- Uranium miner GTI Resources (GTR) spikes in early trade after reporting “very encouraging” early results from a drilling program at its Thor project in Wyoming
- The company completed the first 10 holes of its 100-hole maiden drilling program, with another 13,500 metres of drilling still to complete as part of the program
- GTI says five out of the 10 holes returned results higher than a typically economically viable benchmark of 0.02 per cent uranium equivalent for a grade thickness (GT) of 0.2
- The company says it expects the drilling program to be completed in early 2022, with further drilling results to be available in the coming weeks
- Following today’s announcement, shares in GTI Resources are up 8.33 per cent at 11:20 am AEDT to trade at 2.6 cents each
Uranium miner GTI Resources (GTR) has spiked in early trade after reporting “very encouraging” early results from a drilling program at its Thor project in Wyoming.
The junior explorer has completed the first 10 holes of a 100-hole maiden drilling program at the project, which lies in Wyoming’s Great Divide Basin. With around 1500 metres of drilling completed, GTI has another 13,500 metres left to drill as part of this program.
The best results from this first bout of drilling include a 27.5-foot (8.4-metre) intersection at 0.44 per cent uranium equivalent for a grade thickness (GT) of 1.92. Another hole struck a 23-foot (seven-metre) intersection at 0.63 per cent uranium equivalent for a GT of 1.74.
In fact, GTI said five out of the 10 holes returned results higher than a typically economically viable benchmark of 0.02 per cent uranium equivalent and 0.2 GT. Of the remaining five holes, three met grade cut off but not GT cutoff, while one had trace mineralisation and another was barren.
In any case, GTI said today’s results met expectations for economic in-situ recovery (ISR) uranium mining. What’s more, the company said drilling to date confirmed that historical data for the area was an “excellent” guide for future drilling.
“Drilling has also shown that the geological and hydrogeological setting of the mineralisation appears to be conducive to ISR recovery with the main host sand appearing to be continuous in the area and the water table being over 100 feet above the main host sand,” the company said in an announcement to the ASX.
The company told investors it’s worth noting, however, that this first round of drilling was taken on in one of the areas of the Wyoming basin with better historical data — meaning it’s not guaranteed the successful results will be replicated in other areas.
GTI said it hoped this drilling program would encounter mineralisation of a similar tenor to the nearby Lost Creek deposit.
The drilling program should take less than 30 operational days to complete, according to GTI, allowing for weather and a break over the Christmas holiday season.
As such, GTI said it expected the drilling program to be completed in early 2022, with further drilling results to be available in the coming weeks.
Following today’s announcement, shares in GTI Resources were up 8.33 per cent at 11:20 am AEDT to trade at 2.6 cents each. The company has a $35 million market cap.