GTI Energy Ltd (ASX:GTR) has seen its share price by more than 33% on news it had enlarged the mineralised trends at the Lo Herma ISR uranium project in Wyoming through an extensive drilling program which has so far hit the anticipated targets.
The company has completed 87% of its intended 76-hole program – with 13,405 metres already drilled, and results from ten holes reported in July.
Now, GTI says that 45 of the next 56 holes with results have hit intercepts showing on-trend mineralisation. This included the highest-grade intercept of 6.0 ft of 0.123% equivalent uranium (eU3O8), and a total thickness in this hole (GT) of 0.903.
Additionally, the mineralisation continues across numerous sandstone units as GTI pushes these trends to the project’s north. This was shown in one hole (LH-24-03) which encountered 11ft of 0.054% eU3O8 (0.594 GT) and 6.5ft of 0.043% eU3O8 (0.280 GT) from different sand units.
The mineralisation found through these northern intercepts stretches across 2 kilometres along projected trends.
Executive Director and CEO Bruce Lane said these results boosted confidence that GTI could boost the mineral resource estimate at the project.
“Drilling to date at Lo Herma has been very successful in demonstrating extensions of mineralisation, with strong GT numbers to the north of the project area and at depth in the sands of the lower Wasatch formation,” he said.
“Results so far give us great confidence that we can grow the global uranium resource estimate and upgrade a material portion to the indicated category.
“Drilling is currently running to schedule with operations now moved to the east of the project area to test for deeper mineralisation in the Fort Union formation.
“The sand units of the lower Wasatch formations are showing reliable continuity and
mineralisation far along trend to the north so we are now excited to see what the deeper Fort Union formation sands may hold as we move to our final exploration area for this phase of drilling.”
GTI shares were trading at 0.4 cents at 12:51 AEST – a rise of 33.33% since the market opened.