Next Investors logo grey

GTI Resources starts second round of uranium exploration drilling


Published 25-JUN-2021 10:52 A.M.


2 minute read

Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.

In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.

The below articles were written under our previous business model. We have kept these articles online here for your reference.

Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.

Click Here to View Latest Articles

GTI Resources Ltd (ASX:GTR) has started uranium drilling on Section 36 of its Henry Mountains Uranium & Vanadium Project in Utah, USA.

The company flagged this second phase of uranium exploration after it received approval from the state of Utah to go ahead.

GTI has approximately 1,500 hectares of landholdings in the Henry Mountains within Garfield and Wayne Counties and the region forms part of the prolific Colorado Plateau uranium province which historically provided the most important uranium resources in the US.

Sandstone hosted ores have been mined in the region since 1904 and the mining region has historically produced in excess of 17.5 million tonnes at 2,400ppm U3O8 (92 mlbs U3O8) and 12,500 ppm V2O5 (482 mlbs V2O5).

Through this next phase of exploration drilling, GTR will look to drill up to 40 holes using the all‐terrain Buggy Drill Rig:

Buggy Drill Rig – Uranium Drilling on Section 36, Henry Mountains Utah.
Buggy Drill Rig – Uranium Drilling on Section 36, Henry Mountains Utah.

Section 36 is adjacent to and along strike from GTR’s Jeffrey and Rats Nest Projects as seen below:

GTR section 36

Drilling targets have been generated using information gathered from the recent downhole geophysical logging program and geologic mapping.

GTR is targeting a maximum depth of around 66 feet (20 metres).

Drilling is focused on the exploration target areas shown in Figure 3 and in proximity to the principal existing underground mines, the East and West mines.

GTR geo

Initial downhole gamma eU3O8 assay results are expected to be available during July with chemical assays including vanadium assays expected in August.

GTR has also concluded a second stage of downhole geophysical logging of 39 additional historical small diameter drillholes within the exploration target areas shown above.

Pending results of the planned drilling campaign, GTR will target further drilling towards development of a JORC code compliant uranium mineral resource for Section 36 and other areas within the Henry Mountain Uranium and Vanadium Project.

GTR believes that the shallow nature of the mineralisation supports continued low‐cost, rapid exploration advancements.

General Information Only

S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

Conflicts of Interest Notice

S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.

Publication Notice and Disclaimer

The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.

Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.

This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.