GTI Energy Ltd (ASX:GTR, OTC:GTRIF) has announced positive drilling results at its Lo Herma ISR Uranium Project in Wyoming's Powder River Basin. As part of the 2024 resource estimate development drill program, 66 of the planned 76 drill holes have been completed. The drilling confirmed that uranium mineralisation extends north of the current resource area, with significant intercepts along a two-kilometre stretch.
Key intercepts include six feet at 0.123% uranium equivalent and eleven feet at 0.054% uranium equivalent, both exceeding the typical economically viable ISR grade of ten feet at 0.02% uranium equivalent. Of the 56 additional drill holes reported, 45 encountered mineralisation. These results contributed to a share price increase of over 30%.
The project is located near existing ISR uranium production facilities, and GTI Energy is working to expand the current mineral resource estimate, with the aim of upgrading some of the inferred resource to the indicated category.
Drilling continues, with results from deeper holes expected in the future.