Great Divide Basin

Highlights

• Inferred Mineral Resource of 1.66 Mlbs U₃O₈ for Great Divide Basin Prospects
• Initial Exploration Target range estimated at Great Divide Basin Prospects

Project Location

The Thor, Teebo, Odin, Loki and Wicket prospects (GDB Prospects) are located within Wyoming’s Great Divide Basin (GDB) Uranium District in Sweetwater County, Wyoming (WY). The GDB prospects lie within a 15-mile (~24 km) radius of Ur-Energy Inc’s (URE) actively producing Lost Creek ISR uranium processing plant and the 18Mlb Lost Creek deposit.  Other known deposits in the vicinity include URE’s Lost Soldier and Shirley Basin Deposits and Uranium Energy Corp’s (UEC) Twin Buttes, Antelope, and JAB Deposits.

Exploration at Great Divide Basin

GTI has conducted two exploratory drilling campaigns at Thor between November 2021 to March 2022 and September 2022 and October 2022. 170 drill holes for a combined ~82,000ft (~25,000m) of drilling were completed between the two drilling campaigns. Results of the two campaigns can be viewed at GTI’s ASX releases dated 29 March 2022 and 8 November 2022.

GTI began an exploratory drilling project in November 2022 to target mineralization at the Odin, Loki, Wicket, and Teebo prospects in the GDB in 2021.  Thirty-three (33) drill holes were completed between the Odin, Teebo, & Loki prospects. Results of the drilling can be viewed at GTI’s ASX release dated 22 December 2022.

Inferred Mineral Resource

GTI Energy Ltd (GTI or Company) has declared an initial Inferred Mineral Resource Estimate (MRE) at the Thor and Teebo Uranium Prospects located within GTI’s Great Divide Basin (GDB) Project located in Wyoming’s GDB uranium district.

The Inferred Mineral Resource Estimate (MRE) assumes mining by In-Situ Recovery (ISR) methods and is reported at a cut-off grade of 200 ppm U₃O₈ and a minimum grade thickness (GT) of 0.2 per mineralized horizon as:

1.32 million tonnes of mineralisation at an average grade of 570 ppm U₃O₈ for 1.66 million pounds of U₃O₈ contained metal.

Looking Ahead

In addition, an initial Exploration Target has been defined for both the Great Divide Basin prospects (excl. MRE areas) and the Lo Herma Project in the Powder River Basin (Table 1).

An initial Exploration Target Range for the Great Divide Basin Project of between 6.6 to 8.1 million tonnes at a grade range of between 420 ppm to 530 ppm U₃O₈ containing an estimated 6.1 to 9.5 million pounds of U₃O₈.

Table 1: Summary Of Exploration Targets & Resources

The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a JORC-compliant Mineral Resource Estimate.  It is uncertain if further exploration will result in the estimation of a Mineral Resource in the defined exploration target areas.

Figure 1. Location of Wyoming ISR Properties

GREEN MOUNTAIN, WYOMING.

Project Location

GTi’s Green Mountain Project in Wyoming is part of the Great Divide Basin portfolio and lies immediately adjacent to GTI’s other Great Divide Basin projects & adjacent to Energy Fuel’s 30Mlb Sheep Mountain, Ur-Energy’s Lost Soldier, Rio Tinto’s Jackpot & UEC’s Antelope deposits.

Exploration at Green Mountain

The Green Mountain Project contains a number of uranium mineralised roll fronts hosted in the fertile Battle Springs formation. GTI has used historical drilling records and recent geophysics results to develop drill targets which are being permitted for 2024.

Historical Drilling Data

Historical Kerr McGee drill data and oil-well exploration drill logs confirm the presence of roll fronts & the Battle Springs formation which hosts neighbouring major uranium deposits. The Properties are located in the neighbourhood of Energy Fuel’s (EFR) 30Mlb Sheep Mountain deposit (refer Schedule 1), Ur- Energy’s (URE) Lost Soldier ISR deposit, UEC’s (UEC) Antelope deposit & Rio Tinto’s (RIO) Big Eagle (past producing), Jackpot, Desert View, Phase II, & Willow Creek deposits. The Claims lie south of Green Mountain, ~5kms from GTI’s existing Odin claim group & within 15km of GTI’s Thor project where a successful maiden drill program was completed during May 2022.

The Properties are located within economically viable transportation distance from both GTI’s existing land holdings and several significant uranium deposits and or processing facilities held by the neighbouring Rio Tinto, Energy Fuels, UEC and Ur-Energy.

Notable nearby deposits include Energy Fuel’s (EFR) 30Mlb Sheep Mountain deposit, Ur- Energy’s (URE) Lost Soldier ISR deposit, UEC’s (UEC) Antelope deposit & Rio Tinto’s (RIO) Big Eagle (past producing), Jackpot, Desert View, Phase II and Willow Creek deposits.

The GDB/Green Mountain area was extensively explored by drilling in the 1970’s and early 1980’s by major US companies including Kerr McGee Uranium, Conoco Minerals, Phillips, Wold Nuclear, Union Carbide, Occidental Petroleum, Western Nuclear and Pathfinder Mines.

A review of historical Kerr McGee drill data and oil-well exploration drill logs confirms the presence of roll fronts & the Battle Springs formation which hosts neighbouring major uranium deposits.