GTI Energy Ltd (ASX:GTR, OTC:GTRIF) has updated the uranium mineral resource estimate (MRE) at its Lo Herma Project in Wyoming’s Powder River Basin, lifting the MRE by 50% to 8.57 million pounds.
This brings GTR’s combined uranium MRE across its Wyoming projects, including the Great Divide Basin, to 10.32 million pounds with an additional exploration target.
“We are delighted with the major uplift in Lo Herma’s uranium resource, now 50% larger at 8.57 million pounds,” GTi Energy executive director Bruce Lane said.
“This important milestone positions Lo Herma favourably in size against Ur-Energy’s nearby 8.8-million-pound Shirley Basin ISR build, and Encore Energy’s 8.1-million-pound Gas Hills ISR project.
“Importantly, over 30% of Lo Herma’s resource is lifted into indicated classification with an expanded exploration target pointing the way to even greater potential for growth.
“Given Lo Herma's proximity to several major ISR production facilities within 60 miles, we believe this project has strong potential to transition into production.
“Our immediate focus is completing a scoping study in the first half of 2025. This material resource upgrade plus the significant exploration target confirms our belief that 8.57 million pounds is just the starting point for Lo Herma.”
Lane spoke to Proactive's Tylah Tully, underscoring the projects’ potential for near-term production with modest capital investment.
Mineral resource upgrade
The MRE is focused on mining by in-situ recovery (ISR) methods (at a 200 ppm U3O8 cut-off grade and a minimum grade thickness of 0.2 per mineralised horizon) and now sits at 6.21 million tonnes of total mineralisation at average grade of 630 ppm eU3O8 for 8.57 million pounds of contained metal.
Of this, 2.78 million pounds or 32% is in the indicated resource category and 5.79 million pounds inferred.
Exploration target lifted
GTR has also updated and increased the conceptual exploration target range (ETR) for Lo Herma since it was first reported in July 2023, which now stands at a range of 5.59 to 7.10 million tonnes at a grade range of 500 ppm to 700 ppm U3O8.
In addition to drilling conducted this year, exploration targets have been estimated based on historical drill maps, drill hole data, aerial geophysics (reported in 2023) and 2023 drilling by GTR to verify the historical drilling information.
There are now 954 drill holes in the Lo Herma project area with the 2023 and 2024 drill programs conducted by GTR designed, in part, to test the Lo Herma Exploration Target.
Lo Herma resources and exploration target range.