GTI Energy (ASX:GTR) has begun a Scoping Study for its Lo Herma ISR Uranium Project in Wyoming, US, after delivering a 50% increase to the project’s mineral resource estimate (MRE).
In July 2023, the project’s initial inferred MRE totalled 4.12 million tonnes @ 630 parts per million (ppm) equivalent-uranium-equivalent, representing 5.71 million pounds of contained metal.
Now, the MRE stands at 6.21 million tonnes @ 630 ppm uranium-equivalent, for 8.57 million pounds of contained metal. Some 2.78 million pounds sits in the indicated category, while 5.79 million pounds is in the inferred category.
Executive Director Bruce Lane says this milestone positions Lo Herma favourably in against Ur-Energy’s (TSX:URE) nearby 8.8-million-pound Shirley Basin in-situ recovery (ISR) build, and Encore Energy’s (CVE:EU) 8.1-million-pound Gas Hill ISR Project.
“Importantly, over 30% of Lo Herma’s resource is lifted into indicated classification with an expanded exploration target pointing the way to even greater potential for growth,” Lane says.
“Given Lo Herma’s proximity to several major ISR production facilities within 60 miles, we believe this project has strong potential to transition into production.
“Our immediate focus is completing a Scoping Study in the first half of 2025. This material resource upgrade plus the significant exploration target confirms our belief that 8.57 million pounds is just the starting point for Lo Herma.”
GTI, which has a market capitalisation of $8.88 million, reports it has also updated Lo Herma’s exploration target since it was first reported in 2023.
The new exploration target now stands between 5.59 and 7.1 million tonnes @ 500ppm to 700ppm uranium-equivalent.
GTI’s combined uranium MRE for its Wyoming assets, including the Great Divide Basin, is 10.32 million pounds with an additional exploration target.
GTI Energy is focused on defining and developing economic ISR uranium resources and is part of the US domestic uranium mining revival.
Write to Aaliyah Rogan at Mining.com.au
Images: GTI Energy
