Laramide Resources Ltd. announced an initial independent resource estimate for its Church Rock uranium property in New Mexico.

Church Rock hosts inferred resources containing 50.8 million pounds of triuranium octoxide, or U3O8, within 33.9 million short tons grading 0.075% U3O8 equivalent.

Laramide noted in its Oct. 10 release that the estimate considered the in situ recovery of uranium, consolidating work completed by previous project operators.

Marc Henderson, the company's president and CEO, said the initial resource clearly shows the district-scale potential of the asset.

The company will now advance the project to a preliminary economic assessment.

Laramide plans to carry out exploration drilling in combination with core studies, aiming to upgrade the inferred resources to the measured and indicated categories.