Consolidated figures for New Mexico uranium project

Laramide Resources Ltd has announced a maiden independent mineral resource estimate for its 100% owned Church Rock project in New Mexico. The estimate of over 50 million pounds U3O8 in inferred resources supersedes historical estimates for the purposes of NI 43-101 reporting for the property, which Laramide acquired earlier this year.

Data from previous operators has been consolidated and digitised to reach the new estimate of 33.9 million tonnes of inferred resources at an average grade of 0.075% U3O8 for a contained resource of 50.8 million pounds U3O8 (19,540 tU). The figures will be classed as "inferred" until additional new confirmatory drilling data can be obtained.

Laramide purchased the Church Rock and Crownpoint projects, with other nearby assets, from Uranium Resources Inc in a $125 million transaction completed earlier this year. Uranium Resources in 2011 applied to the US Nuclear Regulatory Commission to reactivate a licence to mine uranium at the projects using in situ leach technology.

Canyon Mine figures

Energy Fuels Inc has filed an updated NI43-101 technical report for its Canyon Mine copper/uranium mine in northern Arizona. The fully-permitted and substantially-developed uranium/copper mine located in Northern Arizona is estimated to contain 139,000 tons of measured and indicated mineral resources with an average grade of 0.88% U3O8 containing 2.4 million pounds U3O8 (923 tU), along with 18,000 tons of inferred mineral resources with an average grade of 0.38% U3O8 containing 134,000 pounds U3O8.

"This is the first time since discovery that the project has been combined under one banner without significant royalty burden", said Laramide Resources President and CEO Marc Henderson. "The Church Rock Project is a compilation of significant historical work completed by tier one mining and energy companies. 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," he said.

The resource estimate does not include Laramide's 100% owned Crownpoint project, 25 miles (40 km) east of Church Rock. Laramide plans to begin the process of digitising data for Crownpoint, which has a historical resource estimate, in the coming months. This will allow for a resource estimate, which is planned for the first quarter of 2018, the company said.

Laramide intends to begin a preliminary economic assessment, including core drilling, by the end of this year. This will be the first economic study on the consolidated project, although a feasibility study was completed in the past on one section of the project by a previous owner. Drilling and leach-restoration testing, required to complete the requirements of the New Mexico Environmental Department Groundwater Discharge Plan, will begin in early 2018.

Researched and written
by World Nuclear News