TORONTO, March 29, 2017 /CNW/ – Laramide Resources Ltd. (“Laramide” or the “Company“) is pleased to announce it has engaged SRK Consulting (U.S.), Inc. of Denver, Colorado (“SRK“) to prepare an independent NI 43-101 Technical Report on the mineral resources for the Company’s 100% owned Churchrock and Mancos Properties (the “Properties”), located in New Mexico, United States ( the “Resource Estimate”).
The work is intended to address the resource estimation with respect to planned In Situ Recovery (ISR) of uranium. Further, the Resource Estimate will consolidate previously prepared NI 43-101 resource estimates on the Properties and more importantly, the significant work completed by previous operators on these properties which are considered “historical estimates” for purposes of NI 43-101 and, therefore, cannot be considered current mineral resources. There are three historical resource estimates from 2005 to 2011, summarized in a table at the end of the release.
The Company is working toward completion of the Resource Estimate in the second quarter of 2017.
Upon completion of the Resource Estimate, the Properties would be advanced to a Preliminary Economic Assessment (“PEA”). This will be the first economic study on the consolidated Properties, and that would include the elimination of certain royalties owned by Laramide (including the up to 25% NSR) on certain portions of the Properties. The PEA will also have the benefit of the previously completed Feasibility Study on Section 8 completed by a previous operator.
The Resource Estimate will not include the Company’s 100% owned Crownpoint project, located 30 miles from Churchrock. A resource estimate on the Crownpointproject is planned for the second half of 2017.
Historical Resource Estimates
The table below summarizes the historical resource estimates which are applicable to the Properties.
Year of Report
Source of
ReportHistorical
Resource
ClarificationTons
Average
Grade
% U308
Lbs of U308
March 1, 2010
Resource Estimate on
Churchrock
Behre Dolbear & Co. prepared for URI
Measured Indicated
Measured and Indicated Total
N/A
N/A
1.4 million
17.2 million
18.6 million (total)
March 1, 2010 Resource Estimate on Mancos
Behre Dolbear
& Co. prepared
for URIIndicated Resource
5.2 million
0.11
11.3 million
Strathmore/Churchrock
Resource Estimate
(December 20, 2005) and
Scoping Study (April 4,
2011)David C. Fitch
prepared the
Resource
Estimate and
Behre Dolbear
the Scoping
Study for
Strathmore
Minerals Corp.Measured
Indicated
Measured and
Indicated TotalInferred
Resource4,54 million
1.68 million
6.22 million
(total)1.95 million
0.09
0.10
0.10
0.09
8.614 million
3.233 million
11.848 million (total)
3.525 million
Qualified Person
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.
To learn more about Laramide, please visit the Company’s website at www.laramide.com.
About Laramide Resources:
Laramide Resources Ltd., headquartered in Toronto and listed on the TSX: LAM and ASX: LAM, is engaged in the exploration and development of high-quality uranium assets. Laramide’s portfolio of advanced uranium projects have been chosen for their production potential. Major U.S. assets include the Churchrock and Crownpoint In Situ Recovery (ISR) projects and La Jara Mesa in Grants, New Mexico, as well as La Sal in the Lisbon Valley district of Utah. The recently acquired Churchrock and Crownpoint properties, with near-term development potential and significant mineral resources, form a leading ISR division operating in a tier one jurisdiction with enhanced overall project economics. The Company’s Australian advanced stage Westmoreland is one of the largest projects currently held by a junior mining company.
T.LAM: Laramide Resources Provides Update on Churchrock Uranium Project and Commences NI 43-101 Resource Estimate
