Latest Drilling Confirms Deeper Mineralised Trends at Lo Herma

GTI Energy Limited (ASX: GTR) (GTI or Company) advises that the 73 resource development drill holes planned for 2024 have now been completed at its 100% owned Lo Herma ISR Uranium Project (Lo Herma), located in Wyoming’s Powder River Basin. GTI has completed 16,205m (53,166 ft) of drilling at Lo Herma this summer representing ~96% of the planned 76-hole program. The remaining hydrogeologic focused drill holes and water monitoring wells will be completed during October.

HIGHLIGHTS

• 7 additional drill holes completed at the Lo Herma ISR uranium project with all 73 resource development holes planned for 2024 now completed
• Drilling confirms deeper uranium mineralisation at elevated grades within the upper Fort Union Formation, presenting significant upside potential for Lo Herma
• Best mineralised intercepts reported include 3.5ft (1m) at 0.185% (1,850ppm) eU308 in hole LH-24-071, and 6.5ft (2m) at 0.074% (740ppm) eU308 in hole LH-24-069
• Best total hole GT of 1.092 over 23.5 ft (7.16m) in 5 stacked sand units in LH-24-069

This release follows on from GTI’s 31 July 2024 and 11 September 2024 news releases which together reported results from the first sixty-six (66) drill holes. Results from this next seven (7) drill holes (Table 1) included six (6) holes which purposely targeted deeper mineralisation in the upper Fort Union Formation (Figure 2) and delivered the following highlights:

• Drill hole LH-24-071 returned the highest-grade intercept at 3.5ft (1m) of 0.185% eU₃O₈, and a total hole grade thickness (GT) of 0.800*.
• Significant mineralisation is present in multiple sands units within the upper Fort Union Formation, as demonstrated by hole LH-24-069 which encountered 6.5 ft (2m) of 0.074% eU₃O₈, 7.5ft (2.3m) of 0.030% eU₃O₈, and 6.5ft (2m) of 0.046% eU₃O₈ for a total hole GT of 1.092 across 23.5 ft (7.16m) in 5 stacked sand units.
• 5 of 6 holes targeting the Fort Union Formation intercepted on trend mineralisation, with 4 holes exceeding minimum GT resource cutoff and one hole lost before it could be logged.
  * Typical economically viable ISR grade and GT cut-offs are: 0.02% (200ppm) U₃O₈ and 0.2GT i.e., 10 ft (3 m) @ .02% (200ppm) U₃O₈.

GTI Director & CEO Bruce Lane commented“We are delighted that these results confirm excellent grades across good thicknesses in multiple stacked sands of the Fort Union formation. We remain very optimistic that additional pounds from this eastern part of Lo Herma can be bought into resource. This year’s drilling has successfully confirmed that stacked sand units of both the lower Wasatch & upper Fort Union contain reliable continuity of mineralisation across extended areas of the project. The 2024 resource drilling is now completed with hydrogeologic and water monitoring wells to be completed in October. Following completion of that work, we plan to update the Mineral Resource Estimate and Exploration Target for Lo Herma by year end.”

FIGURE 1. LO HERMA ISR URANIUM PROJECT DRILLING, POWDER RIVER BASIN, WY

DRILLING RESULTS

Mud rotary drilling commenced at Lo Herma on Wednesday, 24 July 2024. Over the first three days of drilling, ten (10) drill holes were completed for a total of 1,908m (6,260 ft) of drilling. Results of those drill holes were previously announced to the ASX on 30 July 2024. Subsequent to that, GTI reported the results of drill holes 11 through 66 on 11 September 2024. The results of the next seven (7) drill holes, 6 of which targeted mineralisation in the deeper Fort Union formation (Figure 2), are reported here.

The current drill program was designed to further expand the mineral resource, upgrade the classification of a portion of the inferred mineral resource, and collect additional geochemical and hydrogeologic data necessary to advance a scoping study for Lo Herma.

Of the seven (7) drill holes reported here, six (6) drill holes targeted deeper mineralisation in the Fort Union Formation. Of those drill holes, four (4) drill holes exceeded the minimum grade cutoff of 200 ppm eU₃O₈ and the total hole grade-thickness (GT) cutoff of 0.2 GT, one (1) drill hole demonstrated trace mineralisation but did not meet the grade cutoff, and one drill hole was lost before the downhole gamma log could be completed. An additional drill hole in the northern extent of the property reported here encountered trace mineralisation.

All drill holes completed were beneficial in determining the lateral geometry of the sinuous roll front type uranium deposits present at Lo Herma across multiple sandstone units.

The best individual mineralised intercept was encountered in drill hole LH-24-071 which encountered 3.5ft (1m) of 0.185% (1,850 ppm) eU₃O₈ from a depth of 1302.5 ft, providing a 0.648 GT for the intercept. The total hole GT for drill hole LH-24-071 was 0.800. The greatest total Hole GT was encountered in drill hole LH-24-069, which encountered mineralisation above the 0.02% eU₃O₈ cut-off within five (5) sand units, providing a total hole GT of 1.092.

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