GTI completes due diligence as it looks to double its uranium prospects with Wyoming acquisition
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GTI Resources is set to expand its uranium exploration portfolio after completing due diligence on the purchase of the Wyoming ISR uranium project.
All that’s left is for shareholders to approve the issue of shares to vendors at a meeting on October 29, which will allow GTI Resources (ASX:GTR) to settle the transaction.
The timing of the deal has been impeccable, adding another uranium project to GTI’s existing assets in Utah as uranium prices have gone on their most exciting run in over a decade.
Exploration permitting at the project in Wyoming, a US state which has produced some 84,000t of uranium, is already under way, with a maiden 15,000m drill program planned to take place at the Thor project in late 2021.
The aim is to identify resources amenable to in-situ recovery, the lowest environmental impact and cost form of mining which accounts for around 90% of current uranium production in the USA.
GTI has already identified targets for around 100 mud rotary drill holes in the Thor area, with a field work program also expected to take place concurrently at its Utah project in November and December.
“We’ve made great progress towards settling the acquisition of Branka and getting organised for our maiden drilling campaign in Wyoming,” GTI executive director Bruce Lane said.
“The outlook for nuclear power and uranium has improved rapidly over recent weeks and provides a solid foundation to fund the commencement of uranium exploration in Wyoming and follow-up field work in Utah.
“We’re excited at the prospect of getting into the field in Wyoming and Utah over the next few months with multiple exploration activities in the planning.
“The coming period is set to be a busy one for the company and we look forward to keeping shareholders updated accordingly.”
This article was developed in collaboration with GTI Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.