Laramide Resources Ltd. announced assay results received from the 2023 drilling campaign at the Huarabagoo deposit at the Westmoreland Project in NW Queensland. Thirteen drill holes were successfully completed in November 2023, with the primary objective of infilling zones that had been historically drilled, and to test for potential extensions of mineralisation to the northeast, beyond the footprint of the existing resource. All 13 holes intercepted multiple zones of mineralisation (>100ppm U3O8) with some zones displaying grades exceeding 1.0% U3O8 .

The uranium mineralisation is hosted in the Westmoreland sandstone unit adjacent to the intrusive mafic Redtree dyke system. The high-grade mineralisation intercepted at Huarabagoo improves the confidence in the integrity of the deposit with tighter spacing of less than 50m in some places. Ultimately, once modelled, this may lead to an improved resource classification of the deposit which is currently described with 5.8Mlbs U3O8 @ 0.109 % (Inferred) and 2.7Mlbs U3O8 @ 0.083% (Indicated).2 Furthermore, some drilling tested 200m to the north-east of the currently modelled zones and showed continuity of mineralisation that requires further investigation.

Huarabagoo deposit: The Huarabagoo deposit is about 3km northeast from the Redtree uranium deposit along the Redtree dyke zone and straddles the contact between the Seigal Volcanics and the Westmoreland Conglomerate. The mineralisation outcrops at the southern end and is concealed to the north under 2 to 3m of sandy alluvium and 5 to 8m of weathered basalt of the Seigal Volcanics. The deposit comprises a 3km zone of vertical mineralisation associated with a complex dyke geometry with vertical and horizontal branches between two principal dykes.

All 13 holes intercepted multiple zones of mineralisation (>100ppm U3O8) with some zones displaying grades exceeding 1.0% U3O8 . Mineralisation is hosted in the coarse-grained to granular Westmoreland conglomerate with the higher grades (>0.1%) associated with the fractured footwall contact of intrusive dolerite dykes. Zones of higher grade generally occur within moderate patchy chlorite altered sandstone, with highest grade displaying pervasive chlorite and hematite alteration.

The 2.5km corridor between Huarabagoo deposit and the Junnagunna deposit is a compelling target for resource growth. The results from the northeast extensions provide further confidence in this target as it has historically been very sparsely drilled. Indeed, Laramide previously reported a 'new zone' of significant uranium mineralisation 900m to the northeast of Huarabagoo in 2012.