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.
Highlights:
- 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
Zone |
Hole ID |
Section |
Horizon |
From(m) |
To (m) |
Length(m) |
U3O8ppm |
U3O8% |
Flank Zone |
ASDH552 |
1950NW |
1 |
244 |
281.5 |
37.5 |
7,131 |
0.71 |
|
|
Incl. |
250 |
253.5 |
3.5 |
23,668 |
2.37 |
ASDH565 |
2000NW |
1 |
94.5 |
98 |
3.5 |
659 |
0.07 |
|
|
2 |
101.5 |
149.5 |
48 |
1,695 |
0.17 |
|
|
Incl. |
147 |
148 |
1 |
52,474 |
5.25 |
ASDH567 |
1950NW |
2 |
110 |
152.5 |
42.5 |
1,925 |
0.19 |
|
|
Incl. |
115.2 |
142.5 |
27.3 |
2,405 |
0.24 |
Tegama Zone |
ASDH577 |
2550NW |
5 |
545 |
577 |
32 |
5,680 |
0.57 |
|
|
Incl. |
553 |
563 |
10 |
17,237 |
1.72 |
|
|
Incl. |
554 |
557.5 |
3 |
51,885 |
5.19 |
DADH388 |
2600NW |
3 |
495.5 |
518 |
22.5 |
1,721 |
0.17 |
|
|
Incl. |
502 |
513.5 |
11.5 |
2,955 |
0.3 |
|
|
Incl. |
512 |
512.5 |
0.5 |
42,805 |
4.28 |
|
|
4 |
521.5 |
557.5 |
36 |
1,075 |
0.11 |
|
|
Incl. |
537 |
538.5 |
1.5 |
5,240 |
0.52 |
DADH389 |
2700NW |
2 |
518.5 |
588.5 |
70 |
2,965 |
0.3 |
|
|
Incl. |
542.5 |
550 |
7.5 |
18,095 |
1.81 |
|
|
Incl. |
543.5 |
544.5 |
1 |
25,412 |
2.54 |
|
|
Incl. |
547.5 |
549.5 |
2 |
44,132 |
4.41 |
|
|
Incl. |
585 |
588 |
3 |
6,034 |
0.6 |
|
ASDH569 |
2100NW |
3 |
495.5 |
537.5 |
42 |
2,550 |
0.25 |
|
|
Incl. |
512.5 |
517 |
4.5 |
16,601 |
1.66 |
ASDH574 |
2050NW |
4 |
490.5 |
570.5 |
80 |
1,747 |
0.17 |
|
|
Incl. |
491.5 |
501.5 |
10 |
3,556 |
0.36 |
|
|
Incl. |
511 |
517.5 |
6.5 |
4,889 |
0.49 |
|
|
Incl. |
513 |
515.5 |
2.5 |
8,063 |
0.81 |
Tegama South Zone |
ASDH542 |
2350NW |
2 |
344.5 |
359 |
14.5 |
1,828 |
0.18 |
|
|
incl. |
353 |
358.5 |
5.5 |
2,814 |
0.28 |
ASDH548 |
2450NW |
2 |
118 |
145 |
27 |
1,244 |
0.12 |
|
|
Incl. |
120 |
128 |
8 |
2,249 |
0.22 |
|
|
Incl. |
123.5 |
124.5 |
1 |
3,685 |
0.37 |
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 % |
|
Flank Zone |
ASDH543 |
1950NW |
1 |
234.0 |
|
234.5 |
|
0.5 |
|
21.36% |
|
ASDH563 |
1950NW |
1 |
235.5 |
|
239.0 |
|
3.5 |
|
22.52% |
|
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.
QP Statement
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.
Key contacts: |
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Stephen G. Roman |
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Merlin Marr-Johnson |
Chairman, President & CEO |
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Executive VP |
Tel: +1 (416) 368-3949 |
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Tel: +44 7803 712 280 |
Email: sgr@globalatomiccorp.com |
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Email: mmj@globalatomiccorp.com |
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.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
A figure accompanying this announcement is
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/0d77a943-b397-4ec7-a9ec-040a171f2953
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