Join our daily newsletter At The Bell to receive exclusive market insights
- GTI Resources (GTR) expects to commence its 2022 field program next week at the Thor ISR uranium project in Wyoming’s Great Divide basin
- Plans are currently underway for field reconnaissance and drilling preparation, with two mud rotary drill rigs to be re-mobilised in the coming weeks subject to conditions
- The drill rigs will complete the remaining 60 holes of a planned 100 hole maiden drilling program at Thor
- Results so far confirm a discovery of an uranium mineralised system with strong economic potential
- Shares down 4.76 per cent and trading at 2 cents
GTI Resources (GTR) is expecting to commence its 2022 field program next week at the Thor ISR uranium project in Wyoming’s Great Divide basin.
Plans are currently underway for field reconnaissance and drilling preparation, with two mud rotary drill rigs to be re-mobilised in the coming weeks subject to conditions.
These drill rigs will complete the remaining 60 holes of a planned 100 hole, 15,000 metre maiden drilling program at Thor.
Results from the previous holes have encountered a consistent and well mineralised sand unit at about 200 feet that is 110 to 120 inches thick within which there are three or more sandstone fronts.
Notably, the grade and thickness of the mineralisation appears to be similar to UR Energy’s Lost Creek deposit in the same geological setting.
“Drill results so far show that there is a strongly mineralised uranium system at Thor with potential for development,” Executive Director Bruce Lane said.
“The mineralisation grade and thickness encountered in 19 of the first 39 holes appears to be comparable to that of our neighbour UR Energy’s 18 million pounds production deposit at Lost Creek.
“We’re looking forward to recommencing drilling in the coming weeks with the outlook for 2022 remaining very positive for uranium.”
On the market today, GTI was down 4.76 per cent and is trading at 2 cents per share at 3:02pm AEDT.
