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NORTHERN AUSTRALIA URANIUM PROJECT
The Westmoreland Uranium Project occurs in a major Proterozoic belt which runs from Darwin in the north west to Mt Isa in the southeast. This belt covers a distance of 1600 kilometres and contains a number of world class base metal mines including Mt Isa Cu, Ag, Pb, Zn, Century Zn, and Cannington Ag deposit. It is recognized as one of the great mineralized belts of the world. In addition there are a number of uranium deposits including the world class Ranger & Jabiluka properties (Energy Resources Australia) and Koongarra (COGEMA Australia Pty) in the Northern Territory and Westmoreland and Valhalla (Summit Resources) located in Queensland.
Currently a uranium exploration boom is taking place in the Northern Territory. Some of the world's largest companies, including ERA, Cogema and Cameco, are focusing on the Northern Territory. This is due to the presence of large, low production cost, uranium deposits in the Northern Territory. Recently the Australian Federal Government also came out in support of uranium exploration and mining in the Northern Territory.
Since purchasing the Westmoreland Project, Laramide has acquired a large exploration land package of highly prospective ground in both the Northern Territory and Queensland. To date Laramide holds in excess of 680,000 hectares which covers the Westmoreland conglomerate, the host of much of the mineralization in the district.
These 680,000 hectares include two joint ventures, one with Nupower Resources Ltd (NUP: ASX,) a publicly listed Australian company and Hartz Range Mines, a private Australian company. Laramide has also staked extensive ground holdings in both the Northern Territory and Queensland.
During 2005, Laramide flew a high resolution radiometric and magnetic geophysical survey over Westmoreland and the two adjacent joint venture project areas. This survey readily picked out Westmoreland and all of the other known mineralized deposits. The survey also indicated a number of other high priority targets, which either were not previously known or previously had been given a lower priority. During 2007 Laramide plans a major field campaign focusing on the new targets generated by this geophysical survey. Up to 10,000 metres of drilling will be completed on these targets.
During the 2006 field season Laramide commenced exploration on both of these Joint Venture areas. To date a number of promising projects have been identified including the following:
- North East Westmoreland located on the Nupower Joint Venture area
- El Hussein South located on Nupower JV
- El Hussein located on the Hartz Range JV project
In a drill program in 2006 at North East Westmoreland, Laramide completed 2,818 metres of Reverse Circulation Drilling “RC” in 23 drill holes. Five of the drill holes did not reach target depth due to excessive water in flows. These holes will be deepened in the coming field season. The best results from this drilling are as follows:
- NEWM204 - 5 metres @ 0.18 % U3O8 from 124 metres
- NEWM222 - 5 metres @ 0.06 % U3O8 from 73 metres
- NEWM216 - 2 metres @ 0.05 % U3O8 from 65 metres
Of interest NEWM204 appears to have intersected steep dipping uranium mineralization which was not previously recognized at this project.
Sampling on the El Hussein project area identified the following zones from surface sampling:
- 1 metre @ 0.55 % U3O8
- 7 metres @ 0.45 % U3O8
- 1 metre @ 0.14 % U3O8
This sampling is over a strike length of 400 metres and occurs within a steep dipping structure. Previous drilling has been vertical and failed to test this zone. The target is for both steep and stratabound mineralization at depth. Laramide plans to test this zone during the 2007 field season.
Work will continue on these projects in 2007 field season. Drilling is expected to start in June 2007 to continue on The North East Westmoreland Project. This will be followed up by testing of the El Hussein target and further grass roots work. | 
