Laramide Resources has announced the results of its maiden independent mineral resource estimate for its 100%-owned Church Rock uranium project, located in New Mexico, US.
The company’s technical team worked in collaboration with Roscoe Postle Associates to complete the resource estimate, which determined areas for immediate follow-up exploration.
Based on the estimate, the project is said to hold an inferred resource of 33.9 million tonnes at an average grade of 0.075% eU3O8 for a contained resource of 50.8 million pounds.
As part of the estimate process, the company consolidated and digitised data from previous operators to create a database of 1,667 drill holes totalling around 1.8 million feet of drilling.
Laramide Resources president and CEO Marc Henderson said: “The Church Rock project is a compilation of significant historical work completed by tier one mining and energy companies.
“This is the first time since discovery that the project has been combined under one banner without significant royalty burden and this impressive initial resource at Church Rock clearly demonstrates the district scale potential of the asset.
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“Combined with the NRC licence and other permitting work already completed by previous operators, Laramide is well positioned to benefit from a likely renewal of US domestic uranium production when market conditions warrant.”
The company is planning to undertake a preliminary economic assessment (PEA) in the fourth quarter of this year.
The economic study will include core drilling with in-situ recovery (ISR) process and exploration drilling in areas of potential mineralisation.
Exploration aimed at elevating the inferred mineral resource to measured and indicated resources, as well as a potential discovery of additional mineral resources, is also under active consideration.