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GTI Resources (ASX:GTR) - Executive Director, Bruce Lane
Executive Director, Bruce Lane
Source: The Market Herald
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  • GTI Resources (GTR) has fast-tracked its maiden exploration drilling program at the Jeffrey Project, which is now slated to begin next month
  • The Jeffrey Project is located in Utah in a historical prolific uranium province
  • Geophysical surveys of historical drill holes returned positive results, which encouraged GTI to accelerate exploration
  • Additionally, GTI maintains it is in a secure financial position to conduct exploration after raising $1.17 million through the recent exercise of options
  • The 10-hole drilling program is expected to commence in mid-June
  • GTI Resources is up 2.50 per cent with shares trading at 4.1 cents each

GTI Resources (GTR) has fast-tracked its maiden exploration drilling program at the Jeffrey Project, which is now slated to begin next month.

The Jeffrey Project is located in Utah and covers approximately 1500 hectares within the Henry Mountains region. The region forms part of the prolific Colorado Plateau uranium province which historically provided the most important uranium resources in the U.S.

Sandstone-hosted ores have been mined in the region since 1904 and the region has historically produced over 17.5 million tonnes at 2400 parts per million (ppm) uranium and 12,500 ppm vanadium.

The company has integrated the positive results from the recent geophysical downhole survey of 26 open historical drill holes, to be included in the upcoming 10-hole drilling program.

The results of these downhole surveys were in line GTI’s expectations and displayed a continuation of known mineralisation undercover at two locations within the project.

Numerous zones of mineralisation were intercepted in the historical drill holes, including an intercept of 0.3 metres of 0.234 per cent uranium. This favourable outcome has encouraged the company to rapidly advance the planned drill program.

Leading up to the planned maiden drilling program, GTI Resources has confirmed the presence of high‐grade uranium and vanadium potential at the Jeffrey Project. It completed the gamma logging program to leverage existing open drill holes from the late 1970s to generate low‐cost, high‐value assay data.

To fund follow-up exploration, GTI raised $1.17 million. This comes as option holders, with 38,911,365 options at a three cents per share exercise price, choose to convert their options.

GTI Resources is up 2.50 per cent with shares trading for 4.1 cents each at 10:35 am AEST.

GTR by the numbers
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