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.
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