Total
0
Shares
GTI Resources (ASX:GTI) - Executive Director, Bruce Lane - The Market Herald
Executive Director, Bruce Lane
Source: The Market Herald
  • GTI Resources (GTR) is set to acquire two Utah mineral leases from Anfield Energy following the completion of due diligence
  • The acquisition will expand its Jeffrey and Rats Nest project areas into one contiguous claim covering 5.5 kilometres along the interpreted uranium and vanadium mineralised trend
  • GTI acquired a raft of data as part of its due diligence for the Anfield leases and exploration planning strategy for the Henry Mountains project areas
  • So far, the data has reaffirmed GTI's interpretation of local mineralised trends, and validated the Anfield acquisitions
  • The company will acquire the Anfield leases within the three-month period laid out in the term sheet, while fieldwork and exploration planning continues
  • GTI Resources is trading 3.7 per cent higher at 2.8 cents

GTI Resources (GTR) is set to acquire two Utah mineral leases from Anfield Energy following the completion of due diligence.

The company will purchase the two tenements to expand its Jeffrey and Rats Nest project areas into one contiguous claim area covering 5.5 kilometres along the interpreted strike of the uranium and vanadium mineralised trend.

Positive data

GTI acquired a raft of data as part of its due diligence and exploration planning strategy for the Henry Mountains project areas.

The acquired data package covered the Anfield lease areas, Jeffrey and Rats Nest, and the Moki project area around 30 kilometres to the south.

The Moki dataset is of particular interest as it contains an evaluation report and significant drilling data for the project area, which sits next to the Tony M Mine owned by Energy Fuels.

The data attained for the Jeffrey, Rats Nest and Anfield lease areas has assisted not only in the acquisition due diligence, but also in planning for future exploration. The review incorporated drill hole logs and maps, resource maps, assay reports and project-level exploration and evaluation reports, and the contained information is being confirmed by field checks across the Henry Mountains tenements.

So far, the data has reaffirmed GTI's interpretation of local mineralised trends, and validated the Anfield acquisitions.

Next steps

The Anfield leases contain historical underground production workings prospective for uranium and vanadium. Recent sampling yielded in‐field XRF measurements of up to 81,745 parts per million (ppm) uranium and 28,375ppm vanadium.

GTI is still waiting on results from reconnaissance drilling completed at Jeffrey in June. Early data suggests the existence of two mineralised sandstone units which remain open to the south on a trend continuing through one of the Anfield leases.

GTI is continuing to confirm the historical data via a field program of ground-truthing, underground mapping and channel sampling within the mineral leases, as well as potential geophysical logging of historical drill holes.

The data will be collated to plan the next phase of exploration drilling across the Henry Mountains project areas.

GTI will now move to acquire the Anfield leases within the three-month period laid out in the term sheet.

GTI Resources is trading 3.7 per cent higher at 2.8 cents as at 2:30 pm AEST.


Subscribe


GTR by the numbers
More From The Market Herald
Tanga Resources (ASX:TRL) to raise $7M, appoints new Non-Executive Chairman

" Tanga Resources (ASX:TRL) to raise $7M, appoints new Non-Executive Chairman

Tanga Resources (TRL) has received binding commitments to undertake a $7 million placement.
Sultan Resources (ASX:SLZ) commences groundwork at Lake Grace

" Sultan Resources (ASX:SLZ) commences groundwork at Lake Grace

Sultan Resources (SLZ) has commenced its reconnaissance groundwork at the Lake Grace prospect in Western Australia.
Helix Resources (ASX:HLX) - Non Executive Director, Tim Kennedy - The Market Herald

" Helix Resources (ASX:HLX) identifies potential mineralisation at Collerina

Helix Resources (HLX) has identified potential mineralisation at the Collerina Copper Project in central New South Wales.
Encouraging gold sampling results found at Nonta

" Thomson Resources (ASX:TMZ) submits another application in the Lachlan Fold Belt

Thomson Resources (TMZ) has submitted an application for a new exploration licence in the Lachlan Fold Belt in New South Wales.