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GTI finalises deal to begin US uranium exploration

3 November 2021
ASX: GTR
Rueben Hale

GTI Resources will begin highly anticipated exploration for scale uranium deposits following a $600,000 placement and subsequent acquisition of prospective properties in the US state of Colorado’s rich Great Divide Basin.  

As uranium remains just below a nine-year high, the company will explore around 8,900 hectares of prime uranium country close to UR Energy’s Lost Creek ISR facility and Rio Tinto’s Sweetwater/Kennecott mill.   

GTI also holds about 1,500 hectares of land in Utah’s Henry Mountains region, within Garfield & Wayne Counties.  

Exploration focuses on 5kms of mineralised trend extending between the Rat Nest and Jeffrey claim groups, including the highly prospective Section 36 state lease block.  

The acquisition secures ownership across a contiguous interpreted uranium and vanadium mineralised trend of over 5.5km between GTI’s Rat Nest and Jeffrey claim groups.  

GTI said it is already underway with the bonding process, and drilling contractor bids have been received.   

“Preparation for our maiden drilling campaign in Wyoming has proceeded according to plan, and settlement of the acquisition has put us in a great position to commence drill testing before the end of the year,” executive director Bruce Lane said.  

“The company is now well funded after raising in excess of $5 million during the last two months, and the market context for investing in ISR uranium exploration appears to be increasingly positive.   

“We look forward to applying the funds we have raised in recent weeks to drive the creation of shareholder value in Wyoming’s Great Divide Basin.”   

GTI Australian Stock Market-listed share price is trading at 3c today (UTC+ 8 hours) 

COMPANY OVERVIEW

Focussed on exploring for, defining and developing economic ISR Uranium resources – GTI Resources is part of Wyoming’s Insitu Recovery (ISR) uranium mining renaissance. GTI saw US uranium supply’s collapse and anticipated the coming surge in demand for uranium as a core component of America’s drive for homegrown, sustainable clean energy solutions. This led us to position GTI to be part of the resurgence in demand for uranium using the lowest-cost and cleanest method of mining uranium, ISR. Providing corporate transparency, GTI has also adopted the internationally recognised Environmental, Social and Governance SCM Framework created by the World Economic Forum (WEF), where all progress is measured against these core metrics and included in GTI’s annual report on the ASX. The key driver of value creation for GTI is making economic uranium discoveries. GTI’s ISR uranium projects in Wyoming position us to define uranium resources that can potentially be developed quickly & cost effectively with a low environmental impact.

COMPANY INFORMATION

ASX: GTR

Website

https://www2.asx.com.au/markets/company/gtr

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