Drilling and development of two of the three planned groundwater monitoring wells at GTI Energy Ltd’s flagship Lo Herma In-Situ Recovery (ISR) Uranium Project in Wyoming’s Powder River Basin is complete.
Drilling of a third well is underway and should be completed in the coming weeks if weather conditions remain favourable.
These wells will support aquifer testing to assess the feasibility of in-situ recovery mining.
The results of aquifer hydrology testing, along with finalised metallurgical test results, will provide key inputs for the ongoing Lo Herma scoping study.
Additionally, GTI has finalised the staking and filing of all 23 additional claims, covering 443 acres, to expand the Lo Herma project area along projected mineralised trends. This follows the company's news in November last year regarding securing staking rights for these claims.
Read more: GTI Energy on track to deliver resource estimate and finish drilling in December
The final eight claims, previously held under a Notice of Intent to Locate (NOITL), have now been fully secured and are incorporated into the recently updated exploration targets for Lo Herma.
Board confirms milestone achievements, triggering vesting of performance rights
Following the successful completion of drilling at Lo Herma, the subsequent upgrade of the Lo Herma mineral resource estimate to 8.57 million pounds (Mlbs) of triuranium octoxide (U₃O₈) and the acquisition of newly staked claims, GTI’s board has determined that the following performance milestones have been met for the Class C and D Performance Rights:
- Completion of at least 10,000 metres (32,800 feet) of new drilling across one or more of the company’s projects, including any newly acquired projects, by the end of 2024.
- Securing a new mineral exploration or development project, or obtaining exploration and development access rights to an additional material area of mineral claims, as determined by the board.
- Announcement to the ASX of an increased mineral resource estimate in accordance with the JORC 2012 Code, confirming at least 7.5 Mlbs at Lo Herma with an average grade of at least 0.04% equivalent uranium oxide (eU₃O₈) (350 ppm), above a minimum cut-off grade of 0.02% (20 ppm), with a minimum thickness of 1 metre and a minimum grade-thickness (GT) product of 0.2.
- Announcement to the ASX of an updated total mineral resource estimate of at least 10 Mlbs across the company’s combined US projects, with an average grade of at least 0.04% eU₃O₈ (350 ppm) above a minimum cut-off grade of 0.02%.
As a result, 75% of Class C Performance Rights and 50% of Class D Performance Rights have vested and are now exercisable.
Meanwhile, GTI continues to assess its other high-potential projects, including drill-permitted projects in Wyoming’s Great Divide Basin and Green Mountain area as well as brownfields conventional uranium/vanadium assets in Utah’s Henry Mountains.