GTI’s next phase of drilling at Lo Herma will focus on expanding the resource areas and upgrading the current mineral resource classification. Pic: Getty Images
GTI fully permitted to begin uranium resource drilling at Lo Herma
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- A permit has been approved allowing GTI to carry out mud rotary drilling
- The rig is set to begin drilling within the next 48 hours
Special report: GTI Energy is now fully licenced and authorised to carry out its next phase of drilling focusing on expanding and upgrading the current 5.71Mlb uranium resource at Lo Herma.
GTI Energy’s (ASX:GTR) Lo Herma in-situ recovery uranium project sits within Wyoming’s prolific Powder River Basin, an area with extensive ISR uranium production history, several permitted central processing plants and satellite deposits.
ISR mining has become the world’s dominant form of uranium mining due its low cost and low surface impacts, with the process involving pumping a leach solution into a subterranean uranium orebody.
Lo Herma is about ~10 miles from Cameco’s Smith Ranch-Highland plant, the largest ISR uranium production facility in the US.
With $2.25m in the bank raised via a placement and the recent board appointments of Cameco’s ex-head of Australia Simon Williamson and Denver based ISR uranium specialist Mat Hartmann to assist with Lo Herma development plans, the explorer is well positioned to begin drilling imminently.
Exploration target range and resource estimate next up
All permits, bonds and access arrangements are now in place, with GTR set to begin drilling within the next 48 hours at Lo Herma.
This next phase of drilling will focus on expanding the resource areas and where possible, upgrading the current mineral resource classification.
GTI intends to publish an updated mineral resource estimate and exploration target range for the project and expects the updated mineral resource estimate will support near-term development of a scoping study to demonstrate the economic potential of the project.
‘Strong position’
“We’re excited to be in a strong position to be able to complete the drilling program this quarter, with a revised mineral resource estimate to be rapidly advanced post-drilling,” GTR executive director Bruce Lane says.
“This work prepares GTI for a potential Lo Herma scoping study which we hope to commence later this year on the basis that we can grow the Lo Herma uranium resource estimate to a similar scale to ISR uranium mines currently being constructed or planned in Wyoming at UrEnergy’s Shirley Basin project & Encore’s Energy’s Gas Hills project.”
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.
