Wyoming is arguably the most important uranium producing state in the US

• Wyoming has a long history of uranium mining (dating to the late 1940’s). Wyoming roll front uranium deposits are generally amenable to In Situ Recovery (ISR) mining if above the ground water table & geologically amenable to control of underground leaching solutions.
• ISR mining usually lower cost for OPEX & CAPEX with less surface impact. ISR mining practiced commercially in Wyoming since the mid 1980’s.
• The Fraser Institute 2020 ranks Wyoming 2^nd out of 78 jurisdictions.
• Other US uranium mining states, combined, have more defined uranium resources than Wyoming, but they are mostly not amenable to ISR mining.
• There are 7 ISR uranium processing facilities currently operable in Wyoming & 2 others are licensed for construction.
• TerraPower (Bill Gates) and PacifiCorp (Buffett’s Berkshire Hathaway) have chosen Wyoming for the site of a new Natrium nuclear power plant.

LO HERMA.

GTI holds 100% of ~8,000 acres (~3,500 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.

Location of The Lo Herma Project

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.

GREAT DIVIDE BASIN.

GTI holds ~35,800 acres (~14,500 hectares) across several groups of strategically located and underexplored mineral lode claims and state leases , prospective for sandstone hosted uranium, located in Wyoming’s prolific Great Divide Basin (GDB). The properties are located close to UR Energy’s (URE) Lost Creek ISR Facility & Rio Tinto’s (RIO) Sweetwater/Kennecott Mill & the GDB roll front REDOX boundary.

Figure 1. Location of Wyoming ISR Properties

Drilling at the Thor Project (GDB)

GTI has most recently been exploring at the Thor Project in Wyoming’s Great Divide Basin and in mid‐March this year completed its maiden drill program using 2 mud rotary drill rigs. The Company has drilled ~15,000 metres to date at Thor and reported these drill results to ASX on 29 March 2022.

100 drill holes were completed at the Thor Project for a total of 48,540 feet (14,795 metres). Results are in line with or better than expectation and are viewed by the Company as indicative of high potential for economic ISR uranium mineralisation. 

The mineralisation encountered met and or exceeded expectations for economic ISR uranium recovery. Drilling confirmed that the historic Kerr McGee data is an excellent guide for drilling. Drilling showed that the geological and hydrogeological setting of the mineralisation appears to be conducive to ISR recovery with the main host sand appearing to be continuous in the area and the water table being over 100 feet above the main host sand.  

Drilling has shown that there are at least 3 separate roll fronts present in the main host sand with additional sands positioned above and below the main sand unit showing at least trace mineralisation.  

GTI’s exploration objective for this drill program was to identify REDOX boundaries and potential host sands in addition to defining the depth, thickness, grade and width of mineralisation across the REDOX front. The Company is targeting mineralisation 50 feet (15 metres) or more below the water table.   

Ultimately the Company is focused on defining mineralisation similar to that discovered and mined at the nearby Lost Creek deposit and that otherwise meets typical economic cutoff criteria for sandstone hosted ISR uranium projects in Wyoming’s Great Divide Basin. 

This has been a successful first drill program in Wyoming and indicates that follow-up drilling is warranted. Planning and permitting is underway for a follow-on summer drill campaign at Thor in addition to first pass reconnaissance drilling at GTI’s Wicket East, Teebo, Odin and Loki Project areas located approximately 5 – 10kms north of Thor and proximate to URE’s Lost Soldier deposit and UEC’s Antelope & Twin Buttes projects.

GREEN MOUNTAIN.

GTI also recently announced it has agreed to acquire 13,800 acres of claims at Green Mountain in Wyoming adjacent to GTI’s existing GDB projects. The Green Mountain Project contains a number of uranium mineralised roll fronts hosted in the Battle Springs formation close to several major deposits. GTI plans to use historical drilling records to guide exploration.

Location of The Green Mountain Project

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.

* The acquisition of the Green Mountain project is estimated to settle during June 2022