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GTI Energy Ltd (ASX:GTR) has increased the mineral resource estimate (MRE) of its Lo Herma uranium project in Wyoming by 50% for a total of 8.57 million pounds (Mlbs) eU3O8 (equivalent triuranium octoxide).
This has included an indicated resource estimate of 2.78Mlbs Indicated (32%), with an inferred 5.79Mlbs.
The project – located in Wyoming’s Powder River Basin – has been subject to drilling and staking work which enabled the resource boost. GTI Energy has also commenced a scoping study there, which it intends to complete in the first half of 2025.
The company has also updated and increased its exploration target for Lo Hema – first reported in July 2023 – which is now set between 5.59 to 7.10 million tonnes at a grade range of 500 ppm to 700 ppm U3O8.
Altogether, GTI’s combined MRE across its suite of projects in Wyoming – including the Great Divide Basin – is now set at 10.32Mlbs.
Executive director Bruce Lane said the upgrade was evidence of Lo Hema’s strength as a project.
“We are delighted with the major uplift in Lo Herma’s uranium resource, now 50% larger at
8.57Mlbs,” he said.
“This important milestone positions Lo Herma favourably in size against Ur-Energy’s
nearby 8.8Mlb Shirley Basin ISR build, and Encore Energy’s 8.1Mlb Gas Hills ISR project.
“Importantly, over 30% of Lo Herma’s resource is lifted into Indicated classification
with an expanded Exploration Target pointing the way to even greater potential for growth.
“Given Lo Herma’s proximity to several major ISR production facilities within 60 miles, we believe this project has strong potential to transition into production.”
GTI shares spiked upwards on the news, and at 12:46 AEDT, they were trading at 0.4 cents – a rise of 33.33% since the market opened.
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