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Kalkine Media ASX Share Market News & Research

GTI Resources Advances Developments at Utah & Western Australia Tenements Through 1H20

September 01, 2020 06:17 AM CEST | By Team Kalkine Media

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GTI Resources Limited (ASX:GTR) has reported its activities for the half-year ended 30 June 2020. During the period, the Company was engaged in exploring mineral tenements in Utah (United States) and Western Australia.

At Utah Uranium and Vanadium Project, GTI completed a sampling program conducted on outcrop and underground workings at the prospective Rats Nest project. Samples returned assay values ranging up to 0.87% U3O8 and 1.07% V2O5, confirming the prospectivity of the Project.

GTI also completed its maiden drill program at the Jeffrey Project in the Henry Mountains region. The program successfully achieved the drilling and down-hole gamma logging of the targeted 12 diamond core drill holes to test the extent of shallow uranium and vanadium mineralisation across the southern portion of the Project. The results of the downhole gamma logging returned high in situ assay values up to 3,535ppm eU3O8.

At Niagara Gold Project, GTI progressed the grant of the new prospecting licence applications (P40/1506, P40/1515, P40/1516 and P40/1517). It also undertook an airborne magnetic survey, aimed to follow up anomalous soil sampling results.

Developments have continued post the reporting period. GTI entered into binding agreement to acquire 100% of two mineral leases from Anfield Energy Inc. GTI also reported grant of 5-year extension of term for Kookynie exploration licence E40/0342. Besides, GTI completed the Placement raising $1,811,289 and SPP raising $978,000 (both before costs).

GTI’s shares traded at $ 0.027 mid-day on 1 September 2020.

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