VANCOUVER (miningweekly.com) – Dual-listed Laramide Resources has announced a maiden inferred resource for its Church Rock in-situ recovery (ISR) project, in New Mexico.
Prepared by Roscoe Postle Associates, in Denver Colorado, with the assistance of Laramide's technical team, the technical report calculated a compliant inferred resource estimate of 33.9-million tons at an average grade of 0.075% uranium equivalent, for a contained resource of 50.8-million pounds of yellow cake.
The TSX- and ASX-listed company advised that the team had been hard at work consolidating and digitising data from previous operators in a database of 1 667 drill holes, totalling about 560 000 m of drilling.
The report highlighted areas for immediate follow-up exploration to improve confidence in the resource estimate and potentially discover further mineral resources.
Laramide will now focus on starting work on a preliminary economic assessment in the current quarter, and will include core drilling with ISR process, restoration testing of mineralised materials and exploration drilling in areas of potential mineralisation.
The recently acquired Church Rock and Crownpoint properties form an encouraging ISR division operating in a tier one jurisdiction with enhanced overall project economics. The company's Australian advanced-stage Westmoreland project is considered to be one of the largest projects currently held by a junior mining company.
The positive news on Tuesday gave the TSX-listed stock a bump up nearly 2% to close at C$0.26 a share.