Global Atomic Announces Drilling at the Flank Zone Has Returned 5,400 ppm eU3O8 Over 75 Metres, Including 51,934 ppm (5.2%) e...
August 08 2018 - 2:03PM
Global Atomic Corporation (“Global Atomic” or the “Company”),
(TSX-V: GLO / OTCBB: SYIFF / Frankfurt: G12) is pleased to announce
continuing positive drill results from the DASA Uranium Project
(“DASA” or the “Project”) in the Republic of Niger, West Africa.
DASA Project Drilling
Highlights:
- The primary objectives of the 2018 drill program at DASA were
to prove the potential for near term, open pittable production at
the Flank Zone and to assess the potential for further discoveries
and resource expansion on strike and down dip. Further results to
follow as information is available.
- Drilling at the Flank Zone has intersected more high grade
mineralization, hole ASDH 566 returned 5,400 ppm eU3O8 over 74.9
metres, including a high grade section returning 51,934 (5.2%)
eU3O8 over 6.3 metres.
- Drilling at the Flank Zone is now complete and an updated
National Instrument (“NI”) 43-101 Mineral Resource Estimate was
completed with an effective date of June 30, 2018. The most recent
drilling at the Flank Zone was not included in the latest Mineral
Resource Estimate, but will be reflected future economic
studies.
- Please see the table below for further drill results.
Mr. Stephen G. Roman, President and CEO of
Global Atomic commented, “The completion of our Phase I, 2018,
drill program has returned excellent results that will allow the
Company to start mining as an open pit with significantly reduced
capital requirements. The size and grade of the DASA deposit ranks
this project above all other uranium projects on the African
continent currently under development.”
A Preliminary Economic Assessment (“PEA”) is
currently underway by CSA Global Pty Ltd. The PEA will study a two
phase production scenario:
- Phase I: Open pit mining at the Flank Zone
whereby ore will be sold to a third party processing facility,
providing near-term cash flow during a period of low uranium
prices. To support this strategy, Global Atomic has signed a
Memorandum of Understanding with Orano Mining (formerly AREVA
Mining) to sell a minimum of 100,000 tonnes of ore annually at a
grade of not less than 1,000 ppm U3O8.
- Phase II: Development of a standalone
processing facility, timed to coincide with an expected improvement
in uranium prices. The Company envisages continuing open pit mining
and then ramping into the lower part of the mineralization from the
pit bottom.
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The following table summarizes latest drilling
from the Flank Zone at DASA using gamma probe: |
|
Hole |
From (metres) – To (metres) |
Length (metres) |
Grade (ppm eU3O8) |
ASDH 546including |
292.5 – 307.5295.5 – 301.0 |
15.05.5 |
1,2482,333 |
ASDH 551Including |
314.5 – 327.5317.5 – 321.0 |
13.03.5 |
1,2642,541 |
ASDH 554BIncluding |
114.5 – 122.2118.9 – 119.7 |
7.70.8 |
2,47216,723 (1.7%) |
ASDH 565includingincludingincluding |
94.1 – 148.0123.5 – 124.5131.0 – 135.0146.6 –
147.7 |
53.91.04.01.1 |
8931,4191,16517,518 (1.8%) |
ASDH 566including |
162.1 – 237.0162.9 – 169.2 |
74.96.3 |
5,40051,934 (5.2%) |
ASDH 567Aincluding |
87.5 – 96.592.5 – 96.0 |
9.03.5 |
8911,367 |
ASDH 567Bincluding |
109.0 – 151.0120.5 – 134.5 |
42.014.0 |
1,6892,356 |
ASDH 569Dincluding |
442.1 – 547.9511.8 – 517.2 |
105.85.4 |
1,40411,902 (1.2%) |
ASDH 569Eincluding |
570.5 – 607.0579.9 – 588.0 |
36.58.1 |
8021,456 |
* These are preliminary results based on gamma
probing. Final results will be released once chemical assaying is
completed at ALS Global in Vancouver, Canada. |
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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 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. Using a 200 ppm eU3O8 cut-off, the Mineral
Resource Estimate dated June 30, 2018 contains an Indicated Mineral
Resource Estimate of 80.2 million pounds grading 1,364 eU3O8 and an
Inferred Mineral Resource Estimate of 98.3 million pounds grading
738 ppm eU3O8.
Global Atomics’ Base Metals Division holds a 49%
interest in Befesa Silvermet Turkey, S.L. (“BST”), which operates a
processing facility located in Iskenderun, Turkey that converts
Electric Arc Furnace Dust into a high-grade zinc oxide concentrate
and 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 BST. Befesa is a market leader in EAFD recycling,
capturing approximately 50% of the European EAFD market with
facilities located throughout Europe and Korea.
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Key contacts: |
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Stephen G. Roman |
|
George A. Flach,
P.Geo. |
Chairman, President
& CEO |
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Vice President,
Exploration |
Tel: (416)
368-3949 |
|
Tel: (416)
368-3949 |
Email:
sgr@globalatomiccorp.com |
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Email:
gaflach@globalatomiccorp.com |
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The information in this release may contain
forward-looking information under applicable securities laws. This
forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause actual results to
differ materially from those implied by the forward-looking
information. Factors that may cause actual results to vary include,
but are not limited to, inaccurate assumptions concerning the
exploration for and development of mineral deposits, political
instability, currency fluctuations, unanticipated operational or
technical difficulties, changes in laws or regulations, the risks
of obtaining necessary licenses and permits, changes in general
economic conditions or conditions in the financial markets and the
inability to raise additional financing. Readers are cautioned not
to place undue reliance on this forward-looking
information. The Company does not assume
the obligation to revise or update this forward-looking information
after the date of this release or to revise such information to
reflect the occurrence of future unanticipated events, except as
may be required under applicable securities laws.
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
news release.
A photo accompanying this announcement is available
at: http://www.globenewswire.com/NewsRoom/AttachmentNg/a16568a5-0ce2-49ca-84a5-7cf00c2511c8
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