Laramide Resources Ltd. (TSX: T.LAM, Stock Forum) said it has begun a drilling program at the Westmoreland uranium project in Australia.
The wholly owned uranium project, located in Queensland, is still in the exploration phase.
According to the press release, this initial program of 4,000 metres for 25 drill holes of diamond core drilling, within a larger program of 30,000 meters, is planned to test exploration targets along strike from the Huarabagoo and Junnagunna deposits.
The program will focus on the highly prospective structural corridor that connects the Huarabagoo and Junnagunna deposits.
Previous drilling has not extensively targeted the three-kilometer strike length between the two deposits.
Recognition of key structural and geological controls on mineralization during past exploration programs resulted in successfully targeting mineralization on the southern extent of the Junnagunna deposit, as demonstrated by drill hole JDD08-033 which intersected 13 metres at 0.34% uranium.
Laramide is engaged in the exploration and development of high-quality uranium assets.
On Wednesday morning, Laramide was trading at $0.94 a share. The company has a Market cap of $66.5million, based on 70.8 million shares outstanding. The 52-week high and low was $1.61 and $0.61 respectively.