GTI Resources Ltd (ASX:GTR) has completed drilling a 100-hole maiden exploration campaign at Thor ISR Uranium Project in Wyoming’s Great Divide Basin (GDB) in the US.
GTI holds 100% of ~22,000 acres (~8,900 hectares) across several groups of strategically located and underexplored mineral lode claims and two state leases, prospective for sandstone-hosted uranium that is amenable to low cost, low environmental impact ISR mining.
The ~15,000-metre maiden drill program was completed on schedule and within budget at a time when the uranium spot price is surging, having recently moved past an 11-year high of US$60 per pound.
Results from the campaign are expected during the first half of April.
Continuation of mineralisation
“The drilling campaign was concluded on time and within budget and has demonstrated a continuation of uranium mineralisation first discovered in the eastern part of the project area during late 2021,” executive director Bruce Lane said.
“We look forward to providing a detailed analysis of results during April, which we anticipate will help illustrate the project’s potential.
“The recent unrest in Kazakhstan and the current conflict between Russia and Ukraine serve to highlight the significant opportunity for US domestic uranium producers to once again support the US nuclear power reactor fleet which requires around 50 million pounds of U3O8 annually, none of which currently comes from the US.
“We believe that the case for a reversion back to secure US domestic supply of both yellow cake and enriched uranium to fuel US reactors has never been stronger.
"GTI’s objective is to define economically attractive uranium resources in Wyoming’s Great Divide Basin so that our shareholders benefit from the US uranium industry’s renaissance. There has rarely, if ever, been a better time to define ISR uranium resources in Wyoming.”