GTR drill results from US uranium project

Our US uranium Investment GTI Energy (ASX: GTR) just put out a batch of drill results.

GTR just finished up a 26-hole drill program at one of its uranium projects in Wyoming, USA.

GTR has three different projects that sit close to one another in Wyoming.

Across the three projects, GTR has a total JORC uranium resource of 7.37m lbs.

Today’s drill results come from GTR’s Lo Herma project, which holds 5.71m lbs of uranium.

Before we give our take, check out Executive Director Bruce Lane’s take on the results here:

(Source)

Here are our key takeaways from today’s announcement:

1. GTR is looking to upgrade the project's JORC resource in 2024.

The drill results from this program continued to show GTR what it expected to see based on the historical data that came when GTR first picked up the project.

For context - GTR picked up the project earlier this year, and at the time, the project came with a historical data package that has a replacement value of ~$15m - made up of data from ~1,771 drillholes completed back in the 1970-80’s.

GTR’s plan is to now update its datasets with the 26 new holes drilled and put together a resource upgrade in 2024.

Before the resource upgrade, the company flagged that it might do one more round of drilling.

GTR’s exploration target for the project is for up to ~10m lbs of uranium so we are hoping that any resource upgrade gets GTR closer to that figure.

2. Drill results consistent with historical data

The drill program was for ~4,250m over 26 holes.

Of the 26 holes drilled, 6 of them met the grade thickness cutoffs of 0.2 GT.

Across the 26 holes the highest grade hit was ~800ppm uranium (hole 25) and the thickest intercept was for ~19 ft (hole 6).

Given the current JORC resource has an average grade of ~630ppm, the results came in a range that is to be expected.

3. GTR picked up more ground at its Lo Herma project.

GTR added ~566 acres of land to its project.

GTR’s plan is to add those new areas to its 2024 exploration programs.

What’s next for GTR?

A restart of exploration in 2024 🔲

GTR still has ~42 drillholes permitted and undrilled at its Lo Herma project.

In today’s announcement, GTR confirmed that the plan would be to re-analyse all of its data and then develop a 2024 exploration program before going back out on site again.

We are hoping to see GTR back and drilling at least two of its three projects in the new year.