GTI springs into action after settling Utah uranium acquisition
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GTI Resources will hit the field at its Utah uranium projects this week, after settling the acquisition and transfer of two mineral leases picked up last year.
Spring exploration field work will kick off within Section 36 – part of one of the recently acquired leases from Anfield Energy which consolidated GTI’s (ASX:GTR) land ownership across a contiguous 5.5km interpreted mineralised trend at the Jeffrey and Rats Nest uranium projects.
Exploration activity will focus on two historical mines at Section 36, known as the East and West mines, which combined feature more than 1300m of underground workings.
The targets are promising – previous portable x-ray fluorescence samples from underground workings yielded values of up to 19.64% uranium oxide and 6.08% vanadium pentoxide and demonstrated what was described by SRK Consulting as excellent mineralised potential in all directions.
GTI has previously stated its desire to leverage the existing underground developments to aid its rapid advancement of the project.
Fieldwork will consist of downhole geophysical logging and underground mapping and sampling. This work is expected to be followed up by underground drilling where feasible.
The results of the program will allow for the study of mineralised controls and distribution of ore-grade mineralised material, as well as generate data for a possible mineral resource.
GTI executive director Bruce Lane said the company was pleased to be out in the field.
“We are excited to be commencing our spring field program in Utah, and to further explore the potential in the district for mine redevelopment and production of high grade uranium and vanadium ores,” he said.
“We look forward to providing more details and results as work progresses.”
GTI’s uranium assets are located in the Henry Mountains region of Utah – part of the prolific Colorado Plateau uranium province which has historically provided some of the most important uranium resources in the USA.
Sandstone-hosted ores have been mined in the region since 1904, and the region has historically produced in excess of 17.5 million tonnes at 2400 parts per million uranium oxide and 12,500ppm vanadium pentoxide for 92 million pounds of uranium oxide and 482 million pounds of vanadium pentoxide.
It comes at a good time for the commodity, now considered by many experts to be near-essential to a green energy future and part of President Joe Biden’s Clean Energy Plan.
GTI was also listed among a number of uranium plays as one of Tolga Kumova’s ‘potential life changers’ in conversation with Stockhead in January.
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.