Canada NewsWire
TORONTO
,
Nov. 28, 2022
/CNW/ – Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO) (OTCQX: GLATF) (Frankfurt: G12) is pleased to announce the Company’s fourth update on the completed 16,000-meter drill program at the Dasa Project in the Republic of
Niger
, including an interim result of chemical assays completed to date.
HIGHLIGHTS
-
Hole ASDH 609 returned
43.6m
@ 30,581 ppm eU3O8 from
549.2m
-
Incl.
3.40m
@ 74,854 ppm eU3O8 (7.48% eU3O8) from
550.3m
and
0.70m
@ 136,307 ppm eU3O8 (13.63% eU3O8) from
551.3m
-
Incl.
4.48m
@ 63,790 ppm eU3O8 (6.38% eU3O8) from
559.9m
-
Incl.
11m
@ 58,879 ppm eU3O8 (5.89% eU3O8) from
578.2m
and
1.5m
@ 110,563 ppm eU3O8 (11.48% eU3O8) from
586.3m
-
Assay results are returning U3O8 grades averaging 10% above the initial published probe intersects
Global Atomic President and CEO, Stephen G. Roman stated,
“Our recent drill program was very successful and will add to the Dasa Project mineral resource as well as result in a significant conversion of Inferred resources to the Measured and Indicated categories.”
“The probe results were excellent, and it is noteworthy that assay results show even higher grades. Once all the assays are complete, a revised Mineral Resource Estimate will be calculated in Q1 2023 and Dasa’s revised mine plan will follow. The exploration team under the guidance of Mr. Christophe Din, the Company’s Exploration Manager in Niger, is to be congratulated for their strategic planning and completion of this very successful infill and exploration drill program.”
“Underground development is progressing at Dasa since the initial portal blast on
November 5
th
. Project financing discussions are progressing to fund the construction of the mill. The camp has been significantly modernized and expanded to accommodate 150 mining crew and support staff, comprised of experienced Nigerien miners from the recently closed COMINAK operation and young local, unskilled labourers who will benefit from our training and apprenticeship programs. We remain on schedule to produce yellowcake for delivery to utilities in early 2025.”
The additional 1,000 meters of drilling extended westward by 150 meters (see Figure 1) the high- grade envelope from hole ASDH608 announced in the third update of the 15,000-meter drill program (
August 31
st
, 2022 release
).
Figure 1.
The drilling confirmed the continuity of the graben mineralization and the connectivity of Zone 4 and Zone 5 to the northern down dip of Zone 3. Hole ASDH611, was drilled on an azimuth of north 330 degrees to crosscut the mineralized body. Other holes in this trend were drilled vertically to fully define the sedimentary package and determine the stratigraphy of the mineralization. The next drill program will be designed to determine the northern extension of this high-grade mineralization and to convert the resource categories in this area from Inferred to Measured and Indicated.
The significant intersections of the last three holes of the program are outlined in Table 1.
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Table 2.
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The drilling campaign generated a total of 5,312 mineralized core samples, including approximately 10% relating to control samples such as standards, duplicates, and blanks using certified reference material. This is standard practice in the industry.
The samples are mechanically prepared in an accredited laboratory in Niger and assaying is done on pulps at ALS Labs in
North Vancouver
, Canada. Approximately 58% of the samples have been assayed to date by ALS Vancouver and results are above expectation: the assays are returning values averaging 10% above the probe equivalent U3O8 (Figure 2).
Figure 2. ASDH599: U
3
O
8
assay results for this hole are as high as 25% greater than eU
3
O
8
probe results. eU
3
O
8
are
equivalent U
3
O
8
as measured by Gamma probe results.
Based on this positive correlation, an increase in the equivalent U3O8 is expected to be derived from the Gamma Probe prior to the calculation of an updated Mineral Resource Estimate (“MRE”).
The remaining core samples are being assayed with final results expected by end of 2022. The resource update will be reflected in a new MRE and the Company will subsequently revise the Phase 1 Mine Plan.
This news release has been reviewed and approved by Mr. A.
Christophe Din
, MSc, MAusIMM, Exploration Manager at Global Atomic’s subsidiary, SOMIDA, in the Republic of
Niger
, who is a “qualified person” under National Instrument 43-101 – Standards of Disclosure for Mineral Properties. Mr. Din holds a Diplôme de Formation Spécialisée from École Nationale Supérieure des Mines de
Paris
and is a member of the Australian Institute of Geoscientists.
Global Atomic Corporation (
www.globalatomiccorp.com
) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company’s Uranium Division includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. With the issuance of the Dasa Mining Permit and an Environmental Compliance
Certificate by the Republic of
Niger
, the Dasa Project is fully permitted for commercial production. The Phase 1 Feasibility Study for Dasa was filed in
December 2021
and estimates yellowcake delivery to utilities to commence in 2025. Mine excavation began in Q1 2022.
Global Atomic’s Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc production plant, located in Iskenderun, Turkey. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company’s joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout
Europe
,
Asia
and
the United States of America
.
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics’ development potential and timetable of its operations, development and exploration assets; Global Atomics’ ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “is expected”, “estimates”, variations of such words and phrases or statements that certain actions, events or results “could”, “would”, “might”, “will be taken”, “will begin”, “will include”, “are expected”, “occur” or “be achieved”. All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics’ annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.
SOURCE Global Atomic Corporation
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