The diamond drill program, having a total drilled length of 6,030 feet (1,838 meters) was comprised of seven drill holes located in areas of uranium mineralization within Section 17, Township 16 North South, Range 16 West and located along the boundary between Section 17 and Section 8. Three of these drill holes were 'twin holes' drilled within 20 feet (ft) of historic drill holes designed to confirm the stratigraphic position of uranium mineralization, the relative thicknesses of mineralized intervals, the range of uranium grades that were encountered in the historical drill holes and to provide drill core for chemical assays and radiometric equilibrium analysis. The project is being managed by
Crownpoint consists of two discrete ISR-amenable deposits, Crownpoint and Churchrock, covered by a single NRC license (SUA-1580). The PEA envisions that uranium will be mined by in situ recovery (ISR) methods at only the Churchrock location and recovered in a proposed new processing facility at the nearby Crownpoint location where significant project infrastructure already exists. When completed in Q2 2023, the PEA will provide estimates of project economics based on ISR mining of estimated mineral resources in Section 8 of the Churchrock NRC license area, recovery factors, and life-of-project permitting, capital, operating, and reclamation cost estimates for the mine area and the proposed Crownpoint processing facility.
The recent drilling conducted at Churchrock confirmed that historical drilling results are suitable for resource estimations and agreed with previous studies showing there is low risk of depletion of chemical uranium compared to radiometric uranium in the Churchrock mineralization, and will also provide core for the test work necessary to obtain the New Mexico Aquifer Discharge Permit, the final material permit needed for the project. Upon completion of drilling, each drill hole on the Project was logged with a suite of geophysical tools including natural-gamma, spontaneous potential (SP), and resistivity. All downhole logging was conducted by COLOG. Natural gamma logging is an industry-standard procedure for estimating equivalent uranium grades and was utilized in historic drill campaigns at Churchrock. Recovered drill core from the new holes was logged by project geologists for lithology and mineralization, and one-half splits were collected for direct geochemical analysis of uranium at
Background on Churchrock properties: The Churchrock properties within the
In 2017, SLR formerly known as
The current Mineral Resource is classified as Inferred based on the historic nature of the drilling data and drill hole density along mineralized trends contained within the sandstone units of the
A discharge permit for the underground injection and control associated with the Project will be required by
About
Laramide is engaged in the exploration and development of high-quality uranium assets. Its wholly owned uranium assets are in
This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.
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