From my BLOG
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GTI Resources (ASX: GTR) - Yangibana REE Project
By vautexhc
GTI Resources is an ASX listed "micro" cap explorer which I consider to be extremely undervalued. In a market which presently "goes ape" on the mere mention of the 3 letters "REE", especially if "rock chip" is in the same sentence, I am left wondering how it is that GTI Resources has flown under the radar with its significant interest in a comparatively advanced project. GTI has a 30% free carried interest (to BFS) in the Yangibana REE project, which is operated by majority stakeholder Artemis Resources (ASX: ARV). Many companies publish REE "discoveries" on an almost daily basis, with few actually drilling a significant number of holes, if any. The Yangibana project is different however as it is one of an extreme few REE projects in Australia to have historical results at the ready. In 1988, Challenger Mining Corp / Hurlston, drilled almost 3500m from 80 RC holes to test 20 high priority outcropping zones over 7km. The major prospects are today covered by the Yangibana JV tenure. Recent drilling has confirmed the strike over a small section of the project area. Rock chip highlights include a single sample grading 19.44% TREO
GTI and ARV have both mentioned that a resource was defined as a result of the historical drilling but neither company has published any figures or elaborated to any extent. My research suggests that drilling indicated a shallow resource exists to approx 35m depth, over 7km of strike, for over 3.5Mt grading approximately 1.7% REO. The resources areas were defined as either "possible" or "probable", with approx 65-70% of the total resource falling under the higher category of "probable". The methods for calculation were conservative with resources categorised as probable only where multiple drilling traverses intersected a gossanous body with consistent strike, outcrop and depth. Mineralisation has been evident as deep as 115m with the average depth being less than 40m. With the mineralisation being open at depth and along strike the historical estimate should easily be converted and upgraded under the JORC code with a focused drilling program.
Please note I am not a qualified professional in this field.
The Yangibana JV also has a notable neighbour in Giralia Resources who controls some neighboring tenements. I consder Giralia to be a well run, respected company with a proven record of identifying projects with potential, and as such, their presence should be considered a positive.
GTR only has 38M shares on issue which values the company just under $2M. With almost $1.2M in cash, only $800k of GTR?s value is attributable to their projects which include the Yangibana JV. With many REE hopefuls valued over $10M on rock chips alone, GTR appears seriously undervalued with a 30% free carried interest in a project that is closer to a JORC resource than many others, if not most.
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GTR is also looking for a new major project and it is only here that I recommend caution. A deal here can can work for or against current shareholders. With manynames sniffing around this area, some of them sharks for sure, it is unclear how this will pan out. Sharky types on the ground nearby and in the JV operator ARV.
Either way, I have outed the unpublished resource figure of 3.5Mt @ 1.7% REO and I think it shows GTR is undervalued @ only $2M. Call me crazy.
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