Laramide Resources (LAM.AX, LAM.TO) has released an updated resource estimate for its Westmoreland Uranium project, incorporating the data from drill programs in 2012, 2023 and 2024. The indicated resource now contains almost 28 million tonnes of rock at an average grade of 770 ppm for a total U3O8 content of 48 million pounds, while there is an additional inferred resource estimate with almost 12 million tonnes at an average grade of 680 ppm. This adds almost 18 million pounds of U3O8 to the total resource.
The Westmoreland project definitely has potential from a technical perspective but keep in mind there is a ban on uranium mining in Queensland, and the project won’t move forward anytime soon. The updated resource calculation does keep the Westmoreland project ‘current’ in case there is a regulatory change, paving the way for uranium mining.
Disclosure: The author has no position in Laramide Resources. Please read the disclaimer.
