Initial Global Atomic Drilling Intersects High Grade and Offscale Uranium Mineralization at its DASA Project, Republic of Nig...
February 22 2018 - 7:30AM
Global Atomic Corporation (“Global Atomic” or the “Company”),
(TSX-V:GLO) is pleased to report initial gamma probe results from
its current drill program at the DASA deposit (“DASA”) in the
Republic of Niger, West Africa.
Drilling recommenced at DASA at the end of
January, 2018, following the successful merger with zinc producer,
Silvermet Inc. The Company, now known as Global Atomic
Corporation trades on the Toronto Venture Exchange under the symbol
“GLO” (TSX-V: GLO).
Global Atomic has begun a 30,000 meter drill
program focused on defining an area suitable for open pit mining
called the Flank Zone. This area of the DASA deposit is
within the Tchirozerine 2 (T2) formation which outcrops and then
dips into the graben where it becomes high grade when capped with a
mudstone hanging wall unit called the Irhazer (IRH).
The first two holes drilled on the Flank Zone
returned as follows:
Hole |
From (meters) – To (meters) |
Length (meters) |
Grade (ppm / % U3O8) |
ASDH 538includingincluding |
163.2 – 258.4199.1 – 200.5240.1 – 253.1 |
95.21.413.0 |
4,44227,720 (2.77% U3O8)18,355 (1.83% U3O8) |
ASDH 541 including including |
240.3 – 284.6243.4 – 252.5 267.3 – 269.5 |
44.3 9.1 2.2 |
6,682 11,116 (1.12% U3O8) 20,806 (2.08% U3O8) |
The holes were drilled at an angle from hanging
wall side of the graben to intersect the Flank Zone (see attached
drawing). 3D Model : DASA Open Pit and Underground
Resources Model With Planned
Drillinghttp://www.globenewswire.com/NewsRoom/AttachmentNg/d40b613c-2e73-4b80-b4e7-2f075586adb3
The first two holes have been completed and
probed with a Gamma Probe. The probe measured significant
mineralized intervals with wide “offscale” (plus 1%) sections in
each hole. A “Gieger-Muller” (GM) probe was utilized over the
offscale sections and a calculation estimate of grade is being
reported in this press release prior to final grade determination
through chemical assay.
Global Atomic will complete significant drilling
in this area over the next six months in order to develop a mine
plan and complete a technical report to support a mining operation
intending to ship mineralized rock to ORANO (formerly knows as
AREVA Mines), 80 kilometers north of the DASA Project under the
Company’s Ore Sales Agreement.
QP Statement Mr. George A.
Flach, P.Geo., Vice President of Exploration, has reviewed this
press release as the Qualified Person (QP) as defined in National
Instrument 43-101.
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. Global Atomic’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.
In a technical report dated July 31, 2017,
Perth, Australia based CSA Global Pty Ltd (“CSA”)
estimated the mineral resources for DASA as follows:
|
Tonnes(millions) |
U3O8(ppm) |
U3O8(million lbs) |
Indicated |
3.7 |
2,608 |
21.4 |
Inferred |
7.7 |
2,954 |
49.8 |
CSA estimated the mineral resource based on a
cutoff grade of 1,200 ppm
Global Atomic’s Base Metals Division holds a 49%
interest in the BST joint venture, operating a facility located in
Iskenderun, Turkey that converts EAFD (Electric Arc Furnace Dust)
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”), holds a 51% interest in and is the
operator of BST. Befesa is a market leader in EAFD recycling,
capturing approximately 45% to 50% of European EAFD market with
facilities located throughout Europe and Korea.
Our website has been updated! Please visit
www.GlobalAtomicCorp.com for further
information.
Key contacts:
Stephen G.
RomanChairman, President & CEOTel: (416)
368-3949Email: sgr@globalatomiccorp.com |
George A.
Flach, P.Geo.Vice President, ExplorationTel: (416)
368-3949Email: gaflach@globalatomiccorp.com |
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.