GTI Energy Ltd. announced that 2 mud rotary drill rigs have now completed the first 25 holes, for 12,820-feet (3,908 metres), of its planned 100,000-foot drill program in Wyoming's Great Divide Basin. Drilling has commenced within the Thor prospect (Thor) with 40,000-feet (12,200 metres) for 70-holes of drilling planned at Thor. THOR DRILLING BACKGROUND &RESULTS TO DATE; Drilling has commenced at the Thor prospect (Thor), located adjacent to Ur-Energy Inc.'s (URE) 18Mlb Lost Creek uranium deposit and operating ISR uranium processing plant2. Exploration at Thor previously identified mineralisation with economic potential based on widths, grades & depth
of mineralisation. An initial 100-hole (50,000 ft) drilling campaign was completed at Thor from November 2021 - March 2022. As part of GTI's 2022 100,000-foot drill program, a 70-hole follow-up campaign is underway to target extents of approximately 2 miles of mineralised uranium roll fronts at the Thor Project. Twenty-five holes were completed to date of a planned 70-hole (40,000 ft) program. Drilling is focused in the north-east of Thor, including fresh ground at the two state leases. 25 holes were completed for a Thor for total of 12,820 feet (3,908 metres) of drilling. Typical economically viable ISR grade and GT cut-offs are: 0.02% (200ppm) U3O8 and 0.2GT i.e., 10 ft (3 m) @ .02% (200ppm) U3O8. Initial results are observed as follows: 11 of 25 holes met both grade and GT cutoff with an average of 0.49GT 7 of the remaining holes met grade cutoff but not GT, 4 had trace mineral & 3 were barren These results are very encouraging and the mineralisation encountered meets expectations for economic ISR uranium recovery. Drilling to date has confirmed that the historic data is an excellent guide for drilling. Drilling has also shown that the geological and hydrogeological setting of the mineralisation appears to be conducive to ISR recovery with the main host sand appearing to be continuous in the area and the water table being over 100 feet above the main host sand. Drilling increased confidence that at least three separate roll fronts are present in the main host sand with additional sands positioned above and below the main sand unit. Drilling to the north has shown that at least one of the lower sands contains roll front mineralisation. GTI's exploration objective is 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 is targeting mineralisation which is at least 50 feet (15 metres) below the water table. The drill program may ultimately also enable estimation of inferred mineral resources and/or an exploration target. GTI hopes to encounter mineralisation of similar tenor to that encountered at the nearby Lost Creek deposit and that otherwise meets typical economic cutoff criteria for sandstone hosted ISR uranium projects in Wyoming's Great Divide Basin e.g.: Grade greater than 0.02% (200 ppm) U3O8; Grade x Thickness (GT) greater than 0.2 (10 ft @ 0.02 - 3 meters @ 200ppm U3O8). Width of mineralisation above cutoff nominal 50 feet (15 meters) and nominal GT of 0.4 UR Energy's Lost Creek ISR uranium deposit (Figure 1) reportedly contains a remaining 13Mlbs of U3O8 at average grade of 0.048% eU3O8 (Measured & Indicated) at a cutoff Grade Thickness (GT) of 0.2.2. The drilling at Thor is progressing well and is expected to take less than 20 further operational days in total to complete allowing for weather, which has been favourable to date. Once drilling at Thor is the drill rigs will move to one of either Odin, Loki, Teebo or Wicket East .