Lo Herma Drilling Services Contracted

GTI Energy Ltd (ASX: GTR) (GTI or Company) is pleased to advise that planning for the 2024 field season in Wyoming is progressing well.

Highlights

• Drilling services provider now contracted and schedule locked in for 2024 drill program at the Lo Herma Project
• Green Mountain maiden drilling planned for 2024 with ground truthing of drill holes now complete and the permit application near finalisation

LO HERMA PROJECT: DRILLING SERVICES PROVIDER CONTRACTED

GTI has now contracted its preferred Wyoming based exploration drilling contractor, experienced and licensed in the construction of water wells, for its 2024 drill program at Lo Herma. This has allowed GTI to lock in both contract rates and a schedule in what appears to be a very busy 2024 drilling season in the uranium sector across Wyoming.

GTI Executive Director Bruce Lane commented “we are very pleased to get our Lo Herma drilling contract locked in with our preferred supplier for what will be our third season working together in Wyoming. We are now waiting on the final approval of our amended drilling plan and the related bond assessment which should be completed in time for drilling to commence as planned in July. In addition, we look forward to submitting our drilling application for Green Mountain now that we been able to complete the final on-site review of drill site access”.

The planned 2024 drilling program at Lo Herma includes 71 drill hole locations and construction of up to 5 groundwater monitoring wells. This next phase of exploration will be focused on expanding the resource areas and where possible, 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.

An amended drilling permit has been lodged and is progressing with the State of Wyoming’s Land Quality Division (LQD) review as expected. GTI intends to mobilise drilling rigs to Lo Herma as soon as the activity is fully permitted, and environmental clearances are finalised. At this time, GTI continues to anticipate 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.