Highlights:
- GTI to acquire strategically located, under-explored uranium properties in Wyoming’s Great Divide Basin (GDB) on the GDB roll front uranium oxidation/reduction boundary
- GTI will control the largest non-US, Russian or Canadian owned uranium exploration land holding in the GDB with ~21,000 acres (85 square kilometres)
- Projects highly prospective for sandstone hosted roll front uranium mineralisation amenable to In Situ Recovery (ISR)
- The Wyoming Properties are adjacent to the UR Energy’s (TSX:URE & NYSE:URG), Lost Creek ISR Production plant and the Rio Tinto Kennecott Sweetwater Mill. URE states that Lost Creek is the lowest cost Uranium producer outside Kazakhstan1
- Highly experienced Wyoming based execution team with GDB uranium deposit discovery success and proven development and engineering expertise
- ISR accounts for ~90% of US uranium production1 & ISR mining has been used in Wyoming since the 1960’s, accounting for 100% of Wyoming output since 19932
- ISR is the lowest cost uranium mining method with less environmental impact than hard rock mining. The world’s lowest cost U3O8 mines in Kazakhstan use ISR
- GTI is completing a placement to raise $2.6m at 1.5¢ per Share with the Project Vendors subscribing for $600,000. Shareholders will also be able to participate in a 1 for 8 non-renounceable rights entitlement offer of up to an additional $1.461m
GTI Resources Ltd (GTI or the Company) is pleased to advise that it has entered into a binding agreement to acquire 100% of Branka Minerals Pty Ltd (Branka) (Acquisition) the holder of ~22,000 acres (~8,900 hectares) across several groups of strategically located and underexplored mineral lode claims (Claims) and 2 state leases (Leases), prospective for sandstone hosted uranium, located in the Great Divide Basin (GDB), Wyoming , USA & the Uravan Belt, Colorado, USA (the Properties).
Niagara (Kookynie) Gold Project, Western Australia15
As reported to ASX on 16 March 2021, the Company received an independent WAMEX compilation report, from CSA Global (CSA), assessing the historical gold production and exploration activity and potential prospectivity at the Company’s newly granted prospecting licenses, P40/1515, P40/1516, P40/1517 and P40/1506 and the recently acquired P40/1513 and P40/1518 (Western Niagara Project).
This contiguous land package over ~5km of mineralised trend now creates a significantly enlarged consolidated holding over extensive historic mine workings of the Niagara gold mining district.
The report from CSA highlights material past production & drilling which has occurred on the newly consolidated land package. CSA’s report highlighted that historic workings in the tenement package targeted high-grade quartz veins & were largely operated from 1898-1914 with reported production of 6,800 tons at 25.8 g/t Au for 5,100 oz Au (source: Mount Edon Mines Pty Ltd, 1984).
Extensive historic workings and reported high-grade production in the east of the project area represent an advanced exploration play.
The project contains three (3) high priority advanced exploration target areas, two (2) second priority intermediate exploration target areas and three (3) earlier stage third priority exploration target areas.
Limited historical drilling has targeted the historical workings at shallow levels with drilling typically 50m depth or shallower. An opportunity exists to extend the known mineralisation from historic workings to deeper levels and along strike with further drilling.
Large areas of transported cover not appropriate for auger surveys (conditional on outcomes of regolith study) may yield basement targets to test via AC/RC drilling if an extended magnetic survey is acquired.
GTI continues to evaluate its options for advancing exploration of the Niagara Gold Project & expects to advise of next steps with the project during the coming months whilst it prioritises exploration of its current uranium projects and the soon to be acquired Wyoming uranium exploration properties.
SOURCE: GTI Resources Ltd
DATE: August 18, 2021