“The successful execution of this field program is expected to provide critical data to support updating and optimising our resource models and further defining key operational parameters,”
– GTI Energy
GTI Energy has secured $4.5 million in the first tranche of a placement to advance its Lo Herma in-situ recovery uranium development in Wyoming, with the company issuing 710 million shares. The placement, valued at $2.5 million, is comprised of $1 million from two cornerstone investors, Snow Lake Energy, and a syndicate of institutional investors. The second tranche, which includes $1.48 million from Snow Lake Energy, will be completed subject to final due diligence. The company plans to use the funds to advance its Lo Herma project, with a focus on developing economically-viable uranium resources.
- Deliver inferred resources of 5.71 million pounds of uranium oxide within 160 kilometres of seven permitted ISR uranium production facilities.
- Submit updated drilling permits to Wyoming’s environmental authorities and the US Bureau of Land Management for up to 121 new drill holes.
- Install additional observation wells to support hydrogeologic testing and diamond core drilling to collect samples for metallurgical testing.
Lo Herma is located in the Powder River Basin, a region with an extensive history of in-situ recovery uranium development.
- Numerous defined uranium resources and central processing plants exist in the region.
- Pine Ridge, a joint venture between GTI and Snow Lake Energy, holds a 50% equity stake in the region.
The Powder River Basin has been a key source of uranium production for decades, with several major players operating in the area. The Lo Herma project is the latest to be developed in the region, and GTI is focused on advancing its project to define economically-viable uranium resources. Key highlights
- The company has delivered inferred resources of 5.71 million pounds of uranium oxide within 160 kilometres of seven permitted ISR uranium production facilities.
- The proposed drilling program includes up to 121 new drill holes and 37,500 metres of drilling.
- Additional observation wells will be installed to support hydrogeologic testing and diamond core drilling.
GTI Energy has scheduled the work to commence in September, pending contractor availability and final permit approvals. The company believes that the successful execution of this field program will provide critical data to support updating and optimising its resource models and further defining key operational parameters.
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