GTI Energy fully funded for Q3 drilling to expand and upgrade uranium resources at Lo Herma
Program of 76 holes will test up to five stacked rolls of uranium mineralisation in the north
Drilling expected to pave the way for Lo Herma scoping study
Special Report: GTI Energy is all set to start a fully funded Q3 drill program designed to expand and upgrade existing uranium resources at its Lo Herma project in Wyoming.
The Lo Herma project currently has a resource of 5.71Mlbs of contained U3O8 amenable to in-situ recovery mining, which is generally regarded as the most environmentally friendly way to recover uranium.
Lo Herma sits within Wyoming’s prolific Powder River Basin, which has extensive ISR uranium production history with numerous defined ISR uranium resources, central processing plants (CPP) and satellite deposits.
Lo Herma is also just ~10 miles from Cameco’s Smith Ranch-Highland plant, the largest ISR uranium production facility in the US.
Drilling carried out by GTI Energy (ASX:GTR) in late December 2023 has already verified the historical drilling database.
The company has also staked 28 additional claims to cover extensions of interpreted trends defined by the acquired historical database.
Subsequently, it raised $2.25m through a well-supported placement to fund resource drilling and advancement towards a scoping study for Lo Herma.
It also appointed Denver-based ISR uranium technical and executive leader Matt Hartmann to the board in addition to the recent board appointment of Cameco’s ex head of Australia Simon Williamson to assist with its Lo Herma development plans.
Lo Herma exploration focus area. Pic: GTI Energy
Fully funded resource expansion drilling
GTR’s upcoming Q3 drilling includes 76 drill hole locations and the construction of up to five groundwater monitoring wells.
This fully funded program is focused on expanding the resource areas and where possible, upgrading the current mineral resource classification.
Drilling will be carried out across up to five stacked rolls of uranium mineralisation that are only lightly drilled in the northern half of the project.
Collection of important data such as hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised.
Rigs are expected to be mobilised to Lo Herma in late July or early August once the planned drilling is fully permitted.
“We are pleased and excited to have received investor support and funding to continue moving forward with our planned resource expansion drilling at Lo Herma,” GTI Energy executive director Bruce Lane said.
“Matt and the team in Wyoming have put us in a great position to complete the drilling program this quarter, with a revised mineral resource estimate to be rapidly advanced post-drilling.
“This work prepares GTI for a potential scoping study at Lo Herma which we hope to commence later this year on the basis that we can significantly grow the uranium resource estimate to a similar scale to ISR uranium mines currently being constructed or planned in Wyoming at Ur-Energy’s Shirley Basin project & Encore’s Energy’s Gas Hills project.”
Rights entitlement offer pending
GTR will also soon provide details of an entitlement offer to all shareholders under the same terms as the placement.
This article was developed in collaboration with GTI Energy, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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