GTI Energy Ltd (ASX:GTR) has produced a large, inferred maiden mineral resource (MRE) for the Thor and Teebo prospects of the Great Divide Basin (GDB) Uranium Project in Wyoming, US, delineating 1.32 million tonnes at 570 parts per million (ppm) uranium for 1.66 million pounds of contained uranium metal.
The company also produced an initial conceptual exploration target for the GDB prospects of between 6.6 to 8.1 million tonnes at a range of 420 ppm to 530 ppm uranium for an estimated 6.1 to 9.5 million pounds of uranium.
MRE covers just 20% of ground position
“We are pleased to be able to declare an initial in-situ recovery (ISR) amendable JORC inferred uranium resource estimate with a substantial exploration target in the Great Divide Basin,” GTI Resources executive director Bruce Lane said.
“The reported estimates are based on a modest amount of drilling to date over about 20% of our total GDB and Green Mountain ground positions.
“These interim results are an important next step for GTI and provide us with real encouragement as we progress towards our goal of defining 10 million pounds of ISR amenable uranium in the Great Divide Basin.”
Shares are up 25% in early trading on the ASX to A$0.01.
GTR’s MRE assumes mining by ISR methods, reported at a cut-off grade of 200 ppm uranium and a minimum thickness of 0.2 per mineralised horizon.
Lo Herma target
“In addition, we are excited by the early potential that we are seeing at Lo Herma in the Powder River Basin,” Lane continued.
“The initial exploration target has exceeded our expectations with the range estimate of between 8 million pounds to 13.9 million pounds.
“We are rapidly progressing digitising of the historical drill data and have also expanded the project footprint by staking 4,000 additional acres of ground to capture a greater extent of the trends and drilling.
“This puts us on track to deliver a JORC resource estimate for Lo Herma by the end of June without further drilling.
“GTI’s immediate goal is to define resources in excess of 20 million pounds combined across the Great Divide & Lo Herma projects.”
GTI Wyoming uranium project locations.
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