GTI Thor uranium drilling crosses the finish line
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GTI’s extensive 100-hole maiden drill program at the Thor uranium project in Wyoming’s Divide Basin has been completed on schedule and on budget.
Results from the drill program, which has so far confirmed the continuation of the uranium mineralised system that was first discovered in the eastern part of the project during late 2021, is expected to help illustrate its potential.
This is timely given that uranium prices had surged to an 11-year high last week of US$60.40 ($82.61) per pound though it has since slipped down to a still impressive US$55.60/lb since then.
GTI Resources (ASX:GTR) added that all holes have been rehabilitated with the rigs now demobilised on schedule.
“The recent unrest in Kazakhstan and the current conflict between Russia and Ukraine serve to highlight the significant opportunity for US domestic uranium producers to once again support the US nuclear power reactor fleet which requires around 50Mlbs of U3O8 annually, none of which currently comes from the US,” executive director Bruce Lane noted.
“We believe that the case for a reversion back to secure US domestic supply of both yellow cake and enriched uranium to fuel US reactors has never been stronger.
“GTI’s objective is to define economically attractive uranium resources in Wyoming’s Great Divide Basin so that our shareholders benefit from the US uranium industry’s renaissance. There has rarely, if ever, been a better time to define ISR uranium resources in Wyoming.”
GTI’s projects in Wyoming’s Great Divide Basin span some 22,000 acres across several groups of underexplored mineral lode claims and two state leases that are prospective for sandstone-hosted uranium.
The drill program has discovered mineralisation that demonstrates characteristics supporting in-situ recovery (ISR).
Notably, mineralisation intersected to date has compared favourably with the neighbouring 18 Mlbs Lost Creek production deposit.
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.