08:05 AM EDT, 08/19/2024 (MT Newswires) -- Laramide Resources ( LMRXF ) , a uranium mine development and exploration company with assets in the United States and Australia, on Monday provided an update on its drilling activities at the Westmoreland Uranium Project in Queensland, Australia.

This season's exploration drilling campaign is comprised of up to 12,000 metres of diamond and RC drilling across multiple targets; the program is planned to test up to five targets and "is off to an excellent start" with positive results already obtained from the first three targets drilled.

An initial batch of samples were sent for assaying in late July and the first assay results are expected to be returned within the next couple of weeks.

"The goal of this year's program is to start to quantify and qualify what we believe to be a significantly larger asset than has already been defined," said Vice-President of Exploration Rhys Davies. "Last year's drilling results have given confidence to our assumptions that the potential size of Westmoreland's uranium mineralization can become much larger."

The company's shares dropped more than 5% on Friday.