GTi Resources Ltd has raised $A895,293 from the early exercising of unlisted options and expects to raise a further $A2.14 million through an entitlement offer lodged with the ASX on September 17, 2021.
Exercising of almost 30 unlisted options at A$0.03 that were due to expire on December 31, 2021, attracted strong support from existing shareholders and provide strong validation of the company's strategies.
The company's fund-raising efforts will increase GTR’s cash balance to approximately $A6.8 million before acquisition and capital raising costs.
These will be used to fast-track exploration at both existing Utah uranium properties and those about to be obtained through the acquisition of Branka Minerals Pty Ltd’s Wyoming ISR uranium properties.
GTR is a Perth-headquartered mining company with an interest in the exploration of gold and uranium assets in Western Australia and the US.
Uranium exploration to commence
“We are delighted with the support from our option holders who have converted their options to support the company’s future work programs, which are focused on creating value for all shareholders,” executive director Bruce Lane said.
“We are currently focused on completing the acquisition of Branka and planning for the commencement of uranium exploration in Wyoming as soon as possible, whilst we hope to be drilling in the Great Divide Basin before Christmas.
“We are also planning for follow-up fieldwork in Utah which is set to create a hive of exploration activity for the company.”
Having entered into a binding agreement to buy 100% of Branka Minerals Pty Ltd, GTi Resources has already identified drilling targets at the Thor project in Wyoming and is finalising a field program in Utah for execution in November and December 2021.
Read: GTI Resources acquires prospective ISR uranium projects in Wyoming
Situated near UR Energy’s Lose Creak ISR Facility and Rio Tinto’s Sweetwater/Kennecott Mill Project, several claims within these properties host known sandstone hosted uranium mineralisation as evidenced by historical drill maps and logs.
Wyoming properties enhance assets
The Wyoming properties add to an already promising portfolio of Australian and Utah-based assets, where strong progress was made in the half-year ended June 30, 2021. The company’s 1,500 hectare holding in the Henry Mountains of Utah, USA is expected to supply high-grade uranium to fill local mill processing capacity.
Read: GTI Resources completes uranium drilling over Section 36 at Henry Mountains Project in Utah
An independent WAMEX compilation report from CSA Global received for the Niagara Gold Project in Western Australia highlighted excellent historic grades from the mine, with reported production of 6,800 tons at 25.8 g/t for 5,100 ounces of Gold when the mine was in operation from 1898-1914.
Wyoming-based advisors guide next steps
GTR has secured the services of Doug Beahm, a professional engineer and geologist based in Wyoming. He is the principal engineer with BRS Engineering Inc and has more than 45 years’ experience in mineral exploration, mine development and project evaluation, having worked in uranium exploration mining and land reclamation in the western US since 1975.
BRS is an engineering and geology consulting company with expertise in mining and mineral exploration. It specialises in uranium exploration, mineral resource evaluation, mine design, feasibility, mine operations and land reclamation.
He will be joined by James Baughman, former president and CEO of High Plains Uranium and Cyclone Uranium. Jim has 30+ years’ experience advancing gold, silver and base metal projects from grassroots to advanced stages of production.