GTI revs up for US uranium-vanadium project drilling
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Special Report: GTI Resources is all cashed up and ready to explore its highly prospective uranium and vanadium projects in the US following the completion of a $2m capital raising.
The strong support for the 85% subscribed right issue and share placement ensures that the company’s upcoming exploration campaign is fully funded.
GTI Resources (ASX:GTR) has already generated a number of high-quality targets at the eight uranium and vanadium exploration projects in Utah, and is planning to start drilling in late 2019.
The initial 10-hole drilling program will focus on the Jeffrey claim group and is designed to test extensions of the known zones of uranium and vanadium mineralisation encountered within historical workings and outcroppings.
Drill holes will be cored and geophysically logged, giving GTI immediate access to uranium grades that could help guide subsequent drilling locations.
In addition, the company will support the drilling campaign with downhole geophysical surveys in numerous open historical drill holes located across the project area.
The Jeffrey project hosts surface mineralisation expressions, historical drill holes, and significant historical workings that all highlight its potential.
Fieldwork for the Pinto claim group, which is also expected to include drilling, is planned for early 2020.
GTI picked up the Utah exploration projects through its acquisition of Voyager Energy in early September.
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.
Recent sampling returned super high grades of up to 81,558ppm (8.15 per cent) uranium and 8.39 per cent vanadium.
The Henry Mountains located within Garfield County — the fourth largest producer of uranium and vanadium in Utah.
GTI’s timing could not be better as US Government continues to express its concerns about security of uranium supply.
Republican lawmakers recently called for new measures to ease restrictions on uranium mining on Federal lands in order to produce nuclear fuel required by the country.
The US nuclear industry has also made itself heard with the Nuclear Energy Institute submitting a set of recommendations in August.
These recommendations call on the US Government to use its Defence Production Act authority to procure uranium from domestic suppliers, to meet future security requirements and increase the country’s uranium reserves.