Highlights
- Historical drilling data with an estimated replacement value of ~$15million1 acquired for Lo Herma including drill logs for 1,445 drill holes (~530,000 ft). representing 7 x the holes, & ~5 x the footage, drilled by GTI to date in Wyoming
- Drill logs acquired demonstrate sandstone hosted uranium mineralisation with economic potential in the Powder River Basin’s productive Fort Union formation
- GTI believes sufficient historical data may exist to report an inferred mineral resource for Lo Herma by the end of Q2, without further drilling
- Lo Herma is a significant land position with ~8,000 acres in Wyoming’s prolific Powder River Basin, ISR uranium district
- Project is located 10 miles from Cameco’s Smith Ranch-Highland ISR uranium plant (largest production site in Wyoming) & within 100 miles of Peninsula Energy (PEN) & Ur-Energy (URE) who both plan to be back in production by April 2023
- 5 permitted ISR uranium production facilities & several satellite uranium deposits are located within ~50 miles of Lo Herma
- Commitments received for a $2.3m placement to fund Lo Herma’s development.
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1 Based on 530,000 feet of drilling at a current estimated “all in” drilling cost of US$20 p/foot & an exchange rate of A$0.70 per US$1
“We are delighted that we have secured a comprehensive historical drilling data package for the Lo Herma Project. The project area was extensively drilled during the 1970’s and we estimate that it would cost GTI around $15 million and take a number of drilling seasons to replicate. The data will vastly improve our understanding of the project and is likely to dramatically accelerate progress towards reporting a uranium resource at Lo Herma – we believe that an inferred JORC mineral resource estimate may be reported at Lo Herma, without drilling, before the end of June this year. This would set GTI up for verification drilling during the Wyoming summer. We’re excited by the prospect of potentially being able to deliver a uranium resource in Q2 at the Project in Wyoming’s most prolific production district. This is in addition to the resource definition work underway at our Great Divide Basin project, which is on track for a maiden resource report by the end of Q1. This comes at` a time when market fundamentals for uranium continue to improve, especially for Wyoming producers”.
Bruce Lane
Executive Director
