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GTI Energy Completes First Tranche Of $4.5m Capital Raising to Advance Lo Herma Uranium Project

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By Imelda Cotton - 
GTI Energy ASX GTR First Tranche Capital Raising Lo Herma Uranium Project
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GTI Energy (ASX: GTR) has received $2.5 million and issued 710 million shares in the first tranche of a placement to raise a total of $4.5m to advance its Lo Herma in-situ recovery (ISR) uranium development in Wyoming.

Subject to final due diligence, the second tranche will include $1.48m from US-based cornerstone investor Snow Lake Energy, which holds a 50% equity in the Pine Ridge joint venture abutting Lo Herma.

GTI expects its shareholders to approve the Snow Lake investment at a general meeting it scheduled for next week, at which the company will also table a proposed change of name.

Extensive ISR History

Lo Herma is located in the Powder River Basin, which has an extensive ISR history with numerous defined uranium resources, central processing plants, and satellite deposits.

GTI remains focused on advancing the project to define economically-viable uranium resources.

It has so far delivered inferred resources of 5.71 million pounds of uranium oxide within 160 kilometres of seven permitted ISR uranium production facilities.

Proposed Drilling Program

GTI has submitted updated drilling permits to Wyoming’s environmental authorities and the US Bureau of Land Management for up to 121 new drill holes at Lo Herma, for a total of up to 37,500 metres.

The program will include step-out drilling to target resource expansion to the north of two mine units and infill drilling to upgrade inferred mineral resources to indicated or measured categories.

The company has also planned the installation of additional observation wells to support hydrogeologic testing and diamond core drilling to collect samples for metallurgical testing.

Critical Data

GTI has scheduled the work to commence in September, pending contractor availability and final permit approvals.

“The successful execution of this field program is expected to provide critical data to support updating and optimising our resource models and further defining key operational parameters,” the company said.

“These outcomes will play a pivotal role in advancing the Lo Herma project towards production.”