GTI Resources Ltd (ASX:GTR) made strong progress in the half-year ended June 30, 2021, and is well-funded as it gears up to explore historical uranium and gold assets in the US and Western Australia.
The company has a large holding in the Niagara gold mining district of Western Australia that offers an opportunity to test the historically mined area using modern exploration techniques.
GTI also has 1,500 hectares in the Henry Mountains region of Utah, USA, where the company plans to advance a uranium project to supply high-grade uranium ore to help fill existing local mill processing capacity.
Financial summary
GTI made a net loss after tax of $373,971 for the financial half-year ended June 30 2021 in comparison to $1.2 million in the previous corresponding period.
The company ended the half-year with net assets of $5.6 million and cash and cash equivalents of $2.3 million.
Utah uranium and vanadium project
GTI kicked off spring exploration field activity following the settlement of the acquisition and transfer of the two State of Utah mineral leases from Anfield Energy Inc.
Notably, the company’s fieldwork is aimed at leveraging the existing underground developments to aid in the advancement of the project.
The company had logged historic uranium results from the Henry Mountains Uranium & Vanadium Project ahead of a surface drilling program scheduled for July.
Initial uranium exploration of Section 36 has been completed including geological mapping, mapping of all existing underground adits and geophysical downhole logging of 56 existing shallow drill holes.
Furthermore, the next phase of exploration drilling on Section 36 (adjacent to and along strike from GTI’s Jeffrey and Rats Nest projects) will be focused on the exploration target areas in proximity to the principal existing underground mines, the East and West mine.
Niagara Gold Project
During the reporting period, GTI received gold assays from first pass shallow reverse circulation (RC) drilling program at its Niagara Gold Project in Western Australia.
This program confirmed anomalous gold with downhole assay results up to 0.98 g/t and 0.54 g/t from 86-87 metres below the previous result of 2.78 g/t from 19-20 metres.
Drilling intersections with elevated gold assays were generally associated with logged intervals of quartz veining and the presence of pyrite in rock chips and spatially associated with significant north-northeast trending magnetic structures.
Rock chip sampling of quartz veining along the NNE trend between drilling sections 1 and 2, yielded assay results with up to 2.4 g/t gold.
Importantly, these results further confirm the gold anomalism related to this trend and provide encouraging targets for follow-up exploration.
Western Niagara Project
A first pass compilation of historic open file WAMEX records indicates there has been little modern systematic exploration coverage of the western Niagara Project area covered by newly granted Prospecting Licences.
Compilation of open file data will continue to extract additional information from older exploration and mining records in the licence areas where possible, before planning targeted exploration.
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