GTI Energy (ASX:GTR) has declared an initial Inferred Mineral Resource Estimate (MRE) at the Thor and Teebo Uranium prospects, located within its Great Divide Basin (GDB) Project in Wyoming’s GDB Uranium District.
The company reports the inferred MRE assumes mining by In-Situ Recovery (ISR) methods and is reported at a cut-off grade of 200 parts per million (ppm) triuranium octoxide (U3O8) and a minimum grade thickness of 0.2 per mineralised horizon.
Additionally, GTI reports the inferred mineral resource is 1.66 million pounds (Mlbs) U3O8 for its Great Divide Basin prospects. This follows from results including 1.32 million tonnes of mineralisation @ an average grade of 570ppm U3O8 for 1.66 Mlbs of U3O8 contained metal.
The company’s share price had risen 12.5% as of 11.15am AWST.
GTI Energy Executive Director, Bruce Lane says: “The reported estimates are based on a modest amount of drilling to date over about 20% of our total GDB and Green Mountain ground positions. These interim results are an important next step for GTI and provide us with real encouragement as we progress toward 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.”
“The initial exploration target has exceeded our expectations with the range estimate of between 8 Mlbs to 13.9 Mlbs”
Additionally, the company reports its immediate goal is to define resources in excess of 20 Mlbs combined across the Great Divide and Lo Herma projects.
GTI reported on 14 March 2023, a comprehensive historical data package, with an estimated replacement value of about $15 million was purchased for the Lo Herma Project. The data package consists of original drill logs for about 1,445 drillholes referring to the project area.
Digitisation of the original data is in progress to develop a database, which will be suitable for the preparation of an MRE in accordance with the JORC Code, 2012.
Alongside this, the company has expanded the project footprint by staking an additional 4,000 acres of ground to capture a greater extent of the trends and historical drilling.
GTI’s initial exploration target has been defined for the Great Divide Basin prospects, as well as the Lo Herma Project in the Powder River Basin. Additionally, the JORC resource for Lo Herma is on track and expected for completion at the end of Q2.
GTI Energy is focused on exploring, defining, and developing economic ISR uranium resources. The company’s portfolio assets in Wyoming include the Lo Herma, Great Divide Basin, and Green Mountain projects, alongside the Henry Mountains Project in Utah.
Images: GTI Energy Ltd
