Lo Herma Uranium Project – JORC Resource on Track for Q2

GTI Energy Ltd (ASX: GTR) (GTI or Company) is pleased to provide an update on its progress towards reporting an Inferred Mineral Resource Estimate (MRE), in accordance with the JORC code 2012, at its 100% owned ~12,000-acre Lo Herma ISR Uranium Project in Wyoming’s Powder River Basin uranium district (Lo Herma or Project) (Figure 1).

As reported to ASX on 14th March 2023, a comprehensive historical data package, with an estimated replacement value of ~$15m, was acquired for Lo Herma. The data package includes original drill logs for circa 1,445 drill holes pertaining to the Project area.

Digitisation of the original drill data is now 95% completed and is being used to develop a database suitable for preparation of a mineral resource estimate in accordance with the JORC code 2012.

In addition to the initial Exploration Target that was advised to ASX on 5 th April 2023, (Table 1) the Company continues to make good progress towards its goal of reporting an initial Inferred Mineral Resource Estimate at the Project and planning of a maiden drill program – an updated description of these activities is provided overleaf.

The Exploration Target for Lo Herma is estimated in the range 7.3 to 9.0 million tonnes at a grade range of 500 ppm to 700 ppm U3O8 containing an estimated 8.1 to 13.9 million pounds of U3O8. The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a JORC-compliant Mineral Resource Estimate. It is uncertain if further exploration will result in the estimation of a Mineral Resource in the defined exploration target areas.

• Historical drill log digitisation 95% completed with all high priority holes now digitised
• Resource modelling underway & expected to be completed by end of Q2 as planned
• Preliminary drill targeting completed & permitting underway for verification & exploration drilling at Lo Herma with estimated timing during Q4 2023
• Airborne Geophysics now estimated to commence by mid-late June
• Non-renounceable rights issue successfully concluded with shortfall now placed for a total of $3.7m raised under the recent placement and rights issue¹

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.