GTI Resources Ltd (ASX:GTR) has ended the December quarter in a strong financial position raising $2 million in new capital and with $4.75 million in hand as it drives exploration at its new acquired Thor ISR Uranium Project in Wyoming’s Great Divide Basin.
During the quarter, the company received encouraging results from Thor, demonstrating characteristics conducive to ISR recovery from its 100-hole drilling campaign at the uranium property, with 39 holes completed to date.
Further, the company has completed the acquisition of Branka Minerals Pty Ltd and its Wyoming ISR uranium exploration properties.
Boosting its ESG creds, the wheels are now in motion for GTI to become certified as Carbon Neutral, with 2022 looking feasible for the company to be able to accurately report its carbon emissions and retire sufficient credits to offset these emissions.
Drilling operations
GTI’s exploration objective for the Thor drill program was to identify REDOX boundaries and potential host sands in addition to defining the depth, thickness, grade and width of mineralisation across the REDOX front.
The company targeted mineralisation 50 feet (15 metres) or more below the water table with the potential to ultimately enable estimation of inferred mineral resources and/or an exploration target.
Notably, early drill results to date at Thor confirm discovery of a significant uranium mineralised system which demonstrates characteristics conducive to ISR recovery.
Looking ahead, final results, conclusions and recommendations for the next steps will be developed at the conclusion of the drill program during 2022.
Field reconnaissance operations
During the quarter, GTI also completed a field reconnaissance exploration program at its Henry Mountains project in Utah.
The program aimed to enhance GTI’s understanding of uranium & vanadium mineralisation within Section 2 at the southwestern end of the 5.5-kilometre mineralised strike including Section 36 between the Jeffery & Rats Nest areas.
Moving forward, the data collected will help guide any further exploration drilling at the project area.
ESG updates
During the quarter, GTI’s board resolved to adopt the World Economic Forum Environmental, Social and Governance (ESG) framework and indicated that the company would begin disclosures against the stakeholder capitalism metrics which includes, but is not limited to, governance, anti-corruption practices, ethical behaviour, human rights, carbon emissions, land use, ecological sensitivity, water consumption, diversity and inclusion, pay equality and tax payments.
To ensure that GTI can measure, monitor, and report on its ESG progress and in particular, its transition to carbon neutral operations, the company has engaged impact monitoring technology platform social suite to streamline the outcomes measurement and ongoing ESG reporting process.
In line with a focus on ESG monitoring and reporting, the company has started the process of becoming Climate Active Certified and hopes to be in a position during 2022 to be able to accurately report its carbon emissions and therefore to retire sufficient credits to offset these emissions.
Financial summary
During the quarter, GTI issued a combined total of 103,253,470 shares and 25,813,717 options under an entitlement offer.
Also, the company sought and obtained quotation of its class of options exercisable at $0.03 expiring October 20, 2024.
Notably, options were successfully listed on ASX and now trade with the ASX code: GTRO.
Furthermore, the company has made its final payment to Anfield Energy Inc for 100% of the Utah uranium properties.
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