Strong Drilling Results At Thor With New Roll Front Trend Discovered – Drilling Now Started At Odin Prospect

GTI Energy Ltd (GTI or Company) is pleased to advise that two mud rotary drill rigs have now completed 70 holes, for 34,010-feet (10,366 metres), of its planned ~100,000-foot drill program in Wyoming’s Great Divide Basin. Drilling is completed at the Thor prospect where a total of 34,010 feet (10,366 metres) was drilled for 70 completed holes (Figure 2).

Highlights

• 70-hole drill program at Thor completed, 34,010 feet drilled.
• Discovered new projected roll front trend of 1.39 miles for increased total of 4.85 miles.
• 50% (35) of the holes met grade and GT¹ cutoff, with an average GT of 0.65
• New mineralised trend found within lease Section 29 with best hole a strong GT of 2.55²
• Mineralisation conducive to ISR recovery with water table 100-200 ft above host sands.
• Two drill rigs have now commenced operations at the Odin claims as part of the ~65-hole program to target redox trends at the Odin, Loki, Teebo, and Wicket East claim groups.

Drilling has been completed at the Thor prospect (Thor), located adjacent to Ur-Energy Inc’s (URE) 18Mlb Lost Creek deposit and operating ISR uranium processing plant2. Exploration at Thor previously identified mineralisation with economic potential based on widths, grades and depth of mineralisation (ASX release 29 March 2022)3. An initial 100-hole (~50,000 ft) drilling campaign was completed at Thor between November 2021 and March 2022. As part of GTI’s 2022 100,000- foot drill program, a 70-hole follow-up campaign was planned to target extents of approximately 2 miles of mineralised uranium roll fronts at the Thor Project.

Seventy holes have been completed at Thor, marking the end of the follow-up drilling program. Drilling was focused in the north-east of Thor, including fresh ground at State Section 29 & 20 leases (Figures 2 & 4).

70 holes were completed at Thor for a total of 34,010 feet (10,366 metres) of drilling (Figures 2 & 3). 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:

• 35 of 70 holes met both grade and GT cutoff with an average of 0.65 GT
  
• 23 of the remaining holes met grade cutoff but not GT, 8 had trace mineral & 4 were barren

Executive Director Bruce Lane commented “This round of drilling at Thor has confirmed our belief that the project has significant potential to deliver a viable ISR uranium resource. Results have both met and exceeded our expectation, especially given the new and strongly mineralised trend encountered within our Section 29 state lease. The mineralisation identified shows real potential for ISR development and we are now well positioned to deliver a maiden resource estimate report on the Thor project in Q1 of next year. I look forward to continued exploration success at the Odin, Wicket East, Teebo and Loki prospects over the coming weeks leading up to Christmas.”

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