Special Report: GTI has acquired two new leases joining its Jeffrey and Rats Nests uranium projects and has kicked off field work to evaluate and prioritise drill targets.
With the acquisition of the leases from Anfield Energy, the company now holds a much larger contiguous tract covering 5.5km along the interpreted strike of the mineralised trend.
GTI Resources (ASX:GTR) added that sampling on the new leases has returned assays of up to 0.96 per cent uranium and 12.87 per cent vanadium.
The company previously noted that analysis of historical data had uncovered over 750 historical drill holes including 362 holes over the now expanded Jeffrey/Rats Nest Project, and 107 drill holes within the Moki Project that have substantially increased the number of identified drill targets.
It is now developing the prioritised targets for the second phase of drilling within the newly expanded project area and has initiated the permitting process.
During the permitting process, the company plans to leverage the extensive underground workings across the project area to study the controls and distribution of ore-grade mineralisation through refined mapping and sampling.
Uranium and vanadium potential
The newly acquired leases contain historical underground production workings that are prospective for uranium and vanadium given the recent sampling results.
A total of 14 samples were collected from several areas of mineralisation in both outcrop and historical underground workings as well as historical remnant ore pads.
Additionally, the previously completed data review has already provided a wealth of information to the company that could have cost more than $10m to replicate.
Utah uranium projects
The Jeffrey/Rats and Moki projects are part of a package of tenements covering about 1,500 hectares that the company picked up from its acquisition of Voyager Energy in September 2019.
These projects are located in the Henry Mountains mining district — a region which has already produced 92 million pounds of uranium and 482 million pounds of vanadium.
The region benefits from well‐established infrastructure and a mature mining industry including Energy Fuels’ White Mesa mill, which is the only conventional fully licensed and operational uranium/vanadium combination mill in the US.
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.