GTI Resources is proceeding with the acquisition of Logray Minerals, the holder of 5,600 hectares of underexplored mineral claims at Green Mountain in Wyoming, USA after completing due diligence.
Logray’s claims are adjacent to GTI Resources’ existing Great Divide Basin (GDB) Project and in the neighbourhood of Energy Fuel’s (EFR) 30Mlb Sheep Mountain deposit, Ur-Energy’s (URE) 14Mlb Lost Soldier ISR deposit, and Rio Tinto’s (RIO) Big Eagle (past producing), Jackpot, Desert View, Phase II and Willow Creek deposits.
This move is set to increase GTI’s (ASX:GTR) holding to 35,000 acres or ~14,163 hectares and contains several uranium mineralised roll fronts hosted in the Battle Springs formation, close to several major deposits.
Historical Kerr McGee drill data and oil-well exploration drill logs have confirmed the presence of roll fronts and the Battle Springs formation, which hosts neighbouring uranium deposits.
Exploration to kick off in July
A 30km (100,000 foot) exploration drilling program has been planned for July, where GTI is targeting the development of economically viable ISR amenable uranium resources at its projects in Wyoming’s Great Divide Basin.
The most advanced of these projects to date is the Thor Project located adjacent to uranium producer Ur-Energy’s 18Mlb Lost Creek deposit and operating ISR uranium plant.
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.