GTI Energy (ASX:GTR) has entered the final phase of its 2024 campaign to drill and construct three hydrogeologic and water monitoring wells at its flagship Lo Herma ISR Uranium Project in the US.
Following completion of the work, the uranium hopeful will be in a position by year-end to update the mineral resource estimate (MRE) and exploration target for the project, located in Converse County, Powder River Basin, Wyoming.
A decision will then be made on starting a Scoping Study to demonstrate the economic potential of the project.
Meanwhile, next Tuesday (15 October) is the closing date for eligible option holders to take up part of a priority option offer. As announced on 30 July, GTI Energy is undertaking a priority offer of just under 115.6 million new options at an issue price of $0.001 on a one-for-four basis.
The company lodged an initial prospectus on 24 July and a supplementary prospectus for the offer with the Australian Securities and Investments Commission (ASIC) and Australian Securities Exchange (ASX) on 30 July.
Yesterday (10 October) was the last day to extend the offer.
The company remains focused on advancing Lo Herna where the key driver of value creation is to define economically viable uranium resources.
The in-situ recovery (ISR) uranium project has so far delivered inferred resources of 5.71 million pounds U₃O₈ lies within 100 miles of seven permitted ISR uranium production facilities.
Executive Director Bruce Lane says ISR is arguably the lowest cost and lowest impact way to mine uranium. As such, GTI is aiming to define ISR amenable uranium resources in Wyoming.
Lane says its Wyoming uranium strategy positions it to define uranium resources that can potentially be developed cheaper, faster, and with lower environmental impact than many hard rock mining projects.
NYSE-listed Uranium Energy Corp (NYSE:UEC) on 23 September announced it was acquiring all of Rio Tinto’s (ASX:RIO) Wyoming assets, including the Sweetwater uranium plant and a portfolio of mining projects in the Great Divide Basin and at Green Mountain for US$175 million.
With the acquisition, UEC is building on its transformative purchase of Uranium One Americas in 2021, which expanded its exposure in Wyoming’s Great Divide basin.
UEC notes that the Rio Tinto transaction will establish UEC’s third hub-and-spoke production platform in addition to its Texas and Wyoming, Powder River Basin operations and bolster resources by circa 175Mlbs, about half of which is amenable to in-situ recovery mining.
Write to Adam Orlando at Mining.com.au
Images: GTi
