Second US based JORC uranium resource this quarter

Published 20-APR-2023 12:18 P.M.

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This morning our U.S. uranium Investment GTI Energy (ASX: GTR) updated the market with the progress the company is making on a second JORC uranium resource at its newly acquired project in Wyoming.

One month ago, GTR acquired A$15M in drilling data and staked ground at what it now calls the “Lo Herma” project.

The new project is within 16km of $16BN Cameco’s ISR uranium plant (the largest production site in Wyoming), and ~80km of five permitted ISR uranium production facilities.

The existing drill data acquired covers ~1,445 drill holes (~161,000m), and the target for GTR was to digitise the drill data, do desktop works and convert it into a maiden JORC resource for the project.

As of today, the company has finished modernising the drill data, having scanned and disgusted the drill logs and the drill maps.

GTR expects a maiden JORC resource estimate at Lo Herma before the end of Q2.

At this stage, GTR has an exploration target for the project ranging from ~8m lbs of uranium to ~14m lbs of uranium.

Once the resource is announced, GTR will have put together two maiden JORC resources across two of its Wyoming projects within ~3-4 months.

Ultimately, we are hoping that as GTR establishes an in-ground uranium resource base, the company starts to get noticed by its regional peers - this forms the basis for our GTR “Big Bet”, which is as follows:

Our GTR Big Bet:

“To see GTR prove out a large resource base in the “uranium capital” of the USA, and generate offtake or acquisition interest as the USA moves to secure local uranium supply.”

NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is a lot of work to be done, many risks involved - just some of which we list in our GTR Investment Memo. Success will require a significant amount of luck. There is no guarantee that our Big Bet will ever come true.

What’s next for GTR?

Rights issue 🔄 - Fully underwritten rights issue closing tomorrow (21st April).
Lo Herma JORC resource 🔄 - Maiden JORC resource estimate due by the end of Q2-2023.
Exploration at Lo Herma project 🔄 - Airborne geophysics planned for May followed by a drill program in H2-2023.
Exploration at Green Mountain project 🔄 - Airborne geophysics planned with drilling targeted for H2-2023.