GTI Resources Ltd (ASX:GTR) has completed the due diligence under the binding term sheet agreement to acquire 100% of Logray Minerals Pty Ltd which holds ~13,800 acres (~5,600 hectares) of underexplored mineral lode claims at Green Mountain in Wyoming, USA.
Notably, the contiguous ISR uranium exploration claims involved with this strategic acquisition are adjacent to GTI’s existing Great Divide Basin (GDB) projects and increase the company's landholding by 40%, to ~35,000 acres.
Looking ahead, GTI has material holdings in the district with plans to continue exploring multiple uranium mineralised roll fronts in July 2022.
Prospective region
Green Mountain Project is in the neighbourhood of Energy Fuel’s 30-million-pound Sheep Mountain deposit, UrEnergy’s Lost Soldier ISR deposit, UEC’s Antelope deposit and Rio Tinto’s Big Eagle Jackpot, Desert View, Phase II and Willow Creek deposits.
The claims lie south of Green Mountain, five kilometres from GTI’s existing Odin claim group and within 15 kilometres of GTI’s Thor project where a successful maiden drill program was completed in May 2022.
Historical Kerr McGee drill data, which has been a reliable guide to exploration at GTI’s Thor Project, and oil-well exploration drill logs both confirm the presence of uranium mineralised roll fronts and the prospective Battle Springs formation which hosts neighbouring major uranium deposits.
Wyoming Great Divide Basin ISR uranium projects.
Forward plan
With due diligence on Logray and the properties now completed, the company expects settlement of the acquisition to take place during the first week of June, following a general meeting on May 27.
GTI is targeting the development of economically viable ISR amenable uranium resources at its projects in Wyoming’s Great Divide Basin.
The most advanced of these projects to date is the Thor Project located adjacent to Ur-Energy’s 18-million-pound Lost Creek deposit and operating ISR uranium plant.
Furthermore, the company is preparing to drill 100,00 feet at its Wyoming ISR uranium projects in July.