GTI’s uranium resource and Exploration Targets at its Great Divide Basin and Lo Herma prospects point the way for more growth. Pic via Getty Images.
Mining
GTI has defined a maiden Inferred resource of 1.66Mlbs U3O8 for its Great Divide Basin prospects along with initial Exploration Targets for its Grate Divide and Lo Herma uranium projects in Wyoming.
The company defined a conceptual Exploration Target of between 6.6Mt and 8.1Mt grading 420 to 530 parts per million U3O8, or between 6.1Mlbs and 9.5Mlbs of contained U3O8 at its Great Divide Basin project.
It also defined a target of 7.3Mt to 9Mt grading between 500ppm and 700ppm U3O8, or an estimated 8.1Mlbs to 13.9Mlbs U3O7 at the Lo Herma project, which has also been enlarged by staking 200 new claims covering about 4,000 acres.
GTI Energy’s (ASX:GTR) recent acquisition of historical drill data (1,445 drill holes worth an estimated $15m to replicate) at Lo Herma is expected to pay off soon with digitisation now underway, which will be followed by resource modelling and verification.
“The reported inferred resource estimates are based on a modest amount of drilling to date over about 20% of our total GDB & Green Mountain ground positions,” executive director Bruce Lane said.
“These interim results are an important next step for GTI and provide us with real encouragement as we progress towards our goal of defining 10 Mlbs of ISR amenable uranium in the Great Divide Basin.
“In addition, we are excited by the early potential that we are seeing at Lo Herma in the Powder River Basin. The initial exploration target has exceeded our expectations with the range estimate of between 8 Mlbs to 13.9 Mlbs.
He added that digitisation of the Lo Herma historical data puts the company on track to deliver an initial JORC resource by the end of June without further drilling.
This is all in line with the company’s ambition of defining a resource of more than 20Mlbs of U3O8 across its Wyoming projects.
The Thor, Teebo, Odin, Loki and Wicket prospects in the company’s Great Divide Basin project are located within a 24km radius of Ur-Energy’s operating Lost Creek in situ recovery uranium processing plant and the 18Mlb Lost Creek deposit.
GTI has completed two exploratory drilling campaigns at Thor between November 2021 to March 2022 and September 2022 and October 2022.
This work outlined areas of concentrated uranium deposition in three target regions which are further separated in 10 distinct sand units.
Of these, just five met the criteria to produce an Inferred Resource estimation. These sand horizons are stratigraphically confined and vertically distinct from each other within their corresponding localised areas.
Meanwhile, the Great Divide Basin Exploration Target is comprised of projected mineralized trends of sand horizons in areas extensional to any Inferred Mineral Resource areas.
Lo Herma, located within about 80km of five permitted ISR production facilities in Wyoming’s Powder River Basin, was secured by staking in February this year.
Its Exploration Target was prepared based on an initial analysis of the 1,445 drill hole data set and in order to update the market with an assessment of the initial potential scale of the Lo Herma prospect.
Mineralisation is hosted in at least four distinct sandstone horizons.
GTI plans to carry out an exploration and verification drilling program at Lo Herma in the second half of 2023.
Drilling targets are being developed as results from the digitization of historical logs become available.
At the Great Divide Basin, exploration plans are being developed for a potential follow up drill campaign in 2023 or 2024 to test the validity of the Exploration Target.
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.
