Positive Initial Report for Dasa Project 2021/2022 Drill Program
Including Hole ASDH592 65 meters at 5,493 ppm including 12.5 meters at 14,142 ppm
TORONTO, ON, Jan. 19, 2022 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) provides this initial report on the Company's 15,000-meter drill program that commenced September 2021 at the Dasa Project.
The program at Dasa was designed to follow up on previously discovered uranium mineralization proximal to Zone 3 of the current Feasibility Study Phase I Mine Plan and has succeeded in extending Zone 3 with additional high-grade mineralization (see Figure 1). Approximately 6,000 meters have been drilled to date on 25-meter spacings between drill holes to support the addition of mineral reserves and an updated mine plan.
This extension to Zone 3 is not included in Dasa's Reserve calculations as it was an Inferred mineral resource (see Figure 2), based on wider-spaced drilling completed during previous drill campaigns.
Infill and step-out drilling completed since September has exceeded expectations and outlined continuous mineralization over a strike length of 300 meters and a width of 80 meters. This Zone 3 extension will be applied to update the current Phase I Mine Plan and is expected to substantially reduce the amount of underground development, lower capital and operating expenses and extend the life of the Phase 1 Mine Plan.
Drilling is currently continuing in the northeast direction from Zone 3 to determine the potential for up-dip extentions. The next target of the 2021/2022 Dasa drilling program will be in-fill drilling between Zones 2A, 2B and 3 with the goal of converting this significant Inferred resource to the Measured and Indicated resource categories.
The equivalent U3O8 indicated below were derived using a Gamma Probe. Core samples are being prepared and will be shipped to ALS Geochemistry - North Vancouver, Canada for chemical assaying as per usual protocols.
Table 1: Significant intersections (2000 ppm eU3O8 cut-off allowing internal dilution of 3m where geology continuity proven)
Hole ID | From (meters) | To (meters) | Interval (meters) | eU3O8 (ppm) |
ASDH589 | 478.60 | 578.40 | 99.80 | 2,615 |
Incl. | 504.30 | 577.30 | 73.00 | 3,365 |
Incl. | 535.50 | 577.30 | 41.80 | 4,306 |
ASDH590 | 478.60 | 553.20 | 74.60 | 2,086 |
Incl. | 499.30 | 541.60 | 42.30 | 3,125 |
ASDH591 | 374.80 | 465.70 | 90.90 | 1,682 |
Incl. | 436.80 | 464.60 | 27.80 | 3,419 |
Incl. | 449.10 | 464.30 | 15.20 | 4,440 |
ASDH592 | 434.40 | 499.40 | 65.00 | 5,493 |
Incl. | 484.80 | 497.30 | 12.50 | 14,142 |
ASDH593 | 359.10 | 398.40 | 39.30 | 1,231 |
Incl. | 373.00 | 377.30 | 4.30 | 2,519 |
Incl. | 390.10 | 391.80 | 1.70 | 4,973 |
| 408.10 | 432.40 | 24.30 | 999 |
Incl. | 410.50 | 418.80 | 8.30 | 1,340 |
Incl. | 418.10 | 418.60 | 0.50 | 2,256 |
ASDH594 | 386.30 | 449.90 | 63.60 | 2,007 |
Incl. | 391.40 | 425.80 | 34.40 | 3,053 |
George Flach, VP Exploration stated, "We are very encouraged with the results of our drill program. Gamma probes show the same high grade eU308 values that define the Dasa Deposit. We are approximately 40% through this 15,000-meter drill program and look forward to incorporating assay results into an updated mineral reserve and mine plan later this year."
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 (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.
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.
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