GTI Energy

GTI Activities Report, March Quarter 2024

GTI Energy Ltd (ASX: GTR) (GTI or Company) is pleased to report on its activities during the March quarter 2024.


  • Lo Herma drilling permit amendment review in progress to optimise follow-up drilling, increase total number of drill holes, and construct monitoring wells for groundwater data collection. Drilling is scheduled for Q3 2024
  • Lo Herma Mineral Resource Estimate & Exploration Target to be updated in Q4 2024
  • Green Mountain maiden drilling planned for 2024 with permit application targeted for late April
  • Utah uranium/vanadium projects under evaluation to determine potential paths for renewed exploration, resource development or other value creating activities
  • Matt Hartmann appointed President US Operations with over 20 years of global mineral exploration, project development & commercial experience with significant track record in ISR uranium through the entire project life-cycle

LO HERMA ISR PROJECT

During the quarter the Company advised that planning for the 2024 field season in Wyoming has progressed well and permitting is on track to facilitate drilling during Q3.

The Lo Herma ISR Uranium Project (Lo Herma) is located in Converse County, Powder River Basin (PRB), Wyoming (WY). The Project lies approximately 15 miles north of the town of Glenrock and within ~60 miles of five (5) permitted ISR uranium production facilities. Facilities include UEC’s Willow Creek (Irigaray & Christensen Ranch) & Reno Creek ISR plants, Cameco’s Smith Ranch-Highland ISR facilities & Energy Fuels Nichols Ranch ISR plant. The PRB has extensive ISR production history with numerous ISR uranium resources, central processing plants (CPP) & satellite deposits (Figure 1).

42 drill holes remain permitted and undrilled at Lo Herma, however a review of the drilling conducted during December 2023 has helped the Company to refine and expand the planned 2024 drilling program to include 76 drill hole locations and construction of up to 5 groundwater monitoring wells. The total estimated drill footage for this updated program is 57,000 ft (17,000 m).

This next phase of exploration at Lo Herma will be focused on expanding the resource areas and upgrading the current mineral resource classification. Collection of important data including, hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised.

GTI intends to mobilise drilling rigs to Lo Herma as soon as the activity is fully permitted, and seasonal restrictions on exploration operations, due to wildlife activity, are lifted at the end of June. At this time, GTI anticipates that drilling will commence at Lo Herma during July 2024. Following completion of the 2024 drill program at Lo Herma, GTI intends to publish an updated mineral resource estimate and exploration target range for the project. The Company expects that the updated mineral resource estimate will support near-term development of a Scoping Study to demonstrate the economic potential of the project. The most recent drill results from Lo Herma and a summary of the project geology can be found in the Company’s 20 December 2023 news release.


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.

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uranium news

Rigs Secured For Wyoming Uranium Drilling & Utah Fieldwork Completed

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Figure 1. Thor Project Uranium Drilling Location Map, Great Divide Basin, Wyoming USA

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NexGen Advances Through Completeness Check for the Final Federal Environmental Assessment Process

NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce that on June 21, 2024 the Canadian Nuclear Safety Commission (" CNSC ") concluded their 30-day completeness check of NexGen's May 21, 2024 submission of responses to the remaining 49 technical review comments and revised Federal Environmental Impact Statement (" EIS ") for NexGen's 100% owned Rook I Project (" Rook I " or the " Project ").

NexGen Energy Ltd. Logo (CNW Group/NexGen Energy Ltd.)

The technical review by the CNSC has now commenced through the Federal-Indigenous Review Team, and upon confirmation that all technical review comments have been resolved after its prescribed 60-day review, the CNSC will then be able to deem the EIS final. When the EIS is deemed final, the CNSC will establish the Federal Commission Hearing date.

Leigh Curyer, NexGen's Chief Executive Officer, commented: "The Company continues to successfully advance through the Federal EA process which formally initiated in April 2019 . We look forward to the conclusion of the technical review process, for the Federal EIS to be deemed final, and the establishment of a Federal Commission Hearing date for the Rook I Project in order to deliver the significant generational benefits to the local Indigenous Nations, communities, the Province and Canada .

With the acceptance of the Federal licence application and receipt of Provincial EA approval in September and November 2023 , respectively – and broad-based support and advocacy from our valued stakeholders and local Indigenous Nation partners and communities – the team is ready to immediately commence major construction of this generational project upon receipt of remaining approvals. The detailed engineering and procurement activities continue along the critical path as do the significant local training programs underway for the future staffing requirements. Rook I represents a crucial clean fuel source that is fully in line with Government of Canada's critical minerals strategy and desire to be a leader in the provision of clean energy solutions including nuclear power and NexGen will be instrumental in global efforts to bring diversified, reliable, carbon-free energy to the world."

About NexGen

NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company's flagship Rook I Project is being optimally developed into the largest low cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada , and the world.

NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol "NXE" and on the Australian Securities Exchange under the ticker symbol "NXG" providing access to global investors to participate in NexGen's mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia , with its primary operations office in Saskatoon, Saskatchewan .

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission (" SEC ") set by the SEC's rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Forward-Looking Information

The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.

Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company's title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR+ at www.sedarplus.com and Edgar at www.sec.gov .

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.

There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws .

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/nexgen-advances-through-completeness-check-for-the-final-federal-environmental-assessment-process-302179503.html

SOURCE NexGen Energy Ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2024/24/c7705.html

News Provided by Canada Newswire via QuoteMedia

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  • Primary aim is to expand existing Westmoreland mineral resource and to enhance the project economics
  • Second drill rig arriving in mid-July
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