When it comes to mining uranium, one mining method stands out among the rest –– In Situ Recovery (ISR). ISR mining involves injecting and extracting acid or alkaline lixiviant solution with a series of wells drilled from the surface to leach target ores underground. In 2019, 57 percent of the world’s uranium was mined by ISR methods. Today, most of the uranium mining in the US, Kazakhstan and Uzbekistan is done by ISR mining. South Australia also has two ISR mines including a satellite ISR operation at Honeymoon and Beverley (Four Mile).
Today, 15 of the 53 new nuclear reactors under construction globally are being built in China. In 2021, billionaires Warren Buffett and Bill Gates announced they were planning to build a US$4 billion and 345-megawatt nuclear power plant facility in Wyoming. The plant called “Natrium” — which is an old term for sodium –– will use uranium to heat liquid sodium to around 900 degrees Fahrenheit to create steam that powers the turbines to generate electricity. The planned plant is supported by Wyoming's Governor Mark Gordon who believes nuclear plants could provide a market for large reserves of radioactive uranium ore in the state. TerraPower, co-founded by Bill Gates, has partnered with GE-Hitachi to fully build the plant in as early as seven years.
Wyoming has the largest uranium reserves of all the US states and is the home of ISR uranium mining with experimental ISR mining during the early 1960s and commercial ISR mining starting in 1974. The state is the energy capital of the US, accounting for more than 80 percent of uranium production in the US. It has a production history that dates back to the late 1940s. With the price of uranium hitting a nine-year high in 2020, many analysts believe that the price will remain on the higher end for years to come. As a result, companies exploring for uranium in Wyoming may present an exciting opportunity for investors.
GTI Energy (ASX:GTR,OTCQB:GTRIF) is a mineral exploration company focused on developing a portfolio of attractive uranium and vanadium projects in the United States. The company now boasts approximately 35,000 acres in the prolific Great Divide Basin which is a low-cost ISR uranium-producing district.
The company recently acquired approximately 13,800 acres of additional contiguous ISR uranium exploration claims, abbutting the Rio Tinto (ASX:RIO) claims at Green Mountain. Historical drill data confirms the presence of uranium mineralised roll fronts on the properties, and they are located next to major uranium projects. Next steps involve exploration targeting, further evaluating and processing, with a view to permitting and drilling.
The company is led by a highly experienced management team with an extensive track record of success in the mineral exploration industry. GTI Resources’ execution team has proven development and engineering expertise with a history of success in uranium deposit discovery in the Great Divide Basin in Wyoming.
In November 2021, the company announced the strategic acquisition of Branka Minerals. The acquisition resulted in GTI controlling the largest non-US or Canadian-owned uranium exploration landholding in the Great Divide Basin in Wyoming, with approximately 21,000 acres. The landholding included underexplored and highly prospective sandstone-hosted uranium properties which are the company’s Wyoming projects today.
Building on its Wyoming ISR uranium focus, the company recently settled the acquisition of an additional 13,800 acres of contiguous ISR uranium exploration claims, abutting Rio Tinto’s (ASX:RIO) claims at Green Mountain. Historical drill data confirms the presence of uranium mineralised roll fronts & the claims are neighbour to major uranium projects. Next steps involve exploration targeting, further evaluating and processing, with a view to permitting and drilling.
GTI Energy leverages the strategic positioning of its Wyoming projects. The Wyoming projects are located near Ur Energy’s (TSX:URE,NYSE:URG) Lost Creek ISR production plant and the Rio Tinto Kennecott Sweetwater Mill. The Lost Creek plant is claimed by Ur Energy to be the lowest cost ISR uranium production plant outside of Kazakhstan.
GTI is committed to strong environmental, social, and governance (ESG) initiatives to support the clean energy movement. In November 2021, the company adopted the internationally recognized Environmental, Social, and Governance Stakeholder Capitalism Metrics framework with 21 core metrics and disclosures established by the World Economic Forum.
In December 2021, GTI Energy announced that it would be transitioning to carbon-neutral operations on its Wyoming projects. It closed Q4 2021 by successfully raising US$2 million in capital to proceed with its Thor ISR project The company has also applied for a Climate Active Certification.
GTI Energy is positioned for growth with the pursuit of ISR mining on its Wyoming projects, presenting an opportunity for low operating expenses (OPEX) and capital expenditures (CAPEX) with low environmental impact compared to other methods. ISR mining supports the company’s goal of low-impact mining & carbon neutrality on its Wyoming projects.
In 2021, the company completed field exploration on its Henry Mountains project. GTI Energy also began a 15,000-meter drill program in 2021 on its Wyoming projects, this program was concluded in early 2022. The drilling confirmed that the targeted ISR amenable uranium mineralisation was present at the Thor project. Going forward, the company is targeting economic mineralization on its properties and will continue drilling in the second half of 2022.
- GTI Energy owns 35,00 acres in the prolific and ISR uranium-producing Great Divide Basin in Wyoming including its recently acquired additional 13,800 acres of contiguous ISR uranium exploration claims at Green Mountain, Wyoming.
- Projects are strategically located near Ur Energy’s (TSX:URE,NYSE:URG) Lost Creek ISR production plant and the Rio Tinto Kennecott Sweetwater Mill.
- The 1,500-hectare Henry Mountains project is situated in the prolific Colorado Plateau uranium province, and hosts past-producing mines.
- Committed to strong ESG initiatives to support the clean energy movement, including carbon-neutral operations on its Wyoming projects and an application for a Climate Active Certification.
- GTI aims to utilize In Situ Recovery (ISR) mining on its Wyoming projects. ISR mining presents an opportunity for an environmentally-friendly, low OPEX, and low CAPEX operation.
- GTI Energy is led by a highly experienced management and execution team with a history of successful uranium discovery in the Great Divide Basin in Wyoming.
The Wyoming projects are located in the Red Desert in the Great Divide Basin in Wyoming and the Uravan Belt in Colorado, both in the United States. The Wyoming projects consist of the Thor, Logray, Loki, Odin, Teebo, Wicket, and Green Mountain claims. The approximately 35,000-acre projects are prospective for ISR amenable sandstone-hosted roll front uranium. The Wyoming projects are situated five to 30 kilometers from Ur Energy’s (TSE:URE) Lost Creek ISR plant. The projects are also located near Rio Tinto’s (ASX:RIO) Sweetwater/Kennecott Mill and the GDB roll front REDOX boundary.
GTI Energy recently acquired an additional 13,800 acres of contiguous ISR uranium exploration claims, in addition to its existing holdings of approximately 21,000 acres. The land abuts the Rio Tinto (ASX:RIO) claims at Green Mountain. Historical drill data confirms the presence of major uranium projects. Plans for these new holdings involve exploration targeting, further evaluating and processing, with a view to permitting and drilling.
In December 2021, the company announced that it completed 39 holes out of approximately 100 holes as part of its 15,000-meter drill program on the Thor ISR Uranium project. Drilling on the Thor ISR Uranium project returned 19 holes that have met or exceeded grade thickness (GT) cutoff with an average of 0.060 GT. The results continue to exceed expectations with 49 percent of holes drilling recording better than the minimum targeted economic GT cutoff of 0.2 GT. Mineralization on the property continues to demonstrate characteristics conducive to ISR recovery.
The company began initial exploration on Thor in 2021 with follow-up drilling planned for Thor, Wicket, Odin, Teebo and Loki in mid/late 2022.
Henry Mountains Project
The Henry Mountains project, which contains the Henry Hills project, is a high-grade uranium and vanadium project located in the Henry Mountains region of the Garfield and Wayne Counties in Utah, USA. The approximately 1,500-hectare project is situated on part of the prolific Colorado Plateau uranium province, which has historically provided the most important uranium resources in the USA since 1904.
The Henry Mountains project features historical mining using low capital-intensive underground mining methods and the sale of ore believed to occur in the mid-1970s and early 1980s. The Henry Mountains project consists of the Rat Nest and Jeffrey claim group as well as the Section 36 state lease block, which the company is currently focused on exploring. These areas feature a shallow five-kilometer-long uranium and vanadium mineralization trend at 20 to 30 meters deep.
The company completed a field exploration program on the property in November 2021 which revealed 308 additional backfill-abandoned drill holes. As part of the program, the company also mapped and confirmed 3,700 feet of mineralized contact via outcrop. GTI Resources also located and mapped 34 open underground mine workings, including four which extend beyond 100 feet in drift length. Going forward, GTI Resources plans to continue advancing the project.
Nathan Lude - Non-Executive Chairman
Nathan Lude has broad experience working in the asset and fund management, mining, and energy industries. Lude is the founding director of Advantage Management, a corporate advisory firm. Lude has previously held directorships with ASX-listed mining companies.
Currently, he is the executive director of ASX-listed Hartshead Resources (ASX:ANA). Lude has grown a large business network across Australia and Asia, establishing strong ties with Australian broking firms, institutions, and Asian investors.
Bruce Lane - Executive Director
Bruce Lane has significant experience with ASX-listed and large industrial companies. Lane has held management positions in many global blue-chip companies as well as resource companies and startups in New Zealand, Europe and Australia. He holds a master’s degree from London Business School and is a graduate member of the Australian Institute of Company Directors.
James (Jim) Baughman - Executive Director
Mr Baughman, QP (SME-RM) GDB/Red Desert, is a highly experienced Wyoming uranium geologist and corporate executive who will help guide the Company’s technical & commercial activities in the US. Jim is Former President & CEO of High Plains Uranium (sold for US$55m in 2006 to Uranium One) & Cyclone Uranium.
Jim has 30+ years’ experience advancing minerals projects from grassroots to advanced stage. He has held senior positions (i.e., Chief Geologist, Chairman, President, Acting CFO, COO) in private & publicly traded mining & mineral exploration companies during his 30-year career.
He is a registered member of the Society of Mining, Metallurgy, Exploration and a member of the Society of Economic Geologists with a BSc in Geology (1983 University of Wyoming) and is a registered professional geologist (P. Geo State of Wyoming). Jim is a registered Member of the Society of Mining, Metallurgy, and Exploration (SME) and a Qualified Person (QP) on the Toronto Stock Exchange (TSX) and Australian Stock Exchange (ASX).
Petar Tomasevic - Non-Executive Director
Petar Tomasevic is the managing director of Vert Capital, a financial services company that specializes in mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in five languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers. Most recently, he was a director at Fenix Resources (ASX:FEX), which is now moving into the production phase. He was involved in the company’s restructuring back when it was known as Emergent Resources. Tomasevic was also involved in the company’s Iron Ridge asset acquisition, the RTO financing, and the development phase of Fenix’s Iron Ridge project.
Matthew Foy - Company Secretary
Matthew Foy is an active member of the WA State Governance Council of the Governance Institute Australia (GIA). Foy has more than 14 years of experience in facilitating ASX-listing rule compliance. His core competencies are in the secretarial, operational, and governance disciplines for publicly listed companies. Foy has a working knowledge of Australian Securities and Investments Commission (ASIC) and Australia Stock Exchange (ASX) reporting. He has document drafting skills that provide the basis for valuable contribution to the boards on which he serves.
Doug Beahm - Principal of BRS Engineering Riverton, Wyoming
Doug Beahm is a principal engineer with BRS Engineering. Beahm has over 45 years of experience in mineral exploration and project evaluation. He is a registered member of the Society of Mining, Metallurgy, and Exploration. Beahm is a professional engineer in Wyoming, Utah, and Oregon and a professional geologist in Wyoming. He worked in uranium exploration, mining, and mine land reclamation in the Western US since 1975. Beahm discovered the Jab deposit and has worked with many of the uranium companies that operate or have operated in Wyoming.He has sufficient experience relevant to the style of mineralization and type of deposit under consideration. Beahm has reviewed the activity which has been undertaken in 2019 and 2020 to qualify as a Competent Person, defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves.
- EXCITING upcoming projects!
- IN-DEPTH reliable insights!
- SUCCESSFUL growth strategies!
- VALUE-BASED content!