GTI holds 100% of ~12,000 acres (~4,850 hectares) over a group of strategically located mineral lode claims (Claims) highly prospective for sandstone hosted uranium. The Lo Herma Project (Lo Herma) is located in Converse County, Powder River Basin, Wyoming.
As reported to ASX on 14th March 2023, a comprehensive historical data package, with an estimated replacement value of ~$15m, was acquired for Lo Herma. The data package includes original drill logs for roughly 1,445 drill holes pertaining to the Project area. Digitisation of the original drill data is in progress to develop a database suitable for preparation of a mineral resource estimate in accordance with the JORC code 2012.
GTI has now grown the Project area by 33% to 12,000 acres, staking of 4,000 additional acres to capture a greater extent of interpreted mineral trends & historical drilling (ASX 5 April 2023).
In addition to the initial Exploration Target that was advised to ASX on 5th April 2023, (Table 1) the Company is making good progress towards its goal of reporting an initial Inferred Mineral Resource Estimate at the Project – a description of these activities is provided overleaf.
The Exploration Target for Lo Herma is estimated in the range 7.3 to 9.0 million tonnes at a grade range of 500 ppm to 700 ppm U3O8 containing an estimated 8.1 to 13.9 million pounds of U3O8.
Figure 1. Location of Wyoming ISR Properties
The project lies approximately ~15 miles north of Glenrock and within ~50 miles of 5 permitted ISR uranium production facilities & several satellite ISR uranium deposits. These facilities include UEC’s Willow Creek (Irigaray & Reno creek) ISR plant, Cameco’s Smith & Hyland Ranch ISR plants and Nichols Ranch ISR plant owned by Energy Fuels Inc. The Powder River Basin has an extensive ISR uranium production history and has been the backbone of the Wyoming uranium production business since the 1970s.
TABLE 1: SUMMARY OF EXPLORATION TARGETS & RESOURCES1
The potential quantity and grade of the Exploration Targets 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.
¹Refer ASX release from 05/04/23.