GTI Energy Ltd (ASX:GTR) has snapped up Logray Minerals Pty Ltd, which brings the Green Mountain ISR Uranium Project in Wyoming under its control.
The sale, announced on April 6, has now settled and GTI owns around 13,800 acres of contiguous ISR uranium exploration claims at Green Mountain in Wyoming abutting Rio Tinto’s claims and adjacent to GTI’s existing Great Divide Basin (GDB) projects.
These claims lie south of Green Mountain, around 5 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.
Substantial increase in holding
This purchase increases GTI’s landholding by 40% to in the vicinity of 35,000 acres, close to GTI’s existing claims and adjacent to Energy Fuel’s 30-million-pound Sheep Mountain, Ur-Energy’s Lost Soldier, Rio Tinto’s Jackpot and UEC’s Antelope deposits.
The new project contains a number of uranium mineralised roll fronts hosted in the Battle Springs formation and is close to several major deposits. The company now has material holdings in the district and plans to continue exploring multiple uranium-mineralised roll fronts.
Renaissance of US uranium mining
GTI is focused on defining and developing economic ISR uranium resources to supply the world’s largest suite of nuclear power plants in the US.
The company believes it is positioned for the US uranium mining industry’s renaissance and is part of Wyoming’s next wave of ISR uranium developers.
Fieldwork to support exploration targeting and permitting is expected to commence at Green Mountain this month.
July exploration program
A 100,000-foot exploration drill program is planned for July on GTI’s Great Divide Basin properties.
GTI is targeting the development of economically viable ISR amenable uranium resources at these projects. The most advanced of these is the Thor Project, adjacent to Ur-Energy’s 18-million-pound Lost Creek deposit and operating ISR uranium plant.
Exploration to date has successfully identified mineralisation with economic potential based on widths, grades and depth of mineralisation.
Drilling approvals are underway for approximately 40,000 feet of follow-up drilling at the company’s Thor ISR uranium project area and around 60,000 feet of maiden drilling at the Wicket, Teebo, Odin and Loki project areas.
The program is expected to kick off at Thor in July.