Global Atomic Announces Further Assay Results from DASA Project
TSX VENTURE: GLO
TORONTO, April 03, 2019 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX-V: GLO, FRANKFURT: G12) is pleased to report further assay results from holes drilled in 2018 at its DASA project, Republic of Niger. An updated mineral resource estimate is now underway, and will be published in the second quarter of 2019.
- Hole DADH389 returned 96.0 meters (“m”) grading 2,570 ppm (0.26%) U3O8 from 492.0m to 589.0m in the Tegama Hill Main Zone, including 3.5m grading 29,222 ppm (2.92%) U3O8 from 546.5m to 550.0m
- Hole ASDH552 returned 37.5m grading 7,131 ppm (0.71%) U3O8 from 244.0m to 281.5m in the Flank Zone
- Hole ASDH563 returned 22.52% U3O8 over 3.5m hole ASDH563, from 235.5m to 239.0m in the Flank Zone
Stephen G. Roman, President and CEO, commented, “DASA drill results continue to define an extraordinary sandstone hosted, Tier 1, uranium deposit. The consistency of the structure, high grades and thickness, make it amenable to large scale mining with low operating costs. DASA is the first major uranium discovery in Niger that is mineralized in three horizons, the Carboniferous, Triassic, and Jurassic.”
DASA Drilling Update:
In 2018, Global Atomic drilled 59 holes in a combination of diamond (DD), rotary destructive (RD) and rotary destructive with diamond tails (RD + DD). The drilling targeted mineralization in the Flank Zone and also extensions of mineralization to the northeast, southwest, and at depth, for a total of 26,450m.
Four holes were previously reported (see Press Release, January 23, 2019) and the results from 10 of the final 34 holes are reported as ‘Highlighted Intersections’ in Table 1. One diamond hole, ASDH126B is being used for metallurgical test work. ASDH126B was drilled vertically through the Flank Zone. The probe assay result for ASDH126B were reported in May, 2018 and returned 204.1m grading 8,063ppm (0.81%) eU3O8 from 58.5m to 262.6m. The DASA deposit remains open along strike both to the northeast and to the southwest.
Table 1. Highlighted intersections from DASA
|Tegama South Zone||ASDH542||2350NW||2||344.5||359||14.5||1,828||0.18|
All drill holes were tested with a downhole radiometric gamma probe during 2018, and 38 were sent for chemical assay at ALS Global, Vancouver. The ALS Global laboratory has an upper assay limit of 17.62% U3O8. Ultra high grade samples, that exceeded ALS Global upper limits, were sent to the SGS Lakefield laboratory in Ontario and are reported in percentage U3O8, not parts per million. Two ultra high grade intervals were returned, as shown in Table 2 below.
Table 2. Ultra high grade results
|Zone||Hole ID||Section||Horizon||From (m)||To (m)||Length (m)||U3O8 %|
CSA Global are in the process of updating the Mineral Resource Estimate (MRE) including recent results and then finalizing a new mine plan in a Feasibility Study to be released in Q4. The Feasibility Study will be based on commencing mining operations with shipments to Orano Mining under the MOU signed July 17, 2018.
George A. Flach, Vice President of Exploration, P.Geo. is the Qualified Person (QP) as defined in NI 43-101 and has prepared, supervised the preparation of, and approved the scientific technical disclosure in this news release.
About Global Atomic
Global Atomic Corporation is a TSX Venture listed company providing a unique combination of high grade uranium development and cash flowing zinc concentrate production.
The Company’s Uranium Division includes six exploration permits in the Republic of Niger covering an area of approximately 750 km2. Uranium mineralization has been identified on each of the permits, with the most significant discovery being the DASA deposit situated on the Adrar Emoles III concession, discovered in 2010 by Global Atomic geologists through grassroots field exploration.
Global Atomics’ Base Metals Division holds a 49% interest in Befesa Silvermet Turkey, S.L. (“BST”) joint venture, which operates a processing facility, located in Iskenderun, Turkey, that converts Electric Arc Furnace Dust (“EAFD”) into 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”, listed on the Frankfurt exchange under ‘BFSA’), holds a 51% interest in and is the operator of the BST joint venture. Befesa is a market leader in EAFD recycling, capturing approximately 50% of the European EAFD market with facilities located throughout Europe and Korea.
BST is well underway with an expansion project to significantly modernize and expand its processing plant in Turkey. The expansion is targeted to double annual production of zinc from 30 million lbs to 60 million lbs and is supported by EAFD supply currently available for processing in Turkey. The new plant is scheduled for completion by September 2019.
|Stephen G. Roman||Merlin Marr-Johnson|
|Chairman, President & CEO||Executive VP|
|Tel: +1 (416) 368-3949||Tel: +44 7803 712 280|
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 Atomic’s development potential and timetable of its operating, development and exploration assets; Global Atomic’s ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs 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", “targets”, "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements 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 as of the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 on forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Global Atomic’s annual and interim MD&As.
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