When it comes to mining uranium, one mining method clearly stands out from the rest –– In Situ Recovery (ISR). ISR mining involves injecting and extracting an acid or alkaline lixiviant solution into the deposit via a series of wells, drilled from the deposit’s surface, to leach subterranean target ores. 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 and a satellite ISR operation at Honeymoon and Beverley (Four Mile).
Today, the majority of the 50 new nuclear reactors currently under construction are being built in China with China alone also pledging an additional 150 new reactors over the next 15 years. In 2021, billionaires Warren Buffett and Bill Gates announced they were joining forces to build a $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 LLC, 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 quantity of defined but undeveloped uranium resources of any US state and is the home of ISR uranium with experimental mining during the early 1960s and commercial mining starting in 1974. The state is the energy capital of the US and accounts for more than 80 percent of uranium production in the US and 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 and developing uranium deposits in Wyoming may present an exciting opportunity for investors.
GTI Resources (ASX:GTR) is a mineral exploration company focused on developing its portfolio of attractive uranium projects in the US. The company boasts approximately 21,961 acres in Wyoming’s prolific Great Divide Basin which is a low-cost ISR uranium-producing district. GTI’s Wyoming projects are its primary focus and are highly prospective for ISR uranium projects.
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 approximately 21,000 acres in the Great Divide Basin in Wyoming. The landholding includes underexplored and highly prospective sandstone-hosted uranium properties which are the company’s Wyoming projects today.
In November 2021, the company also acquired the Section 36 Project in the Henry Mountains of Utah from Anfield Energy Inc. (TSXV: AEC). The approximately 1,500-hectare project extends the strike of GTI’s existing Henry Mountains project up to 5km of high-grade uranium and vanadium mineralised trend. The Henry mountains Projects are situated within trucking distance of Energy Fuel’s White Mesa Uranium Mill in the prolific Colorado Plateau uranium province, home to numerous significant past-producing mines.
GTI Resources leverages the strategic positioning of its Wyoming projects.
GTI’s Wyoming projects are located near UR Energy’s (TSX: URE,NYSE:URG) Lost Creek ISR deposit & production plant and the Rio Tinto Kennecott Sweetwater Mill. The Lost Creek ISR facility is claimed by URE to be the lowest cost uranium producer outside of Kazakhstan. Uranium One also holds the Jab & Antelope deposits close by.
GTI Resources is committed to strong 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 Resources announced that it would be transitioning to carbon-neutral operations including at its Wyoming projects. As part of the initiative GTI has applied for Climate Active Certification1 under the official partnership between the Australian Government and Australian businesses to drive voluntary climate action
1Climate Active is an ongoing partnership between the Australian Government and Australian businesses to drive voluntary climate action. The brand represents Australia’s collective effort to measure, reduce, and offset carbon emissions to lessen our negative impact on the environment. Certification is a new iteration of the Australian Government's carbon neutral certification* that better reflects the role that government, business and community have to play in working together to address climate change. The Climate Active initiative and Climate Active Carbon Neutral Standard supports and guides businesses as they account for and reduce carbon emissions. The Climate Active stamp helps the community take action by making it easier to identify and choose brands that are making a real difference. It’s about making good decisions today, for a more sustainable tomorrow. Our carbon neutral certification is one of the most rigorous in the world.
*Carbon neutral certification against the Climate Active Carbon Neutral Standard (formerly the National Carbon Offset Standard) has been available to Australian businesses since 2010, with many certified members have claimed carbon neutrality since this date.
GTI Resources is funded for and positioned to grow through the pursuit of ISR uranium mining on its Wyoming projects which present an opportunity for low OPEX, low CAPEX and low environmental impact compared to other mining methods. ISR mining supports the company’s commitment to ESG and its goal of carbon neutrality on its Wyoming projects.
In 2021, the company completed further field exploration on its Henry Mountains project. In December 2021 GTI also began a 15,000-meter drill program on its Wyoming projects, this program is due to be completed in early 2022. Going forward, the company is targeting economic mineralization on its properties with an initial target in Wyoming of 3 to 6 million pounds of inferred resources and eventually an exploration target of a 15-to-30-million-pound resource.2
- GTI Resources owns 21,961 acres in the prolific and ISR amenable uranium-producing Great Divide Basin in Wyoming.
- 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. A number of Uranium One deposits are also located close by.
- The Henry Mountains project is situated in the prolific Colorado Plateau uranium province within trucking distance of Energy Fuel’s White Mesa Uranium Mill, 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 Australian Climate Active Certification.
- Utilizing In Situ Recovery (ISR) mining on its Wyoming projects. ISR mining presents an opportunity for an environmentally-friendly, low OPEX and CAPEX situation.
- Led by a highly experienced management and execution team with a history of successful corporate outcomes and uranium discovery and development in the Great Divide Basin, Wyoming.
The Wyoming projects are located in the Red Desert in the Great Divide Basin in Wyoming, USA and the Uravan Belt in Colorado, USA. The projects consist of the Thor, Loki, Odin, Teebo, Wicket and Logray claim groups. The approximately 21,000-acre projects are prospective for sandstone-hosted, ISR amenable uranium. The Wyoming projects are situated 5 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. Uranium One also holds the Jab & Antelope deposits close by.
Outstanding Initial Drill Results @ Thor
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. Drill results have thus far exceeded expectations with around half of the holes drilled so far recording substantially better than the minimum targeted economic Grade Thickness (GT) cutoff of 0.2 GT. Mineralization on the property continues to strongly demonstrate characteristics conducive to ISR recovery.
The company began initial exploration on Thor in 2021 with follow-up drilling focused on Thor, Odin and Loki in 2022. GTI Resources is currently in the process of conducting drilling on the Wyoming projects and expects to complete its planned drilling program in early 2022.
Henry Mountains Project
The Henry Mountains project, which contains the Section 36 Project, is a shallow 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 projects are located within trucking distance of Energy Fuel’s White Mesa Uranium Mill at Blanding Utah.
The Henry Mountains project features historical mining using low capital-intensive shallow 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 5-kilometre-long uranium and vanadium mineralized 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 ft of mineralized contact via outcrop. GTI Resources also located and mapped 34 open underground mine workings, including 4 which extend beyond 100 feet in drift length. Going forward, GTI Resources plans to continue advancing the project.
Niagara (Kookynie) Gold Project
The Niagara Kookynie Gold project is a highly prospective and underexplored gold project located in the central goldfields in Western Australia. The project contains approximately 5-kilometers of gold mineralised trend within the Norseman-Wiluna greenstone belt and is located approximately 6 kilometers southwest of the town of Kookynie. The Niagara (Kookynie) Gold project consists of one granted exploration license and six granted prospecting licenses. The property is accessible by highway and road.
The property hosts historic mine production that occurred from 1898 to 1915. The reported production includes 6,800 tons at 25.8 g/t of gold for 5,100 ounces of gold. The Niagara (Kookynie) Gold project contains circa 5km of mineralized trend spanning extensive historic mine workings of the Niagara gold mining district. The project is also home to the historic White Cross and Perseverance mining areas and smaller historic working trends including the Christmas and Good Friday Trends. The property also hosts the historic Orion/Sapphire mine.
The company is currently assessing options to advance the exploration of the property.
Nathan Lude, BCom -
Nathan Lude has broad experience working in the asset and fund management, mining and energy industries. Lude is the founding director of Advantage Management which is a corporate advisory firm. Lude has previously held directorships with ASX-listed mining companies.
Currently, Lude is the executive director of ASX-listed Hartshead Resources NL (ASX:HHR). Lude has grown a large business network across Australia and Asia. Lude has strong ties with Australian broking firms, institutions and Asian investors.
Bruce Lane, BCom, MSc, GAICD - 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. Lane has been involved in a number of public company capital raising and exploration initiatives over the years including in South Korea (uranium & vanadium), Australia (uranium, gold, tin & iron ore) and the US (uranium & vanadium). Lane currently also serves on the board of Site Services Holdings Group Ltd (ASX:SSH) as Chairman. Lane holds a Master’s degree from London Business School (UK) and is a graduate member of the Australian Institute of Company Directors.
Petar Tomasevic -
Petar Tomasevic is the managing director of Vert Capital Pty Ltd. which is a financial services company that specializes in the mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in 5 languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers.
Tomasevic was most recently a director at Fenix Resources Ltd (ASX: FEX) which has now moved 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 FEX’s Iron Ridge project.
Matthew Foy -
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. Foy’s core competencies are in the secretarial, operational and governance disciplines for publicly-listed companies. Foy has a working knowledge of ASIC and ASX reporting and document drafting skills that provide the basis for valuable contribution to the boards in which he serves.
Doug Beahm, PE, PG - Principal BRS inc. Riverton, Wyoming and Execution Team
Doug Beahm is a principal engineer with BRS Engineering Inc. Beahm has over 45 years of experience in mineral exploration and project evaluation. Beahm 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. Beahm 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 majors that operate or have operated in Wyoming. Beahm 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. A Competent Person is defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
James Baughman, QP (SME-RM) – GDB/Red Desert, Wyoming Geologist and Execution Team
James Baughman is the former president and CEO of High Plains Uranium and Cyclone Uranium. High Plains Uranium was sold for US$55 million in 2006. Baughman has more than 30 years of experience in advancing gold, silver and base metal projects from grassroots to the advanced stage. Throughout Baughman’s 30-year-long career, Baughman has held various senior positions at private and publicly-traded mining and mineral exploration companies. These positions include chief geologist, chairman, president, acting CFO and chief operating officer. Baughman was part of the successful Greens Creek discovery team and lead exploration and development projects throughout the Western Hemisphere. Baughman is a registered member of the Society of Mining, Metallurgy and Exploration. Baughman is also a member of the Society of Economic Geologists with a BSc in Geology obtained in 1983 from the University of Wyoming. Baughman is also a registered Professional Geologist (P. Geo) in the State of Wyoming. Lastly, Baughman 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).
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