Global Atomic Corporation (“Global Atomic” or the “Company”),
(TSX-V: GLO, FRANKFURT: G12) is pleased to report assay results
from four holes drilled in 2018 at its DASA project, Republic of
Niger. All four holes have returned substantially higher
assay grades than previously reported probe results.
Highlights:
- Significant high grade intersection of 17,118 ppm U3O8 (1.71%)
returned over 98 meters (“m”) in ASDH563, 135% higher than the
previous probe-only estimate of 7,277 ppm eU3O8
- Laboratory assay limit of 17.62% U3O8 exceeded over an interval
of 3.5m from 235.5m to 239.0m in ASDH563
- ASDH543 intersected 6,919 ppm (0.69%) U3O8 over 75m,
approximately 37% higher than the prior probe estimate of 5,041 ppm
eU3O8
Stephen G. Roman, President and CEO, commented,
“These assay results indicate the probe underestimated previously
released DASA drill results. Based on existing probe data, we
knew that DASA was a significant uranium deposit, however, the
grades and widths reported here will enhance the resource figures
already announced and we will calculate an updated Mineral Resource
Estimate as soon as all assays are received from the 2018 drill
program.”
Table 1. Summary Assay Results Versus Probe
Hole |
From1(Meters) |
To1 (Meters) |
Length (Meters) |
Probe(ppm eU3O8) |
Assay(ppm U3O8) |
Assay(% U3O8) |
% Increase Assay Over Probe |
ASDH538 |
163.2 |
258.4 |
95.2 |
4,442 |
5,451 |
0.55% |
22.7% |
ASDH538 |
199.1 |
200.5 |
1.4 |
27,720 |
30,541 |
3.05% |
10.2% |
ASDH538 |
240.1 |
253.1 |
13 |
18,355 |
19,547 |
1.95% |
6.5% |
ASDH541 |
240.3 |
284.6 |
44.3 |
6,682 |
7,286 |
0.73% |
9.0% |
ASDH541 |
243.4 |
252.5 |
9.1 |
11,116 |
16,142 |
1.61% |
45.2% |
ASDH541 |
267.3 |
269.5 |
2.2 |
20,806 |
20,675 |
2.07% |
(0.6%) |
ASDH543 |
221.0 |
296.0 |
75 |
5,041 |
6,919 |
0.69% |
37.3% |
ASDH543 |
221.5 |
226.0 |
4.5 |
10,361 |
10,279 |
1.03% |
(0.8%) |
ASDH543 |
233.0 |
242.5 |
9.5 |
14,363 |
27,591 |
2.76% |
92.1% |
ASDH563 |
153.0 |
251.0 |
98.0 |
7,277 |
17,118 |
1.71% |
135.2% |
ASDH563 |
198.0 |
244.1 |
46.1 |
12,456 |
32,453 |
3.25% |
160.5% |
ASDH563 |
231.2 |
239.7 |
8.5 |
25,140 |
115,977 |
11.60% |
361.3% |
ASDH543 |
235.5 |
239.0 |
3.5 |
> 25,140 |
> 176,206 |
> 17.62%* |
600.9% |
1.
Downhole lengths on shallow dipping holes, does not represent
vertical depth.* The maximum detection limit of ALS Global
Vancouver is 17.62% U3O8. These samples are being sent to a
second lab for assaying |
Background
Uranium resource estimates are typically
calculated using data from downhole probes that use a
scintillometer to measure radioactivity. Probes are carefully
calibrated against known, standard holes. For the drilling in 2018
Global Atomic used probes calibrated both against standard holes in
Bessines, France and in Arlit, Niger. The DASA resource update
published in July 2018 used the historic database of results, plus
probe data from 36 of the 58 holes drilled.
Chemical assay data allows a further calibration
on the dataset. For the 58 holes drilled by Global Atomic in 2018,
XRF analysis at ALS Global Vancouver (“ALS”) is currently
underway. Results for the first four holes have been
released, and are shown below. The assay data from the remaining 54
holes is expected in the coming weeks. Once all assay and
probe data is returned, a final correlation coefficient (the
K-factor) can be calculated. A Mineral Resource Estimate
updated to include all 58 holes drilled in 2018, with a new
K-factor applied to results, will be released in H1 2019. Global
Atomic uses the industry convention to report estimate grades
(“eU3O8”) until the data set is updated with assay results and a
new K-factor calculation applied, when grades can be reported as
U3O8.
Results
Results received from four holes ASDH538,
ASDH541, ASDH543, and ASDH563 show consistently higher grades than
the probe results previously reported.
ASDH538 returned 95.2 meters (“m”) at 5,451 ppm
(0.55%) U3O8 which is approximately 23% higher than the previous
probe-only estimate. ASDH541 returned 44.3m at 7,286 ppm (0.73%)
U3O8 grading 9% higher than the prior probe estimate and ASDH543
returned 75.0m, grading 6,919 ppm (0.69%) U3O8 approximately 37%
higher than the prior probe estimate.
ASDH563 returned a 98.0m intersection, at 17,118
ppm (1.71%) U3O8 significantly higher than the previous probe-only
estimate recorded over an interval of 107.3m. Grade intervals
established from assaying are definitive. Within drill hole ASDH563
a 3.5m interval from 235.5m to 239.0m exceeded ALS Labs assay limit
of 17.62% U3O8 and further steps are being taken to determine the
grade of these samples.
Figure 1, below, shows Section 1900NW, and holes
ASDH538 and ASDH541. Figure 2, below, shows Section 1950NW and
holes ASDH563 and ASDH543.
Table 1, above, includes a selected number of
higher grade intersections that indicate the discrepancy between
probe and assay data is larger at higher grades. The exact nature
of the relationship between probe data and assay data will only be
established once all the assay data is returned and a definitive
K-factor can be calculated.
QA/QC StatementThe company has implemented a
quality assurance and control (“QA/QC”) programme to ensure
sampling and analysis of exploration work is conducted in
accordance with industry standards. Drill core is pulverized and
split in Niamey, Niger. The pulps are then sent to ALS laboratories
in Vancouver for 36 element ICP and XRF assaying. Certified
reference standards and blanks are inserted into the sample stream
on a regular interval basis and monitored as part of the QA/QC
program.
QP StatementGeorge 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:
Stephen G. Roman |
Merlin
Marr-Johnson |
Chairman, President
& CEO |
Executive VP |
Tel: (416)
368-3949 |
Tel: +44 (0)78à03 712
280 |
Email:
sgr@globalatomiccorp.com |
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.
Figures accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/59e61fa6-18ee-40c7-b7ae-d05aef7de064http://www.globenewswire.com/NewsRoom/AttachmentNg/ac762ab0-ac7b-4104-b8dc-468e4f0a83e8
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