Laramide Resources Ltd. announced the commencement of a diamond drill program at its NRC licensed Crownpoint Uranium Project, near Gallup, New Mexico, USA. The work programs are being managed and executed by NuFuels Inc., a subsidiary of Laramide Resources Ltd. Crownpoint consists of two discrete ISR-amenable deposits Crownpoint and Churchrock covered by a single NRC licence (sua-1580). This initial drilling, which will consist of seven drill holes located within NRC-licensed areas, will confirm and potentially expand understanding of the mineralized resources and optimize planned ISR production processes.

The program also combines phase I maintenance at existing Crownpoint site to support the drilling program. Results from the current program, expected in Q1/2023 will inform the detailed planning and Preliminary Economic Assessment required to advance for full ISR production. With the fundamental shift in the uranium market now becoming increasingly entrenched and validated by utility action, we are now taking active measures to better prepare for additional start up activities and investment when warranted.

NuFuels will conduct additional Laboratory testing on the Core samples with the objective of the laboratory-scale program to demonstrate the capacity to restore groundwater geochemical conditions to levels that existed prior to uranium recovery through the application of ISR methods. We will conduct a bench level demonstration, through an independent laboratory, of ISR, post ISR restoration and post restoration stability characteristics using core samples collected from multiple representative locations within the Churchrock deposit. The objectives for this program are as follows: Complete a bench level testing program in support of the New Mexico State discharge permit application.

Replicate the in-situ uranium chemistry and recovery characteristics at the laboratory scale; Determine ISR mining reaction kinetics data specific to the ore body; Duplicate expected reverse osmosis (RO) restoration chemistry characteristics and evaluate the results; Examine uranium and other trace element concentrations after simulated reverse osmosis treatment and sulfide treatment; Record pH and clay mineralogy of the (laboratory) leached samples. Examine uranium and other potential trace metals concentrations for rebound during a post restoration stability period.