GTI Resources Ltd (GTI or Company) advises that due diligence (DD) has been successfully concluded under the binding term sheet agreement (TermSheet) to acquire 100% of Logray Minerals Pty Ltd (Logray) (Acquisition)1. Logray is the holder of ~13,800 acres (~5,600 hectares) of underexplored mineral lode claims (Claims), adjacent to GTI’s existing Great Divide Basin (GDB) projects, at Green Mountain in Wyoming, USA (the Properties or GreenMountainProject, Figure 1).
Highlights:
- GreenMountainprojectacquisitionduediligencenowcompleted
- Strategicacquisitionof~13,800acresofcontiguousISRuraniumexplorationclaimsatWyoming’sGreenMountainincreasesGTI’slandholding,by40%,to~35,000acres
- Properties lie close to existing GTI claims & adjacent to Energy Fuel’s 30Mlb SheepMountain,Ur-Energy’sLostSoldier,RioTinto’sJackpot&UEC’sAntelopedeposits1
- GTI has material holdings in the district with plans to continuing exploring multipleuraniummineralised rollfronts commencinginJuly 2022.
Green Mountain Project Summary
The Green Mountain Project Acquisition brings GTI’s total GDB land holding to ~35,000 acres, an increase of 40%, with new Project containing a number of uranium mineralised roll fronts hosted in the Battle Springs formation located close to several major deposits.
Historical Kerr McGee drill data, which has been a reliable guide to exploration at GTI’s Thor Project, and oil-well exploration drill logs both confirm the presence of uranium mineralised roll fronts and the prospective Battle Springs formation which hosts neighbouring major uranium deposits.
The Project is located in the neighbourhood of Energy Fuel’s (EFR) 30Mlb Sheep Mountain deposit, Ur- Energy’s (URE) Lost Soldier ISR deposit2, UEC’s (UEC) Antelope deposit & Rio Tinto’s (RIO) Big Eagle (past producing), Jackpot, Desert View, Phase II, & Willow Creek deposits. The Claims lie south of Green Mountain, ~5kms from GTI’s existing Odin claim group & within 15km of GTI’s Thor project where a successful maiden drill program was completed during May 2022.
The Company has commenced exploration planning for the Green Mountain Project and will provide further updates with regards to specific exploration activity in due course.
Acquisition Transaction Update
GTI recently announced, on April 6th, 2022, the Acquisition agreement to acquire Logray, the holder of 13,800 acres of claims at Green Mountain in Wyoming abutting Rio Tinto’s claims and adjacent to GTI’s existing GDB projects.
Due diligence on Logray and the Properties has now been completed and the Company expects settlement of the Acquisition to take place during the first week of June, following the Company’s General Meeting on May 27th.
100,000 ft July Exploration Program Overview – Great Divide Basin (GDB)
GTI is targeting 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 Ur-Energy’s 18Mlb Lost Creek deposit2 & operating ISR uranium plant3.
Exploration to date has successfully identified mineralisation with economic potential based on widths, grades & depth of mineralisation (ASX release 29 March 2022)4.
Click here for the full ASX Release
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FIGURE 1. GTI WYOMING PROJECT LOCATIONS
Figure 1 The Talus Uranium Prospect depicting the location of the incredibly high-grade soil samples. Note: surface geochemistry is highly coincidental with the large existing anomalous radiometric corridor.
