GTI Resources receives promising assay results from Rats Nest
GTI Resources Ltd (ASX:GTR) has received positive results from the recently completed sampling program conducted on outcrop and underground workings at the prospective Rats Nest project in the Henry Mountains region, Utah.
Sampling included both face‐cut channel samples in historical underground workings and grab samples.
These samples were sent to a laboratory in Reno, Nevada for assay.
However, some of the samples emitted radiation at levels that exceeded the laboratory’s safe handling limits and were subsequently sent to their facility in Vancouver, Canada for assay.
The samples returned assay values ranging up to 0.87% eU3O8 and 1.07% V2O5, confirming the prospectivity of the Rats Nest project.
In addition, the company’s maiden drilling campaign at the Jeffrey project is set to commence tomorrow with the planned drill program expected to be completed within 7-10 days.
This will involve advancement of up to 12 shallow core holes of an average depth of 20 metres.
The drill holes will be gamma logged for determination of eU3O8, and drill core will be sampled and assayed for both uranium and vanadium.
Management highlights exploration upside from historical sites
Commenting on the assay values received from testing in Vancouver, GTI executive director Bruce Lane said, “The Rats Nest results continue to confirm the prospectivity of these past-producing project areas and give us further encouragement to extend our exploration activities beyond the Jeffrey claim group to include the Rats Nest project area.
‘’We are excited to see the results from the coming maiden drilling campaign at the Jeffrey project.”
As shown below, the Rats Nest project is one of several projects that GTI holds in Utah covering approximately 1,500 hectares of the Henry Mountains region, within Garfield and Wayne Counties near Hanksville.
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 eU3O8 (92 billion pounds eU3O8) and 12,500 ppm V2O5 (482 million pounds V2O5).
The region benefits from well‐established infrastructure and a mature mining industry.
The White Mesa mill, the only conventional fully licensed and operational uranium/vanadium combination mill in the US, is located within trucking distance of the properties as indicated above.
The mill is owned and operated by Energy Fuels Inc. and is set up to process the sandstone-hosted uranium and vanadium rich ores that have been mined in the region for many decades.
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.