Global Atomic Corporation (“Global Atomic” or the “Company”) is pleased to announce the results of the new Mineral Resource Estimate (“MRE”), calculated by CSA Global Pty. Ltd., (“CSA Global”), of Perth, Western Australia, incorporating drill, probe and chemical assay data compiled from work programs on the DASA Project during 2017, 2018 and 2019. In addition, all geotechnical data derived from drill core was incorporated, which has clearly defined the structure and stratigraphic boundaries of the Block Model.
- Indicated resource increases by 56 per cent to 101.6 million pounds triuranium octoxide equivalent (eU3O8) at 1,752 parts per million;
- Inferred resource increases by 81 per cent to 87.6 million pounds eU3O8 at 1,781 ppm;
- Using a 1,200 ppm cut-off, the grade/tonnage report estimates 78.0 million pounds eU3O8 at 4,483 ppm in the indicated category, an increase of 30 per cent over the previous report;
- Using a 1,200 ppm cut-off, the grade/tonnage report estimates 69.9 million pounds eU3O8 at 3,783 ppm in the inferred category, an increase of 45 per cent over the previous report;
- The Dasa deposit remains open along strike and down dip, and further expansion drilling is recommended by CSA Global.
Category Tonnes eU3O8 Contained metal Mt ppm Mlb Indicated open pit 25.59 1,711 96.5 Indicated underground 0.71 3,250 5.1 Total indicated 26.30 1,752 101.6 Inferred open pit 18.93 1,357 56.6 Inferred underground 3.38 4,151 31.0 Total inferred 22.31 1,781 87.6
(1) Mineral resources are based on CIM definitions. (2) Mineral resources for pit-constrained resources are estimated within the limits of an ultimate pit shell. (3) Mineral resources for underground resources are estimated outside the limits of ultimate pit shell. (4) A cut-off grade of 320 ppm eU3O8 has been applied for open-pit resources. (5) A cut-off grade of 1,200 ppm eU3O8 has been applied for underground resources. (6) A bulk density of 2.36 tonnes per cubic metre has been applied for all model cells. (7) Rows and columns may not add up exactly due to rounding.
Stephen G. Roman, president and chief executive officer, commented: “The update completed by CSA Global further confirms the robust nature of Dasa. The resource is shown to contain over 100 million pounds indicated and 87 million pounds of inferred resources, and the deposit remains open for further resource expansion. Our current focus is on the rapid advancement of the project towards production. Global Atomic is commissioning CSA Global to carry out a study for an open pit at Dasa, and the company continues to discuss development options with Orano Mining SA.”
Mineral resource estimate
In December, 2018, CSA Global was commissioned by Global Atomic to provide an updated National Instrument 43-101-compliant mineral resource estimate and preliminary economic assessment for the Dasa project, located in the Tim Mersoi basin, Republic of Niger, West Africa.
The current mineral resource estimate incorporates data from 23 additional holes that were not included in the December, 2018, resource, plus chemical assay data from the diamond drilling program carried out 2017 to 2018. In addition, lithology and structural data derived from drill core were used to build a definitive geological model for the deposit. The additional data have enhanced the understanding and definition of the structural and stratigraphic boundaries of the resource, and, accordingly, a new geological model and a new block model have been generated.
Global Atomic has been investigating the Dasa project since its discovery in 2010, and has undertaken multiple phases of exploration and evaluation programs. These programs have included exploration and resource evaluation drill programs, mapping, geophysical investigations, downhole geophysical logging, geotechnical analysis of drill core, metallurgical sampling and analysis, hydrological studies, and baseline environmental work.
The Dasa project is 100 per cent owned by Global Atomic and forms part of a larger 750-square-kilometre package of six permits comprising three additional deposits.
As part of this MRE, CSA Global completed a conceptual pit optimization study based on the updated block model. The mineral resource above a 320 ppm cut-off was reported within the constraining conceptual optimized pit. The material outside of the pit-constrained resources was considered for extraction by underground mining methods and was reported at a higher cut-off of 1,200 ppm. The associated table contains examples of tonnages and grades at varying cut-off values within the resource model.
Grade tonnage report
The overall unconstrained resources have increased at the Dasa deposit, reflecting improved geological understanding and confidence in the continuity of mineralization. Equally important is that the MRE uses a 320 ppm cut-off for open pit and 1,200 ppm for underground. Higher cut-offs can be utilized to mine higher-grade ores during periods of low uranium prices.
SENSITIVITY ANALYSIS -- GRADE TONNAGE REPORT AT VARYING CUT-OFF GRADES Cut-off Category Tonnes eU3O8 Contained metal eU3O8 ppm Mt ppm Mlb 100 Indicated 81.6 718 129.1 Inferred 96.1 606 128.4 320 Indicated 26.3 1,752 101.6 Inferred 22.3 1,781 87.6 1,000 Indicated 9.6 3,885 82.1 Inferred 10.2 3,308 74.2 1,200 Indicated 7.9 4,483 78.0 Inferred 8.4 3,783 69.9 1,500 Indicated 6.2 5,328 73.1 Inferred 6.3 4,563 63.7 2,500 Indicated 3.6 7,849 61.9 Inferred 3.4 6,838 51.4 5,000 Indicated 1.6 13,186 46.8 Inferred 1.6 10,805 37.2 10,000 Indicated 0.6 24,401 31.1 Inferred 0.8 14,598 25.3 15,000 Indicated 0.3 34,236 24.3 Inferred 0.1 21,493 4.0
Global Atomic is planning more detailed work with CSA Global on the indicated resources suitable for open-pit mining and on the inferred resources at depth, which are more suited to underground mining. An announcement will be made once the scope and parameters of the studies are finalized. In parallel, the company continues to discuss development options with Orano Mining.
Qualified person statement
George A. Flach, vice-president of exploration, PGeo, is the qualified person as defined in NI 43-101, and has prepared, supervised the preparation of and approved the scientific technical disclosure in this news release.
Independent qualified person Dmitry Pertel, geologist, of CSA Global has reviewed and approved the technical contents of this news release.
About Global Atomic Corp.
Global Atomic is a Toronto Stock Exchange-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 square kilometres. 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.
Source: Global Atomic