TORONTO, April 19,
2022 /CNW/ - Global Atomic Corporation ("Global
Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT:
G12) is pleased to report the latest corporate developments
including drilling results and project financing progress.
Stephen G. Roman, President and
CEO commented, "Global Atomic continues to move forward on
developing and expanding the Dasa Project. The recent
drilling continues to enhance what is already the largest,
highest-grade uranium deposit under development in Africa. We
continue to receive confirmation for new mining equipment to be
delivered concurrent with the start-up of our underground
development in Q4, and now, with interest from Export
Development Canada, we have moved another step closer to our goal
of completing project financing for the Dasa Project this
year. Project financing, initial off-take agreements and the
formation of our Niger mining
subsidiary are all catalysts that our shareholders should expect us
to complete in the near term."
Project Financing
Global Atomic has received a Letter of Interest ("LOI") from
Export Development Canada ("EDC"), confirming their interest in
working with the Company in regard to the financing of the Dasa
Uranium Project in the Republic of Niger. EDC is open to
partnering with other export credit agencies, commercial banks
and/or financial institutions as co-lenders and to have a lead role
in the structuring of the debt facility. EDC has indicated a
potential participation, at typical bank rates, for a greenfield
mining project, of up to US$75
million, to form the cornerstone of what is expected to be a
syndicate of three banks.
The Company expects to complete the Dasa Project financing
arrangements in Q4 2022. Any potential EDC underwriting is
subject to acceptable financing terms and conditions and is also
subject to satisfactory due diligence including the completion of
an environmental and social review pursuant to EDC's Environmental
and Social Risk Management Framework, which includes EDC's
Environmental and Social Review Directive and the Equator
Principles.
Dasa Project Drilling
Program
The 15,000-meter drill program at the Dasa Project continues to
build on the results disclosed in the January 19, 2022 news release (Positive Initial
Report for Dasa Project 2021/2022 Drill Program). A further
10 holes have been drilled representing approximately 6,000 metres
with the following significant intercepts:
Hole
ID
|
From
(meters)
|
To
(meters)
|
Interval
(meters)
|
eU3O8
(ppm)
|
ASDH597
|
478.30
|
532.10
|
53.80
|
1351
|
Incl.
|
490.70
|
501.20
|
10.50
|
3585
|
Incl.
|
496.60
|
497.60
|
1.00
|
12553
|
|
612.70
|
622.20
|
9.50
|
1683
|
Incl.
|
617.50
|
621.30
|
3.80
|
3035
|
|
|
|
|
|
ASDH598
|
594.30
|
662.20
|
67.90
|
1303
|
Incl.
|
639.10
|
657.40
|
18.30
|
2260
|
Incl.
|
650.00
|
657.40
|
7.40
|
3243
|
|
|
|
|
|
ASDH599
|
416.20
|
537.90
|
121.70
|
2463
|
Incl.
|
436.60
|
441.90
|
5.30
|
12792
|
Incl.
|
472.20
|
511.40
|
39.20
|
4299
|
|
|
|
|
|
ASDH600
|
451.10
|
486.50
|
35.40
|
1243
|
Incl.
|
471.60
|
484.60
|
13.00
|
2610
|
Incl.
|
478.20
|
484.40
|
6.20
|
4011
|
|
|
|
|
|
ASDH601
|
452.90
|
526.00
|
73.10
|
1883
|
Incl.
|
454.10
|
457.50
|
3.40
|
3138
|
Incl.
|
468.80
|
470.80
|
2.00
|
12811
|
Incl.
|
469.10
|
469.60
|
0.50
|
21024
|
Incl.
|
483.40
|
485.50
|
2.10
|
7727
|
|
|
|
|
|
ASDH602
|
443.70
|
497.40
|
53.70
|
1164
|
Incl.
|
450.30
|
451.60
|
1.30
|
3041
|
Incl.
|
474.30
|
475.00
|
0.70
|
3332
|
Incl.
|
480.90
|
483.10
|
2.20
|
2829
|
|
505.30
|
530.30
|
25.00
|
1451
|
Incl.
|
508.40
|
513.90
|
5.50
|
4274
|
These drill results indicate that the four mining zones 2a,
2b and 3 now represent a contiguous
ore body approximately three times larger than initially defined in
the Feasibility Study Mine Plan.
Four additional holes outside this ore body did not intersect
economic mineralization.
As the next step to compiling these drill results into a new
Mineral Resource Estimate ("MRE") for Dasa, the Company has engaged
Dmitry Pertel of AMC Consultants of
Perth, Australia. Mr. Pertel
completed all the previous work on the Dasa Project while with CSA
Global and will work with the Company on the new MRE which will
form the basis of a new Mine
Plan, both of which are planned for completion in Q4
2022.
QP Statement
The scientific and technical disclosures in this news release
have been reviewed and approved by Ronald
S. Halas, P.Eng. and George A.
Flach, P.Geo. who are "qualified persons" under National
Instrument 43- 101 – Standards of Disclosure for Mineral
Properties.
About EDC
EDC is a Canadian based financial Crown corporation dedicated to
helping Canadian companies of all sizes succeed on the world stage.
As international risk experts, EDC equips Canadian companies with
the tools they need – the trade knowledge, financing solutions,
equity, insurance, and connections – to grow their business with
confidence. Underlying EDC's support is a commitment to sustainable
and responsible business.
For more information and to learn how EDC can help your company,
call EDC at 1-800-229-0575 or
visit www.edc.ca.
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