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Laramide Resources secures indigenous land use agreement for Westmoreland uranium project

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By Lorna Nicholas - 
Laramide Resources ASX LAM Indigenous Land Use Westmoreland Uranium Project
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Aspiring uranium miner Laramide Resources (ASX: LAM) has secured an indigenous land use agreement paving the way for the grant of a mineral development licence for its Westmoreland project in Queensland.

Laramide’s wholly-owned subsidiary Tackle Resources executed the Westmoreland access agreement with the Gangalidda & Garawa Native Title Aboriginal Corporation (GGNTAC).

GGNTAC is the agent for native title holders of Westmoreland and the indigenous land use agreement consents to a mineral development licence for the project, which will enable Laramide to continue exploring and developing mineral resources.

The agreement also provides for native title holders to be involved in the project and gain certain benefits including employment. It also includes arrangements to avoid any harm to Aboriginal cultural heritage.

Westmoreland uranium project

According to Laramide, Westmoreland is one of the largest uranium projects held by a junior resources company.

Westmoreland has 51.9 million pounds of contained uranium in inferred and indicated resources.

Laramide revealed a scoping study for Westmoreland in April 2016, which gave the project a 13-year mine life based on a 5,500 tonnes per day throughput.

At the time, capital expenditure was estimated at US$317 million (including a US$49 million contingency) to develop the project, which would produce 4Mlb of uranium a year.

The study gave an average US$65/lb uranium life-of-mine price and cash operating costs of US$23.20/lb.

Opportunities were also identified to further reduce operating costs through reagent recycling.

Exploration underway

Laramide kicked-off a two-phase diamond drill program at Westmoreland in late May, which focused on testing the Amphitheatre satellite prospect. Amphitheatre is about 16.5km northeast of the Junnagunna deposit, which is one of three deposits that make up the existing project resource.

Assays from this program are pending and anticipated later this year.

A second phase drilling program was started in the current quarter at the Longpocket satellite target at Westmoreland.

Longpocket comprises Sue and Outcamp prospects and is about 8km east of Junnagunna.