GTI Resources are planning the next exploration phase, focusing on scale uranium opportunities at the Section 36 project area, part of the company’s 1,500 hectares of landholdings set amongst the Henry Mountains complex of uranium projects in the US state of Utah.
Uranium futures hit a nine-year high, reaching over $US50 a pound last month on the back of a buying frenzy by Canada’s Sprott Physical Uranium Trust. The hysteria intensified in light of comments from the International Atomic Energy Agency forecasting the potential growth of nuclear power capacity for electricity generation during the coming decades, as the world aims to move away from fossil fuels to fight climate change.
On the back of the momentum, the uranium and vanadium explorer hopes to complete fieldwork ahead of drilling early in the next quarter while also kicking off a detailed exploration of its newly acquired properties in Wyoming before the end of the year.
The company is chasing low-cost extraction opportunities, following recent surveying finding mineralisation in 23 of 40 new holes, plus half of 88 historical holes containing oxides extending across the 5-kilometre near-surface trend.
In addition, the West Exploration Target Area has also shown potential with drilling confirming mineralisation extensions in proximity to historical underground mine workings between the South and East portals and between the East portal and the outcrop to the south.
The project’s horizon northeast of the East portal has also shown mineralisation, although slightly at a slightly greater depth than other targe areas.
The company will provide further updates in due course.
GTR’s Australian Stock Exchange-listed shares had risen 10 per cent today, trading at 3.3c (10:47am GMT+ 8 hours).