The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • GTI Resources has raised $2 million to fund drilling at its uranium and vanadium projects in Utah
  • The drilling program will initially target 10 holes
  • Due to historical results, GTI believes the project may have significant potential
  • Following the raise, the company is fully funded as exploration continues
  • GTI’s share price is remaining flat today, currently sitting at 1.3 cents

GTI Resources has completed a $2 million raised to help fund a drilling program at its Utah based uranium and vanadium projects.

According to the company, the finances raised from shareholders leave it fully funded as it heads into the next stage of exploration.

GTI has finished the mapping, sampling and investigating historical drill holes during the first phase of exploration to determine potential new drill targets.

The second phase of exploration includes targeting identified areas of uranium and vanadium mineralisation with a drilling program. It is expected the drilling will begin towards the end of the year.

Once the drill campaign commences the holes will be cored and geophysically logged. This will provide instant details regarding grades which will guide drilling.

The initial drilling is expected to target 10 holes. Due to historical success on-site the company expects the project will “demonstrate significant potential.”

Early next year, GTI plans to begin exploration efforts and a nearby prospect at the project.

GTI’s share price is remaining flat today, currently sitting at 1.3 cents apiece.

GTR by the numbers
More From The Market Online

Sierra Rutile rejects takeover bid from PRM Services again

Sierra Rutile has urged its shareholders for a second time to reject a takeover offer from…

Terra Uranium picks up prime 15M-pound deposit in Canada

Terra Uranium has bolstered its Canadian portfolio by acquiring the Amer Lake deposit in Nunavut, which…
The Market Online Video

Lithium Universe locks in shipping port location for lithium spodumene imports

Lithium Universe (ASX:LU7) has locked in a maritime port through which it can receive shipments of…

AIC raises ore reserve estimates by 86% copper and gold at QLD’s Jericho

AIC Mines has updated its ore reserve estimate at the Jericho deposit in north Queensland showing…