08:24 AM EDT, 08/29/2024 (MT Newswires) -- Laramide Resources ( LMRXF ) on Thursday said exploration at the Amphitheatre prospect at its Westmoreland uranium project in Australia showed uranium mineralization.

The company said assays from its initial two holes in the prospect showed 4.0 meters testing at 52% U3O8, as well as 2.9 meters containing 1.52 grams per tonne of gold.

"The high-grade uranium intercepts that are being found at shallow depths at the Amphitheatre prospect, which is still at an early exploration stage, are very promising," Exploration Vice-President Rhys Davies said in a release.

Laramide said it is planning to follow up on testing the mafic dyke system that showed the mineralization, which it believes continues to the north on the property and expects to release additional assays over the next weeks and months.

The company's shares closed down $0.02 to $0.54 on the Toronto Stock Exchange.