GTI Resources is one step closer to commencing a mining program after discovering high-grade uranium and vanadium deposits at its Henry Mountains project in Utah.
Results from a recently undertaken soil sample analysis at the exploration play were processed and released by an independent laboratory group based in the U.S. this morning.
The findings surmised both the presence of high-grade uranium and vanadium at the company’s soley-owned Henry Mountains project.
The assay process involved the collection and chemical analysis of 10 soil samples from the outskirts of the prospect, each ranging between 0.5 and one kilogram each.
Most notably, some results indicated a uranium grade of 32,400 ppm (making up 3.24 per cent of the total sample). Vanadium samples indicated the deposit exists in as much as 76,400ppm – a 7.64 per cent occurrence.
All up, the soil sampling confirms the potential for these materials to occur within the Henry Mountains projects.
Additionally, results from the chemical analysis also concur with findings from the company’s previous testings, conducted and announced to the market in July of this year.
The assay findings are the result of a targeted drilling program organised by GTI earlier this month in an effort to consolidate their search for high-grade uranium and vanadium deposits at the tenement.
As a result of the substantial findings, the company intends to proceed with follow-up soil sampling at the prospect.
Long term, successful testing at the exploration plays allows the company to look at advancing the development of their imminent mining program.
While the company is also preparing for an exploration play in Utah, GTI Resources is also focussed on projects based in WA.
Currently, GTI is responsible for five tenements and exploration ventures for uranium and vanadium.
GTI stocks spiked 8.33 per cent today, currently trading at 0.013 cents each. The company’s market cap is currently evaluated at just over A$6 million.
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