GTI Energy verifies historical data & confirms exploration potential at US ISR uranium project
Special Report: GTI Energy says drilling at its Lo Herma In Situ Recovery (ISR) uranium project in Wyoming, USA, has verified the historical data package used to prepare the mineral resource estimate.
The project is in Wyoming’s prolific Powder River Basin, which has extensive ISR uranium production history with numerous defined ISR uranium resources, central processing plants (CPP) and satellite deposits.
It’s also ~10 miles from the US’s largest ISR U3O8 production plant at Cameco’s Smith Ranch-Hyland, and ~60 miles from UEC’s Irigaray & Energy Fuels’ Reno Creek.
GTI Energy (ASX:GTR) says the initial 26 drill holes for 4,250m completed have successfully validated the historical data package it purchased back in March to determine the project’s resource estimate of 4.12Mt at an average grade of 630ppm U308 for 5.71Mlbs contained metal – and exploration target of 5.32-6.65Mt at 500-700ppm U3O8 for 5.87-10.26Mlbs of additional contained metal.
In addition, the Lo Herma land package was expanded through staking of 28 additional claims in December to cover extensions of interpreted trends as defined by the historical data package.
However, the resource estimate and exploration target range do not currently include any estimated contained resource within the Fort Union formation – which Cameco produces from ~10 miles east – the lower sands of the Wasatch formation or the 28 new claims.
GTI is currently evaluating how the new claims and data impact the exploration target for the property and 2024 drill plans.
“We are very pleased that initial drilling has successfully verified the large body of historical data used to prepare the Lo Herma JORC inferred resource,” GTR executive director and CEO Bruce Lane said.
“In addition, the drilling confirmed exploration potential along trend and at depth in the Wasatch formation and in the deeper Fort Union formation.”
A total of 42 drill holes remain permitted and undrilled at Lo Herma, providing a set path to return to field for further drill testing in 2024.
GTI plans to update the project’s mineral resource and exploration target estimates following execution of planned and permitted drilling during 2024.
“The drilling in 2024 is expected to upgrade the category of portions of the mineral resource and ultimately support a preliminary economic assessment for the project,” Lane said.
This article was developed in collaboration with GTI Energy, 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.