ASX Resources Quarterlies: GTI Energy poised to play in US uranium game
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It’s quarterlies season and the ASX market announcements page has become increasingly flooded with lodgements.
To save you the trouble of trudging through, we’ve wrapped up the highlights from some of the reports that caught our eye today.
The company wrapped up uranium and vanadium exploration drilling on its Section 36 project area in Utah during the quarter and says the shallow nature of the mineralisation can support low-cost, rapid exploration advancements.
GTI also said the recent deal Energy Fuels (NYSE:UUUU) made with International Consolidated Uranium (TSXV:CUR) around toll-milling is encouraging because it appears to affirm EFR’s intention to toll treat ore through the White Mesa Mill.
And GTI will be waiting in the wings with its Utah projects when the mills kicks off production again.
Also during the quarter, the company picked up additional ~5580ha of contiguous ISR uranium exploration claims abutting Rio Tinto’s (ASX:RIO) claims at Green Mountain Wyoming.
Looking forwards, drilling approvals are underway for 12,100m of follow-up drilling at the Thor project and around 18,200 feet of maiden drilling at the Wicket, Teebo, Odin and Loki projects areas.
During the June quarter, the company says prospectivity modelling at its Belara zinc-base metals Project, revealed 34 new exploration targets which show “highly promising and identified new exploration targets which will underscore our Phase 2 drilling strategy and provide a strong pipeline of mine-scale targets that will support organic growth into the future,” according to MD Arvind Misra.
“Our maiden drilling program continues to exceed expectations and has delivered highly encouraging preliminary results which highlight the large scale and quality of the Belara project as well as its expansion potential,” he said.
Likely because the first assays confirmed massive sulphide mineralisation in previously undrilled areas, with the company planning to start resource estimation studies in August.
The company had $2.96m cash at bank as at 30 June 2022.
The company completed a 5,210m RC drilling program during the quarter at newly discovered, shallow, high-grade gold lodes at the Kookynie Gold Project – including the McTavish East prospect targeting extensions to the high-grade zone along strike and at depth.
Plus, results from the second aircore program at the Ora Banda South Gold Project defined two high priority targets for a follow-up aircore and RC program in Q3 subject to rig availability.
CEO Humphrey Hale says that while assay turnaround has been a bit of an issue, he expected this to improve over the coming months.
The company had a cash position of $3.24 million as of 30 June 2022.
At Stockhead we tell it like it is. While GTI Energy, Belararox, and Carnavale Resources are Stockhead advertisers, they did not sponsor this article.