Successful Results Prompt Decision to Extend Program
Toronto, ON: Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX:GLO, OTC:QX:GLATF, Frankfurt:G12) is pleased to announce the Company’s third update on the 15,000-meter drill program that commenced September 2021 at the Dasa Project in the Republic of Niger.
HIGHLIGHTS:
Global Atomic President and CEO, Stephen G. Roman stated, “The results of the Dasa Drill Program have exceeded our expectations. Previously announced drill holes expanded Zones 2 and 3 by approximately 3 times and the most recent holes have extended this contiguous part of the ore body to Zone 4. We have decided to add an additional 1,000 meters to the drill program to further expand the Indicated Resources on strike.”
“The Dasa deposit continues to impress as we better define the extent of this truly amazing orebody and look forward to our updated Mineral Resource Estimate and updated Mine Plan once all the work has been completed.”
The current drill program at Dasa was designed to infill and expand the Dasa orebody and upgrade Inferred Mineral Resources to the Indicated Resource Category that would then qualify for Mineral Reserves once the updated Mine Plan is completed. As previously announced, based on 25-metre spacing around Zones 2 and 3 the Program has succeeded in extending Zone 3 with additional high-grade mineralization. The most recent drilling focused on 50-metre spacing to expand Zone 4. This has now been achieved with the successful expansion of Zone 4, filling in the gap between Zones 3 and 4 (See Figure 1).
The U3O8 equivalent values indicated in Tables 1 and 2 were derived using a Gamma Probe. Final results will be more precisely defined with chemical assays being completed at ALS Labs in North Vancouver, Canada. Hole ASDH607 is within the targeted envelope, but due to intense alteration was not mineralized and therefor excluded from Table 2.
On the strength of results from the overall drill program, Global Atomic will update the Dasa mineral resource estimate and update the Phase I Mine Plan with a number of positive benefits to Global Atomic including larger mining Zones, reduced underground development work between the Zones and an increase in mineable reserves. Work has already begun to update the Mineral Resource Estimate. The Company was planning to update the Mineral Reserve Estimate and revise the Phase 1 Mine Plan by the end of 2022, however, given the positive results and the expanded drill program, the timing for completion of this work will be during Q1, 2023.
QP Statement
This news release has been reviewed and approved by Ronald S. Halas, COO of Global Atomic, who is a “qualified person” under National Instrument 43-101 – Standards of Disclosure for Mineral Properties.
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.
Key Contacts
Stephen G. Roman
Chairman, President and CEO
Tel: +1 (416) 368-3949
Email: sgr@globalatomiccorp.com
Bob Tait
VP Investor Relations
Tel: +1 (416) 558-3858
Email: bt@globalatomiccorp.com
Source: Global Atomic
