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GTI poised for second run at Thor

10 February 2022
ASX: GTR
Rueben Hale

GTi Resources has deployed two mud rotary drill rigs to continue last year’s run encountering high uranium grades during the initial investigation phase at the Thor in-situ uranium project located in Wyoming’s prolific Great Divide Basin.  

The promising campaign will continue unfolding as the world grapples with shortfalls on reliable energy to replace fossil fuels in the coming decades.  

Uranium spot prices have reached their highest price since 2014, driven by demand from hundreds of reactors in operation and hundreds more planned or under thoughtful consideration.    

Drilling the remaining 60 holes at the site, located close to UR Energy’s Kost Creek ISR Facility and Rio Tinto’s Sweetwater/Kennecott Mill, is hoped to exceed the average economic grade thickness cut-off of 0.2 grammes per tonne during the first phase of exploration 

The company said the balance of the campaign, focusing within the western extent of the project area, will further test the newly discovered mineralised uranium system at Thor and its strong economic potential.  

“It’s great to be back drilling again as we look forward to an exciting year for Uranium,” executive director Bruce Lane said.

GTR’s Australian Stock Exchange-listed share price is trading at 2.2c (7.00 am 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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