Toronto, April 13, 2021 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (FRANKFURT: G12) (OTCQX: GLATF) is pleased to announce the signing of a drill contract with Foraco Niger S.A. (Foraco), for a 15,000 meter core drilling program beginning in September, 2021, at its Dasa Project in the Republic of Niger, West Africa.
The drill program is focused on upgrading the extensive "Indicated and Inferred" resources at Dasa to the "Measured and Indicated" categories on strike of the Flank Zone, Phase 1, mine plan area, as defined in the May 2020 Preliminary Economic Assessment. With the upgrading of the on strike resources, the Phase 1, Flank Zone mining area is expected to be expanded, adding to the current 12-year plan at the Flank Zone as well as allowing Global Atomic to define the Phase 2 Mine Plan incorporating the upgraded mineral resources. See Figure 1.
In addition to the Infill drilling, an exploration drill program is also planned to potentially increase the overall uranium resources at Dasa, currently estimated at over 129.1 million pounds U3O8 of Indicated and 128.4 million pounds U3O8 of Inferred mineral resources, with on strike step out drilling. There are a number of areas where expansion of resources are possible at Dasa. The current plan is to focus on three specific areas where previously drilled significant intersections require follow up drilling. These areas are referred to as New Resource (NR) areas and can be viewed on the Figure 1 diagram, as NR 1, 2 and 3.
To the west, NR 1, based on previously drilled hole ASDH 558 which returned 19,833 ppm over 9.5 meters, is a prime candidate for follow up drilling. This intersection, of approximately 2 % U3O8, is found in the prolific Teloua formation which is known for excellent recoveries and low acid consumption, since it is a clean Aeolian sandstone. The Teloua formation is typically a wide sandstone unit exhibiting high grades. This drill program will further define this high value area. Below ASDH 558, Global Atomic is targeting the NR2 area, found in the classic Tarat formation, which hosts Orano Mining's Somair Mine, currently in operation north of Dasa. The Tarat formation is typically very wide, with good grades that are interbedded with higher grade zones.
The NR3 area to the east, also found in the Teloua formation, continues with typical Dasa deposit grades and thicknesses. The overall zone intersected in drill hole ASDH377 is 69.8 meters in thickness with a grade of 3353 ppm. Within this zone, very high grade sections have been delineated with previous drill programs, including 51,885 ppm (> 5% U3O8) over 3 meters.
George Flach, VP Exploration, commented, "Global Atomics' latest drill program is designed with specific targets that are expected to have a significant impact on both extending the high grade resource for our Phase 1, Flank Zone mining area as well as upgrading the overall Dasa resource. We are excited to begin the program this fall and continue building value on this world class asset."
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. Final design in support of the Company's Feasibility Study is on-going.
Global Atomics' Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. ("BST") Joint Venture, which operates a new, state of the art 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 and Asia.
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
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2021/13/c4191.html
