08:29 AM EST, 12/09/2024 (MT Newswires) -- Laramide Resources ( LMRXF ) on Monday said exploration drilling at its Westmoreland uranium project in Australia showed uranium and gold mineralization.

The company said best results from drilling into the Huarabagoo and Junnagunna deposits on the property included 25 meters testing at 393.64 parts per million of triuranium octoxide and 15.6 meters testing at 2,237.03 ppm of triuranium octoxide.

The company also said it encountered broad zones of gold mineralization, including 12.39 grams per tonne of gold over 2.0 meters.

"The uranium and gold grades at Huarabagoo are consistently impressive. As we continue to gather more data relating to gold in the system, it is becoming clear that historical exploration work did not include assaying for gold, which has left significant gaps in the data, and presents a meaningful opportunity to enhance the project economics of these deposits," said Rhys Davies the company's exploration vice-president.

The company expects to complete an updated mineral resource estimate for the property early in the new year.

Laramide shares closed down $0.01 to $0.73 Friday on the Toronto Stock Exchange.