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« Uranium-stocks: Portfolio Update 23 June 2008 | Main | 34 new nuclear plants required in the United States »
Thursday
Jun192008

Laramide strikes gold at Westmoreland.

LAM LOGO

Better know as a uranium explorer Laramide Resources Limited have today released drill results for 28 drill holes for gold assays for their Westmoreland property. The results are summarized as follows:

These results included drill hole WDD08-023 which intersected 4 metres at 1.30g/t Au from 38 metres and 19 metres at 1.09g/t Au from 54 metres. All 28 drill holes were drilled with either NQ or HQ core into The Garee Lens, which forms part of the Redtree Deposit at The Westmoreland project. Mineralisation within the Garee lens is flat lying and hence the true width of mineralisation is generally between 75 % and 100 % of the intersection within the drill holes.

To see the data in tabulated form please click this link.

The VP for Exploration, Peter Mullens, said the following:

“Historically, gold assays were undertaken selectively and assumed that gold was associated with high grade uranium and also in steep structures near the dyke. Hence, gold assaying has not been systematic. The tabled results are not all associated with high grade uranium, in fact in most cases the U3O8 is less than 0.1% and frequently less than 0.02%”.

We draw your attention to this snippet;

“the gold mineralisation appears to be partly at least spatially separate from high grade uranium mineralization. To date it is not clear what is controlling the gold mineralisation; however the mineralisation could be distal to uranium. This opens up the possibility of a separate substantial gold deposit

Well we originally invested our funds in Laramide as a uranium play and we now have the possibility of a gold play – stranger things have happened! Drilling is on going with 3 drill rigs so we guess it now a case of watch this space.

Laramide Resources Limited has a market capitalization of $223 million, a P/E ratio of 145 with 59 million shares outstanding, Laramide closed today at $3.80. These results came out at the close of business so we will see tomorrow just what effect this news will have on the stock price.

Laramide trades on the Toronto Stock Exchange under the symbol of LAM.

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