Special Report: GTI Resources is keeping busy with an airborne magnetic survey of its Niagara gold project in Western Australia while it awaits exploration permitting for its uranium and vanadium projects in Utah.
GTI Resources (ASX:GTR) said the aeromagnetic survey over its Niagara project, which is near Metalicity’s (ASX:MCT) Kookynie project in Western Australia’s Goldfields region, is expected to be completed this week.
The Kookynie project has been delivering successful hits like 4m at 16.3 grams per tonne (g/t) gold from 42m, 9m at 5.7g/t from 35m and 4m at 13g/t from 33m for Metalicity and partner Nex Metals (ASX:NME).
The pair’s Leipold and McTavish prospects are located 4km north of GTI’s Niagara.
“Metalicity’s spectacular success, in close proximity to our Niagara (Kookynie) project, encouraged GTI to accelerate our next phase of gold exploration and drill targeting at Niagara,” GTI executive director Bruce Lane said.
“Timing of the program fits perfectly from an execution planning point of view, with the exploration preparation work being undertaken at GTI’s Utah projects.
“The company hopes to identify analogous structures to those being successfully drilled immediately to the north.”
The goal of the airborne survey is to define and map potential north-south trending structures within a buried magnetic basement which may be associated with gold mineralisation.
The airborne survey area comprises around 2,200 line kilometres, covering 30sqkm, at 20m line spacing over the Niagara project, and is a follow-up to GTI’s recently completed soil sampling work.
In May, the company reported assay results from an auger soil sampling program that identified ‘several significant gold in soil anomalies’ within the Niagara exploration area.
The anomalies included a 500m long, 100m wide anomaly above 10 parts per billion (ppb) for gold up to a peak of 38ppb in the north-eastern corner of the exploration area.
GTI says the north to northeast trending anomaly is open to the northeast, adjacent to a major east to northeast trending regional fault.
A number of old mine workings lie to the north of the company’s Niagara project including the Cosmopolitan mine that produced 360,000oz at an average grade of 15g/t between 1895 and 1922.
Meanwhile, GTI is pressing on with exploration work at its uranium and vanadium project in Utah, which remains its top priority.
“The company’s uranium and vanadium projects in Utah remain the company’s key focus, however we strongly believe that there is an interim opportunity to drive shareholder value through exploring the Niagara project at Kookynie,” Lane said.
“GTI has held the lease at Niagara in anticipation of the optimum conditions occurring before investing in further work on the project – we believe that the time is now right to accelerate exploration.”
This story was developed in collaboration with GTI Resources, a Stockhead advertiser at the time of publishing.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.