
July 02, 2024
Following the recently completed placement to sophisticated and institutional shareholders, GTI Energy Ltd (GTI or Company) is pleased to provide an update on the upcoming resource expansion drilling program at the Lo Herma ISR uranium project in Wyoming’s Powder River Basin (PRB). In advance of further news related to progress of the planned drill program at Lo Herma, the following provides a summary of the resource expansion potential and objectives of the 2024 Phase II drilling.
HIGHLIGHTS
- Upcoming Q3 resource drilling is fully funded
- Drilling will target expansion and upgrade of the current Inferred Mineral Resource Estimate of 5.71 Mlbs U3O8 at average 630ppm
- Drilling to commence in the coming weeks - starting late July or early August
- Planned rights entitlement offer to all shareholders on the same terms as the recent placement - details to be provided in due course
As previously advised on 2nd of May 2024, the planned 2024 drilling permit at Lo Herma allows for up to 76 drill hole locations including construction of up to 5 groundwater monitoring wells. This next phase of drilling will focus on expanding the resource areas and where possible, upgrading the current mineral resource classification (Table 1). 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 which is anticipated to be during late July or early August 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.
GTI Executive Director Bruce Lane commented, “We are pleased and excited to have received investor support and funding to continue moving forward with our planned resource expansion drilling at Lo Herma. Matt and the team in Wyoming have put us in a great position to complete the drilling program this quarter, with a revised mineral resource estimate to be rapidly advanced post-drilling. This work prepares GTI for a potential Lo Herma scoping study which we hope to commence later this year on the basis that we can significantly grow the uranium resource estimate to a similar scale to ISR uranium mines currently being constructed or planned in Wyoming at Ur-Energy’s Shirley Basin project & Encore’s Energy’s Gas Hills project.”
FIGURE 1. GTI WYOMING PROJECT LOCATIONS
LO HERMA GEOLOGIC SUMMARY
The Lo Herma project is located on the southern end of the west flank of the Powder River Basin (PRB), a regional asymmetric synclinal basin hosting a sedimentary rock sequence of about 15,000 feet in the deeper portions of the basin. The basin is bounded by the Bighorn Mountains on the west, the Black Hills to the east, and the Casper Arch, Laramie Mountains, and Hartville Uplift along the southern margin. Along the edges of the basin, progressively older sedimentary units outcrop at the surface as you move away from the synclinal axis of the basin.
The target host geology for Lo Herma project is located in and around the contact of the Eocene Wasatch Formation (Wasatch) and the Paleocene Fort Union Formation (Fort Union).
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.
GTR:AU
Sign up to get your FREE
American Uranium Investor Kit
and hear about exciting investment opportunities.
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
The Conversation (0)
27 July
American Uranium
Sign up to get your FREE
American Uranium Investor Kit
and hear about exciting investment opportunities.
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Disrupting the uranium supply chain through highly prospective ISR projects in Wyoming
11 August
Snow Lake Completes Due Diligence and Confirms Placement
GTI Energy (GTR:AU) has announced Snow Lake Completes Due Diligence and Confirms PlacementDownload the PDF here. Keep Reading...
28 July
Quarterly Activities/Appendix 5B Cash Flow Report
GTI Energy (GTR:AU) has announced Quarterly Activities/Appendix 5B Cash Flow ReportDownload the PDF here. Keep Reading...
23 July
Lo Herma Drilling Permit & Contract Confirmed
GTI Energy (GTR:AU) has announced Lo Herma Drilling Permit & Contract ConfirmedDownload the PDF here. Keep Reading...
14 July
Company Update - Name Change to 'American Uranium Limited'
GTI Energy (GTR:AU) has announced Company Update - Name Change to 'American Uranium Limited'Download the PDF here. Keep Reading...
10 July
Placement Shares Issued & Drilling Approval Expected August
GTI Energy (GTR:AU) has announced Placement Shares Issued & Drilling Approval Expected AugustDownload the PDF here. Keep Reading...
12 October
Joint Investor Presentation
Toro Energy (TOE:AU) has announced Joint Investor PresentationDownload the PDF here. Keep Reading...
12 October
IsoEnergy to Acquire Toro Energy
Toro Energy (TOE:AU) has announced IsoEnergy to Acquire Toro EnergyDownload the PDF here. Keep Reading...
02 October
Western Australia Reviews Uranium Mining Ban as Nuclear Energy Investment Grows
Australia’s uranium sector remains shaped by state-based rules, with Western Australia maintaining a ban on new uranium mining licenses since 2017.While projects approved before the ban were allowed to proceed, no new developments have been permitted, however things could be changing. Premier... Keep Reading...
02 October
Global Uranium and Enrichment Limited Reports: Pine Ridge Uranium Project Continues to Deliver Encouraging Exploration Results
Global Uranium and Enrichment Limited (ASX: GUE, OTCQB: GUELF, Global Uranium, GUE or the Company) is pleased to announce that Powder River Basin LLC (Powder River) — a 50/50 joint venture between Global Uranium and Snow Lake Energy (NASDAQ: LITM), has completed another 15 holes (now a total of... Keep Reading...
02 October
Lo Herma Resource Drilling Timing Confirmed
American Uranium (AMU:AU) has announced Lo Herma Resource Drilling Timing ConfirmedDownload the PDF here. Keep Reading...
Latest News
Sign up to get your FREE
American Uranium Investor Kit
and hear about exciting investment opportunities.
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00