GTI completes much anticipated maiden drilling at Jeffrey project
GTI Resources Ltd (ASX:GTR) has completed its maiden drill program on schedule at the Jeffrey Project which as shown on the map below is in the Henry Mountains region of Utah in the US.
The program successfully achieved the drilling and down-hole gamma logging of the targeted 12 diamond core drill holes to test the extent of shallow uranium and vanadium mineralisation across the southern portion of the Jeffrey project.
This has been a much-anticipated exploration program, highlighted by the seven-fold increase in the company’s share price over the last three months.
Consequently, given management’s upbeat commentary regarding this latest news there could be further share price momentum.
Given the shallow nature of the mineralised horizon, a total of 182 metres of core drilling was sufficient to gather a meaningful data set.
In addition to the 12 new drill holes, a further 6 historical drill holes were located near the newly drilled holes and subsequently logged with a downhole gamma probe.
This phase of exploration has quickly yielded data from 44 drill holes, including data from previous drilling, and this will be utilised to inform GTI’s understanding of the mineralisation and to guide the next phase of exploration.
Potential for larger drill program to establish Mineral Resource
The next exploration phase may entail a much larger drill program, targeting potential development of a JORC code compliant Mineral Resource, ultimately guiding future production studies.
The shallow nature of the mineralisation allows for relatively low-cost rapid exploration.
The eU3O8 downhole gamma probe assay data for the 12 new and 6 historical drill holes are being processed and are expected to be available for reporting within the next 10 days.
The drill core is being logged, cut and sampled for laboratory analysis with assay results expected by mid-August.
Completion of the maiden drill program satisfies a second of the three performance milestones attached to the performance rights issued.
The capital raising milestone was achieved with the recent exercise of 25,750,000 options.
With satisfaction of two of the three performance milestones now confirmed, the GTI’s board has deemed the performance rights to be vested.
GTI is moving to rapidly advance its projects in Utah given the potential to supply high-grade uranium ore to help fill existing local mill processing capacity.
Management is also actively looking for value accretive opportunities to expand its US project portfolio in this space.