GTI Resources’ (GTR) sample results have confirmed the prospectivity of the Rats Nest project in the Henry Mountains region of Utah
Samples returned assay values ranging up to 0.87 per cent triuranium octoxide and 1.07 per cent vanadium pentoxide
The positive results have encouraged the company to extend exploration onto its Jeffrey Project which is located in the same prolific area
Maiden drilling will commence shortly and will take between seven and 10 days to complete
Company shares are down a slight 2.78 per cent and are trading for 3.5 cents each
GTI Resources (GTR) has received positive results from its recently completed sampling program at the Rats Nest project in the Henry Mountains region, Utah.
Sampling included face-cut channel components in historical underground workings and grab samples. 31 samples were sent to a lab in Reno, Nevada, however, some of them emitted radiation that exceeded safe levels. The samples were then sent to a facility in Vancouver, Canada to be assayed.
Positively, the samples returned assay values ranging up to 0.87 per cent triuranium octoxide (U3O8) and 1.07 per cent vanadium pentoxide (V2O5). These results confirm the prospectivity of the Rats Nest project.
“The Rats Nest results further confirm the prospectivity of these past-producing project areas and gives us further encouragement to extend our exploration activities beyond the Jeffrey claim group to include the Rats Nest project area,” Executive Director Bruce Lane said.
The Rats Nest project is one of several projects that GTI holds in Utah. It covers around 1500 hectares of the Henry Mountains region, within Garfield and Wayne Counties near Hanksville, Utah.
The region forms part of the Colorado Plateau uranium province, which previously provided the most important uranium resources in the U.S.
The mining region has historically produced over 17.5 million tonnes at 2400 parts per million (ppm) U3O8 (the equivalent of 92 million pounds U3O8) and 12,500 ppm V2O5 (equal to 482 million pounds V2O5).
Additionally, GTI is about to begin a maiden drilling campaign at the Jeffrey project, which is located in the same region.
Drilling is expected to be completed within seven to 10 days and will involve advancement of up to 12 shallow core holes of an average depth of 20 metres.
Company shares are down a slight 2.78 per cent and are trading for 3.5 cents each at 10:34 am AEST.
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