Laramide Resources (LAM.TO, ASX:LAM) has released the results of its maiden resource estimate on the Church Rock uranium project, located in New Mexico. According to the study, the project hosts an inferred resource estimate of almost 34 million tonnes of rock at an average grade of 0.075% U308-equivalent. This results in a total of almost 51 million pounds of uranium which is a good start for a project which has already been subject to in excess of 500 kilometers of drilling in almost 1,700 holes.
The next step at Church Rock will be to initiate a Preliminary Economic Assessment which will start in the current quarter. The metallurgical test work as part of the PEA will be important as it will try to confirm and establish the economics of an ISR uranium mine which would be pretty cheap to operate. Also keep in mind the Church Rock resource does not include the Crownpoint property where the company has been permitted to build a processing plant.