GTI Resources (ASX:GTR) - Non Executive Chairman, Nathan Lude
Non Executive Chairman, Nathan Lude
Source: Nathan Lude/Twitter
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  • GTI Resources (GTR) begins the week in a trading halt in preparation for an announcement regarding a capital raising and “material acquisition”
  • The company will remain in the halt until April 6 or when more details are released to the market, whichever occurs first
  • On March 29, GTI announced a recently completed drilling program identified mineralisation “with economic potential based on widths, grades and depth” at its Thor ISR uranium project in Wyoming
  • GTR shares last traded at 2.5 cents

GTI Resources (GTR) has begun the week in a trading halt as it prepares to announce a capital raising and “material acquisition”.

The company’s stock will remain in the halt until Wednesday April 6 or when details are released to the market, whichever occurs first.

GTI last week announced a drilling campaign had identified mineralisation “with economic potential based on widths, grades and depth” at its Thor in-situ recovery (ISR) uranium project in the US state of Wyoming.

A total of 100 holes were drilled at Thor in the recently completed program.

The company said it encountered 17,640 feet of mineralised roll fronts within the project area.

The drilling uncovered at least three separate roll fronts in the main host sand.

Additional sands above and below the main sand unit contain trace mineralisation, according to the company.

Of the 100 holes, GTI said 35 met or exceeded the target uranium cut-off grade while 23 holes recorded better than the minimum targeted economic grade thickness (GT) of 0.2 GT averaging 0.57 GT.

GTI said the results were in line with or better than expectations and potentially point to economic ISR uranium mineralisation.

Follow-up drilling is planned for Thor.

GTR shares last traded at 2.5 cents.

GTR by the numbers
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