
Jmw D Sand
|
179
|
0.114
|
408
|
115
|
0.108
|
249
|
61.0%
|
|
Jmw E Sand
|
2,198
|
0.114
|
5,006
|
1,061
|
0.109
|
2,320
|
46.3%
|
|
Total Inferred
|
|
4,163
|
0.106
|
8,798
|
2,497
|
0.102
|
5,079
|
57.7%
|
|
Table -2 Mineral Resource Estimate by Section –
November 16, 2018
Laramide Resources Ltd. – Crownpoint
Deposit
|
|
|
|
|
|
|
Total Resource
|
Laramide Controlled Resource
|
|
Classification
|
Section
|
Tonnage
|
Grade
|
Contained Metal
|
Tonnage
|
Grade
|
Contained Metal
|
% Controlled
|
|
T17N, R13W
|
(000 Tons)
|
(% eU3O8)
|
(000 lbs
U3O8)
|
(000s Tons)
|
(% eU3O8)
|
(000s lbs
U3O8)
|
|
|
Inferred
|
NW¼ Section
9
|
675
|
0.096
|
1,293
|
675
|
0.096
|
1,293
|
100.0%
|
|
S½ Section
24
|
3,466
|
0.108
|
7,468
|
1,800
|
0.104
|
3,749
|
50.2%
|
|
NE¼ Section
25
|
23
|
0.076
|
35
|
23
|
0.076
|
35
|
100.0%
|
|
Total Inferred
|
|
4,163
|
0.106
|
8,798
|
2,497
|
0.102
|
5,079
|
57.7%
|
|
|
|
Notes for Tables 1
and 2:
|
|
1.
|
CIM (2014)
definitions were followed for Mineral Resources.
|
|
2.
|
Mineral Resources are
reported at a GT cut-off of 0.5 ft-%
eU3O8.
|
|
3.
|
A minimum thickness
of 2.0 ft was used.
|
|
4.
|
A minimum cut-off
grade of 0.03% eU3O8 is based on historic
mining costs and parameters from the district was used.
|
|
5.
|
Internal maximum
dilution of 5.0 ft was used.
|
|
6.
|
Grade values have not
been adjusted for disequilibrium.
|
|
7.
|
Tonnage factor of 15
ft3/ton is based on the tonnage factor historically used
by the mining operators in the area.
|
|
8.
|
Mineralized areas
defined by isolatedor widely spaced drill holes, or located within
the area previously subject to pastproduction, were excluded from
the estimate.
|
|
9.
|
Numbers may not add
due to rounding.
|
Next Steps
With the completion of the Resource Estimate, the combined
Church Rock and Crownpoint Project
will be advanced to a PEA. This will be the first economic
study on the consolidated Project, and which would include the
elimination of certain royalties owned by Laramide (including the
up to 25% gross) on portions of the Project.
To complete the New Mexico Environmental Department Groundwater
Discharge Plan permit 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 2019.
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 lead to areas of the present Inferred Mineral Resource
to be upgraded to Measured and Indicated Resources, and the
potential discovery of additional mineral resources.
Qualified Person
The Mineral Resource estimate for Crownpoint was prepared in accordance with
standards as defined by the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM") "CIM Definition Standards-For
Mineral Resources and Mineral Reserves", adopted by CIM Council on
May 10, 2014. The Mineral
Resource estimate for Crownpoint
was prepared by Mark Mathisen,
C.P.G., a Principal Geologist at Roscoe Postle Associates
Inc. Mr. Mathisen is the Competent Person for the related
Mineral Resource and is a Member of the American Institute of
Professional Geologists (CPG-11648), a 'Recognized Professional
Organization' (RPO) included in a list that is posted on the ASX
website from time to time. Mr. Mathisen has sufficient
experience which is relevant to the style of mineralization and
type of deposit under consideration and to the activity being
undertaken to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Mr. Mathisen is
independent of the Company at the time of the mineral resource
estimate. He is a Qualified Person as defined by Canadian
National Instrument 43-101 and has reviewed and approved the
technical disclosure of the Mineral Resources contained in this
news release.
The technical information in this news release
has been prepared in accordance with the Canadian regulatory
requirements set out in NI 43-101. The information has been
reviewed and approved by Bryn Jones,
MMinEng, FAusIMM, a Qualified Person under the definition
established by National Instrument 43-101 and JORC. Mr. Jones is
the Chief Operating Officer of the Company and a Fellow of the
Australasian Institute of Mining and Metallurgy. The Mineral
Resource Estimate was prepared by Mark
Mathisen, C.P.G., of Roscoe, Postle and Associates Inc. RPA
in Denver, USA, with the assistance of Laramide's
technical team. Mark Mathisen, who
is an Independent Qualified Person ("QP"), as defined by National
Instrument 43-101, has reviewed and approved the technical contents
of this news release.
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.
View original
content:http://www.prnewswire.com/news-releases/laramide-resources-provides-initial-resource-estimate-on-the-crownpoint-uranium-project-300769511.html
SOURCE Laramide Resources Ltd.
