GTI Resources Ltd (ASX:GTR) is moving fast towards its maiden gold drilling at Niagara Gold Project, southwest of Kookynie in Western Australia, with the company on track for September and October drilling.
The maiden drill program at E40/342 has been fast-tracked to kick off this month.
Niagara exploration program
Phase 1 of the aircore drilling is set to start in late September with around 2,500 metres targeted.
Assays are expected in October to refine targeting of the reverse circulation (RC) drilling.
The Phase 2 RC drilling of 2,500 metres is confirmed for late October, with drilling assay results and interpretation expected in November.
Planning for the next phase of exploration on the project will take place in November and December, together with the exploration permitting and planning for PL40/1506, 1518, 1517, 1516 & 1515.
GTI said the recently acquired historical exploration data package for Jeffrey, Rats Nest and Moki project areas in the Henry Mountains, Utah, US, had been ground referenced and digitised.
It has confirmed the uranium-vanadium mineralised trend along the Jeffrey project’s expanded contiguous tract covering 5.5 kilometres along the interpreted strike.
The acquired historical data package had data for over 750 drill holes, representing a replication value at present‐day cost in excess of $10 million.
The Moki project data is of particular interest due to property’s position immediately east of the Tony M Mine owned by Energy Fuels Inc (TSE:EFR), which may indicate an extension of that mineralised trend that requires further exploration.
GTI executive director Bruce Lane said: “Analysis of the historical data package delivered a wealth of very high-value information to GTI.
“We now have several new targets to consider and the data has significantly boosted our understanding of the projects and our planning of the next phase of exploration in Utah.
“The company’s ground position has been enhanced significantly by securing the prospective ground between our Jeffrey and Rats Nest projects and now the new data package has helped us to quickly and cost-effectively improve our understanding of the potential at the expanded Jeffrey project area."
Jeffrey assay results
The June 2020 drilling assays from the Jeffrey project delivered vanadium assay results up to 41,055 ppm (4.11%) vanadium pentoxide and confirms gamma logging results up to 7,642 ppm (0.76%) uranium oxide.
Preparation for future exploration activity is progressing with evaluation and prioritisation of the numerous newly identified drill targets advancing.
On July 15, 2020, the company completed a placement via the issue of 60,376,300 new shares at 3 cents per share to raise $1,811,289 before costs.
Funds raised from the placement will go towards the acquisition of additional ground at the Jeffrey project, Utah, and increase the pace and scale of the current exploration work programs in both the US and Australia.
The following month, GTI completed a share purchase plan (SPP) for 32,600,000 fully paid ordinary shares, raising $978,000 before costs.
In conjunction with the placement, the SPP offered all shareholders an opportunity to participate in an underwritten SPP and purchase up to $30,000 of new fully paid ordinary shares at an issue price of 3 cents per share and free of all brokerage and commissions.
New licences in Kookynie
The company has entered into binding agreements to acquire three prospecting licences in the Kookynie region of WA’s Goldfields.
Prospecting licence applications P40/1513 and P40/1518 adjoin GTI’s existing applications at Niagara near Kookynie and P40/1492 is a granted prospecting licence around 15 kilometres northwest of Kookynie
GTI Resources completed the acquisition of granted prospecting licence P40/1492 (Reach PL) pursuant to the Carmichael acquisition from Carmichael Prospecting Co Pty Ltd.
Utah uranium and vanadium
The company has claims within the Henry Mountains complex on the Colorado Plateau, a mineral belt productive for uranium and vanadium.
Acquisition of the Anfield leases consolidates Jeffery and Rats Nets projects into a much larger contiguous tract covering 5.5 kilometres along the interpreted strike of the mineralised trend.
Its claims cover around 1,500 hectares of the Henry Mountains region, within the Garfield and Wayne Counties near Hanksville, Utah.
The region forms part of the prolific Colorado Plateau uranium province, which historically provided the most important uranium resources in the US.
This region benefits from well-established infrastructure and a mature mining industry providing low cost experienced personnel and equipment.
White Mesa mill, owned and operated by Energy Fuels, is the only conventional fully licensed and operational uranium/vanadium mill in the US and is within trucking distance of the properties.