Drilling Update: New Uranium Roll Fronts Confirmed At Loki

GTI Energy Ltd (GTI or Company) advises that drilling at Company’s ISR uranium projects in Wyoming’s Great Divide Basin (GDB or Basin) is now finished for the 2022 season with 103 mud rotary exploration drill holes completed. Drilling of 70 holes was previously reported at the Thor prospect (Thor) (ASX release from 8 November 2022) and an additional 33 holes combined have now been completed at the Odin, Teebo & Loki prospects. These 33 holes have discovered an additional combined 2.65 miles of ISR amenable uranium mineralised roll front trends (Trends) increasing the total Trend length for GTI’s projects in the Basin to 7.5 miles.

Highlights

• Trends at Loki, Teebo & Odin with best hole to date 0.78 GT¹ vs. target 0.2 GT cut-off²
• 29 of 33 holes drilled across Odin, Teebo & Loki encountered uranium mineralisation
• 2.65 miles of new projected roll front trends discovered at Odin, Teebo & Loki
• Total projected roll front trends at GTI’s GDB projects increased to 7.5 miles (39,614 ft)

DRILLING AT ODIN, LOKI & TEEBO

Drilling at GTI’s Thor, Odin, Teebo and Loki, in the GDB, is now finished for the 2022 season with 103 holes completed. This total includes a combined 33 drill holes most recently completed at Odin, Teebo & Loki in addition to the 70 drill holes for 34,010 feet completed earlier at Thor and previously reported to ASX on 8th November 2022. Results included discovery of an additional 1.39 miles of uranium roll front Trend at Thor which increased the total for the Thor project to date 4.85 miles.

Odin, Teebo & Loki are located within circa 10 miles of the Company’s Thor project (Figure 2). Odin & Teebo lie adjacent to Uranium Energy Corp’s (UEC) Antelope Project. Loki sits south of Antelope & north of URE’s Lost Creek. Drilling targeted exploration of mineralised Trends interpreted from historic information also used at Thor.

Drilling at Odin (18 holes), Teebo (10 holes) and Loki (5 holes) successfully encountered uranium mineralisation at all 3 prospects (Table 1). Results at Teebo & Loki are particularly encouraging where 14 of 15 holes encountered uranium mineralisation and 6 of those 15 holes met or exceeded cutoff for both Grade & Grade Thickness (GT).

33 holes combined were completed at Odin, Teebo & Loki for a total of 30,210 feet (9,208 metres) of drilling (Figures 2, 3 & 4). The drilling successfully confirmed GTI’s exploration hypothesis that Trends are present in the targeted locations & that mineralisation is below the water table at potentially viable depths for ISR mining. Initial results (Table 1) are observed as follows:

• 29 holes encountered uranium mineralisation below the water table.
  
• 6 holes met both grade & GT cutoff with an average of 0.45 GT – 2.25 x the target cut-off3.
• 13 of the remaining holes met grade cut-off but not GT, 10 had trace mineral & 4 were barren.

Executive Director Bruce Lane commented “The strike rate for this round of exploration drilling at Odin, Teebo and Loki has been excellent with uranium mineralisation present in about 90% of holes to date. Results at Loki have identified new roll front uranium mineralisation at viable ISR depths. It’s exciting to see strong results at Loki in such close proximity to UR Energy’s Lost Creek. Drilling this year in the Great Divide has increased our total roll front trend length to 7.5 miles & represents significant progress towards our goal of delivering a maiden resource statement in 2023”.

Click here for the full ASX Release

This article includes content from GTI Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.