TORONTO, Aug. 31,
2022 /CNW/ - Global Atomic Corporation ("Global
Atomic" or the "Company"), (TSX: GLO) (OTC: QX: GLATF) (Frankfurt:
G12) is pleased to announce the Company's third update on the
15,000-meter drill program that commenced September 2021 at the Dasa Project in the
Republic of Niger.
HIGHLIGHTS:
Hole
ID
|
From
(meters)
|
To
(meters)
|
Interval
(meters)
|
eU3O8
(ppm)
|
eU3O8
(%)
|
ASDH604
|
436.8
|
555.1
|
118.3
|
1,854
|
0.19
|
Incl.
|
507.1
|
526.4
|
19.3
|
7,804
|
0.78
|
Incl.
|
509.8
|
514.2
|
4.4
|
10,064
|
1.01
|
Incl.
|
519.7
|
524.1
|
4.4
|
11,428
|
1.14
|
Incl.
|
520.4
|
521.2
|
0.8
|
21,286
|
2.13
|
ASDH608
|
546.6
|
632.3
|
85.7
|
3,405
|
0.34
|
Incl.
|
611.0
|
631.0
|
20.0
|
11,423
|
1.14
|
Incl.
|
614.1
|
617.1
|
3.0
|
26,446
|
2.64
|
Incl.
|
616.1
|
616.6
|
0.5
|
55,698
|
5.57
|
Incl.
|
627.3
|
630.3
|
3.0
|
20,522
|
2.05
|
Table 1.
Global Atomic President and CEO, Stephen
G. Roman stated, "The results of the Dasa Drill Program
have exceeded our expectations. Previously announced drill holes
expanded Zones 2 and 3 by approximately 3 times and the most recent
holes have extended this contiguous part of the ore body to Zone 4.
We have decided to add an additional 1,000 meters to the drill
program to further expand the Indicated Resources on
strike."
"The Dasa deposit continues to impress as we better define
the extent of this truly amazing orebody and look forward to our
updated Mineral Resource Estimate and updated Mine Plan once all the work has been
completed."
The current drill program at Dasa was designed to infill and
expand the Dasa orebody and upgrade Inferred Mineral Resources to
the Indicated Resource Category that would then qualify for Mineral
Reserves once the updated Mine Plan
is completed. As previously announced, based on 25-metre spacing
around Zones 2 and 3 the Program has succeeded in extending Zone 3
with additional high-grade mineralization. The most recent drilling
focused on 50-metre spacing to expand Zone 4. This has now been
achieved with the successful expansion of Zone 4, filling in the
gap between Zones 3 and 4 (See Figure 1).
The U3O8 equivalent values indicated in
Tables 1 and 2 were derived using a Gamma Probe. Final results will
be more precisely defined with chemical assays being completed at
ALS Labs in North Vancouver,
Canada. Hole ASDH607 is within the targeted envelope, but
due to intense alteration was not mineralized and therefor excluded
from Table 2.
On the strength of results from the overall drill program,
Global Atomic will update the Dasa mineral resource estimate and
update the Phase I Mine Plan with a number of positive benefits to
Global Atomic including larger mining Zones, reduced underground
development work between the Zones and an increase in mineable
reserves. Work has already begun to update the Mineral Resource
Estimate. The Company was planning to update the Mineral Reserve
Estimate and revise the Phase 1 Mine Plan by the end of 2022,
however, given the positive results and the expanded drill program,
the timing for completion of this work will be during Q1, 2023.
Hole
ID
|
From
(meters)
|
To
(meters)
|
Interval
(meters)
|
eU3O8
(ppm)
|
eU3O8
(%)
|
ASDH604
|
436.8
|
555.1
|
118.3
|
1,854
|
0.19
|
Incl.
|
507.1
|
526.4
|
19.3
|
7,804
|
0.78
|
Incl.
|
509.8
|
514.2
|
4.4
|
10,064
|
1.01
|
Incl.
|
519.7
|
524.1
|
4.4
|
11,428
|
1.14
|
Incl.
|
520.4
|
521.2
|
0.8
|
21,286
|
2.13
|
ASDH605
|
521.8
|
563.6
|
41.8
|
1,292
|
0.13
|
|
555.2
|
562.8
|
7.6
|
4,750
|
0.48
|
Incl.
|
560.0
|
561.0
|
1.0
|
11,447
|
1.14
|
Incl.
|
560.4
|
560.6
|
0.2
|
20,423
|
2.04
|
DADH362
|
364.5
|
382.0
|
17.5
|
324
|
0.03
|
|
406.7
|
420.7
|
13.9
|
1,898
|
0.19
|
Incl.
|
408.0
|
410.0
|
2.0
|
3,872
|
0.39
|
Incl.
|
412.2
|
414.2
|
2.0
|
4,560
|
0.46
|
Incl.
|
412.8
|
413.2
|
0.4
|
10,416
|
1.04
|
|
425.5
|
426.7
|
1.2
|
622
|
0.06
|
DADH391
|
427.1
|
455.7
|
28.6
|
467
|
0.05
|
|
463.5
|
486.6
|
23.1
|
330
|
0.03
|
|
490.4
|
526.1
|
35.7
|
598
|
0.06
|
Incl.
|
514.2
|
514.6
|
0.4
|
4,586
|
0.46
|
Incl.
|
547.2
|
548.7
|
1.5
|
2,773
|
0.28
|
Incl.
|
552.6
|
553.8
|
1.2
|
6,634
|
0.66
|
Incl.
|
553.0
|
553.6
|
0.6
|
10,241
|
1.02
|
Incl.
|
558.3
|
566.2
|
7.9
|
4,337
|
0.43
|
Incl.
|
558.4
|
559.7
|
1.3
|
10,250
|
1.03
|
Incl.
|
563.1
|
563.6
|
0.5
|
12,137
|
1.21
|
ASDH606
|
565.5
|
590.9
|
25.4
|
3,437
|
0.34
|
Incl.
|
571.5
|
582.5
|
11.0
|
6,415
|
0.64
|
Incl.
|
579.9
|
582.5
|
2.6
|
12,914
|
1.29
|
Incl.
|
581.5
|
582.0
|
0.5
|
30,505
|
3.05
|
Incl.
|
587.8
|
588.3
|
0.5
|
6,528
|
0.65
|
ASDH608
|
538.2
|
542.7
|
4.5
|
483
|
0.05
|
|
546.6
|
632.3
|
85.7
|
3,405
|
0.34
|
Incl.
|
611.0
|
631.0
|
20.0
|
11,423
|
1.14
|
Incl.
|
614.1
|
617.1
|
3.0
|
26,446
|
2.64
|
Incl.
|
616.1
|
616.6
|
0.5
|
55,698
|
5.57
|
Incl.
|
627.3
|
630.3
|
3.0
|
20,522
|
2.05
|
Table 2.
QP Statement
This news release has been reviewed and approved by Ronald S. Halas, COO of Global Atomic, who is a
"qualified person" under National Instrument 43-101 – Standards of
Disclosure for Mineral Properties.
About Global Atomic
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 production to commence by the end of 2024.
Mine excavation began in Q1 2022.
Global Atomics' 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")
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,
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