Positive Start To Wyoming ISR Uranium Drilling With Additional Roll Fronts Encountered At Thor

GTI Energy Ltd (GTI or Company) is pleased to advise that 2 mud rotary drill rigs have now completed the first 25 holes, for 12,820-feet (3,908 metres), of its planned 100,000-foot drill program in Wyoming’s Great Divide Basin. Drilling has commenced within the Thor prospect (Thor) with 40,000-feet (12,200 metres) for ~70-holes of drilling planned at Thor (Figure 2).

Highlights

• Two rigs in operation at GTI’s Thor ISR uranium prospect
  
• First 25 holes completed of the 40,000ft (~12,200m) ~70-hole drill program
• 17 out of 25 holes met or exceeded the target uranium grade cut-off
• Mineralisation conducive to ISR recovery with water table 100-200 ft above host sands
• 1,830 ft of new mineralised roll fronts found to date for a total of 19,470 ft (3.69 miles)

FIGURE 1. MUD ROTARY DRILL RIGS OPERATING, THOR ISR URANIUM PROSPECT, GDB WYOMING.

THOR DRILLING BACKGROUND & RESULTS TO DATE

Drilling has commenced at the Thor prospect (Thor), located adjacent to Ur-Energy Inc’s (URE) 18Mlb Lost Creek uranium deposit and operating ISR uranium processing plant2. Exploration at Thor previously identified mineralisation with economic potential based on widths, grades & depth of mineralisation (ASX release 29 March 2022)1. An initial 100-hole (~50,000 ft) drilling campaign was completed at Thor from November 2021 – March 2022. As part of GTI’s 2022 100,000-foot drill program, a 70-hole follow-up campaign is underway to target extents of approximately 2 miles of mineralised uranium roll fronts at the Thor Project.

Twenty-five holes were completed to date of a planned 70-hole (~40,000 ft) program. Drilling is focused in the north-east of Thor, including fresh ground at the two state leases (Figures 2 & 4).

25 holes were completed for a Thor for total of 12,820 feet (3,908 metres) of drilling (Figures 2 & 4). 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. Initial results (Tables 1 & 2) are observed as follows:

• 11 of 25 holes met both grade and GT cutoff with an average of 0.49GT
• 7 of the remaining holes met grade cutoff but not GT, 4 had trace mineral & 3 were barren

Executive Director Bruce Lane commented “Results from the first 25 holes strongly justify this follow-up campaign at Thor. The historical drill maps combined with interpretation from our previous drilling have generated a high strike rate. The mineralisation identified continues to show potential for ISR development as we extend our understanding of the roll fronts and work towards a resource report. We look forward to continuing exploration over the coming weeks and months when conditions for US domestic uranium, particularly in Wyoming, continue to strengthen.”

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