GTI Energy Advances with On-Track Drill Permitting for Lo Herma ISR Uranium Project in Wyoming

GTI Energy Ltd (ASX: GTR) is advancing some strategically located uranium assets in Wyoming, U.S.

At the Lo Herma ISR Uranium Project, an amended drilling permit application is progressing as expected.

The amendment optimises follow-up drilling to increase the number of drill holes, and construct monitoring wells for groundwater data collection.

Drilling remains on schedule for the September quarter 2024, to be followed by an updated resource estimate and exploration target.

Lo Herma is located in the Powder River Basin, around 16 kilometres from Cameco’s (NYSE: CCJ) Smith Ranch-Highland, the country’s largest ISR uranium production facility.

The company is also advancing drill plans at the Green Mountain Project, which hosts large anomalous uranium trends.

Drilling plan

GTI intends to mobilise drilling rigs to Lo Herma once the activity is fully permitted and seasonal restrictions on exploration operations, due to wildlife activity, are lifted at the end of June.

In total 42 drill holes remain permitted and undrilled, with a recent review helping to refine and expand the planned program to include 76 drill hole locations.

Along with the construction of up to 5 groundwater monitoring wells.

The total estimated drill footage for this updated program is 17,000 metres.

History at Lo Herma

Lo Herma covers 13,300 acres, and a 1970’s data set included 1,771 drill logs worth an estimated A$15 million.

There are around 880 historical drill holes within the project area.

Historical data has been successfully verified and delivered an Inferred Resource of 5.7 million pounds at 630 ppm uranium.

Peer analysis

GTI Energy has a valuation around $12 million, with $2 million in cash at the end of December 2023.

This compares to other Wyoming ISR explorers valuations, such as Strathmore Plus Uranium Corp (CVE: SUU) at $16 million, Nuclear Fuels Inc (CNSX: NF) $25 million and Premier American Uranium (CVE: PUR) $35 million.

These explorers hold no compliant resources.

In total, GTI Energy has 7.4 million pounds of uranium.

Food for thought.

 

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