GTI has the green light to start Thor uranium drilling
Link copied to
GTI has received approval for a 15,000m drill program to identify uranium resources amenable to in-situ recovery at the Thor project in Wyoming.
In situ recovery of uranium, which accounts for 90% of current uranium production in the US, is considered to be the form of mining with the lowest environmental impact and cost.
The approval also comes as uranium futures continue to trade above US$45 per pound while the World Nuclear Association expects demand for the nuclear fuel to reach 206 million pounds in 2030 while supply falls by 50% due to the lack of investment in new mines.
GTI Resources (ASX:GTR) has received bids from drill contractors with drilling on track to start in December while the rehabilitation bonding process is underway.
The company says its shareholders have approved the issue of the vendor consideration for the acquisition of Branka Minerals, which holds the Wyoming uranium assets.
This sets the stage for settlement of the acquisition to be completed this week.
The uranium tenements that will come with the acquisition of Branka Minerals cover about 22,000 acres across several groups of strategically located and underexplored mineral lode claims and two state leases.
These tenements are prospective for sandstone-hosted uranium within the Great Divide Basin in Wyoming and the Uravan Belt in Colorado.
Adding interest, the new properties are located close to known mineralisation and is adjacent to TSX-listed UR Energy’s Lost Creek ISR production plant and Rio Tinto’s (ASX:RIO) Kennecott Sweetwater Mill.
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.