Energy

  • Good progress achieved on Mutanga's infill drilling program with positive results so far
  • Madaouela Feasibility to be completed in Q3 to allow additional optimization and trade-offs

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) is pleased to announce an update on its drilling program at Mutanga, a 100% owned and mine permitted uranium project in Zambia, as well as an update on the Feasibility Study for Madaouela, its mine permitted uranium project in Niger.

Mutanga Drilling

GoviEx has made good progress with its Mutanga infill drilling campaign, which commenced in May 2022. The campaign is focused on upgrading the inferred mineral resources associated with the Dibwe East deposit(1) to indicated mineral resources for inclusion into a planned feasibility study. The down-hole percussion drilling conducted at the end of June 2022 is approximately 40% complete, with 6,220 m drilled out of a planned 15,500 m, and the diamond drilling is just over 10% complete with 936 m drilled out of a planned 9,000 m. (Figure 1).

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/5017/129670_fig1_550.jpg

Figure 1: Location of drill holes at Dibwe East

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5017/129670_fig1.jpg

The mineralisation remains consistent from hole to hole, but with additional mineralisation on the sections drilled so far this year, having thicknesses of up to 25m, and extending deeper and more laterally than prior drilling to a depth of 200m. See figure 2.

Average grades are still comparable to previously drilled holes, and some holes achieved peak grades of up to 1.2% eU3O8 (Hole MDTH1386) including the current 0.67x disequilibrium factor. Part of the diamond drilling program is targeted towards reviewing this factor as there may be potential to improve this number.

The Dibwe East deposit currently contains 43.1Mt of uranium mineralization at an average grade of 304ppm U3O8 for 28.9Mlb U3O8, and represents approximately 45% of the total resource tonnage at Mutanga.(1)

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/5017/129670_4c0b004c0476a98f_004.jpg

Figure 2: Section N8190859 showing increased lateral extent and thickness of mineralisation at depth compared to previously interpreted mineralised envelope.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5017/129670_4c0b004c0476a98f_004full.jpg

Madaouela Feasibility Study

At Madaouela, GoviEx is at the final stages of completing its feasibility study, with detailed engineering, drawings and provisional capital and operating costs already defined and calculated. GoviEx is currently working on final optimization and trade-off options and expects to complete its Feasibility Study in Q322. In addition, the Niger government is currently reviewing a new Mining Code, due to be finalised shortly, and while no major impacts are expected as a results of this new mining code, GoviEx would like to include any potential changes into its Feasibility Study.

Daniel Major, CEO commented:

"I am pleased to announce the progress we have made at Mutanga this year. Our ambitious drilling programme is aimed at upgrading the inferred mineral resources associated with the Dibwe East deposit (1) and we have had very positive initial results so far. This follows from last year's successful infill drilling campaign.

"We have been working diligently on the Madaouela feasibility study and I am pleased that we have already completed detailed engineering, drawings and provisional capital and operating costs.Despite the increase in inflation and pricing volatility, I am satisfied with the work completed and we are currently examining several final optimization options to improve the results to date. With the uranium market continuing to improve, we are committed to releasing the results of the Madaouela feasibility study soon as possible."

Govind Friedland, Executive chairman of GoviEx, said:

"The uranium market continues to be one of the most exciting investment propositions out there. Strong fundamentals coupled with the need for security of supply, a raging energy crisis, the push for decarbonisation and investment in clean energy; GoviEx is well positioned to potentially benefit from the expected strong market environment."

Technical notes

Grade determination:

The measurement of uranium grade in the uranium industry can be done indirectly by measurement of the radioactivity emitted by the daughter products of uranium during decay, and is measured by gamma tool containing a sodium iodide (NaI) crystal, which records counts per second when hit by gamma rays. These counts are converted to uranium grade (ppm eU3O8) by applying a K factor, a dead time correction and other correction factors as required such as casing, hole size, mud density. The K factor and the dead time is unique to each tool and is determined during calibration. The gamma tool used has been calibrated at the Pelindaba facility by Terratec Geophysical Services prior arrival on site, and the tool was run weekly in a lined test hole to test repeatability.

Disequilibrium Factor:

Disequilibrium is a known issue in sandstone hosted and in fairly young uranium deposit. Over time, uranium reaches an equilibrium with its daughter products, however this is rarely the case in secondary style sandstone hosted deposits as uranium is a very mobile element, and can be re-mobilised and re-precipitated elsewhere, leaving the more radioactive and less mobile daughter products behind. The factor is determined by comparing assay grades with corresponding gamma readings, or directly measuring the content of gamma emitting daughter products in a laboratory or using a Prompt Fission Neutron tool that measures uranium in situ by exciting neutrons off the uranium atoms and measuring them on a sensor on the tool.

Qualified Person Statement

The scientific and technical information in this release has been reviewed and approved by Dr. Rob Bowell, a chartered chemist of the Royal Society of Chemistry, a chartered geologist of the Geological Society of London, and a Fellow of the Institute of Mining, Metallurgy and Materials, who is an independent Qualified Person under the terms of NI 43-101 for uranium deposits. Dr. Bowell has verified the data disclosed in this news release.

Notes:

  1. See: Technical report title, "NI 43-101 Technical Report on a Preliminary Economic Assessment of the Mutanga Uranium Project in Zambia", dated November 30, 2017 (the "PEA"), prepared by Qualified Persons from SRK Consulting (UK) Limited.

  2. The PEA is considered preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. Mineral Resources that are not Mineral Reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all, or any part of an Inferred Mineral Resource, will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration or Mineral Reserves once economic considerations are applied; therefore, there is no certainty that the production profile concluded in the PEA will be realized.

About GoviEx Uranium Inc.

GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela project in Niger, its mine-permitted Mutanga project in Zambia, and its multi-element Falea project in Mali.

Contact Information

Isabel Vilela
Head of Investor Relations and Corporate Communications
Tel: +1-604-681-5529
Email: info@goviex.com
Web: www.goviex.com

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information.

Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in GoviEx's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward- looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.

Forward-looking statements include those related to: i) the nature, method and timing of any exploration, development and/or mining operations at the Mutanga project or Madaouela project; ii) the upgrading the inferred mineral resources associated with the Dibwe East deposit to indicated mineral resources; the timing and content of the planned feasibility study on the Mutanga project or Madaouela project; (iii) the expectation that GoviEx will be able to further optimize the Madaouela project; and (iv) new Mining Code in Niger,is not expected to have major impacts on the Madaouela feasibility study.

Although GoviEx believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) that GoviEx will be successful in its exploration and development plans for all its projects; (ii) that all the service providers engaged to conduct the drill programme at Mutanga and optimization work at Madaouela will be able and willing to complete their works as agreed and expected; (iii) that the planned works GoviEx's projects will be completed as planned and meet GoviEx's objectives; (iv) that the new mining Code in Niger will not significantly impact the Madaouela project and iv) that the price of uranium will remain sufficiently high and the costs of advancing GoviEx's mining projects will remain sufficiently low so as to permit GoviEx to implement its business plans in a profitable manner.

Factors that could cause actual results to differ materially from expectations include (i) the inability or unwillingness of the service providers to complete their works on GoviEx's projects as agreed and expected; (ii) the inability of GoviEx to successfully complete the exploration and development milestones that are the conditions of the reinstatement of the Chirundu Mining License ; (iii) potential delays due to COVID-19 restrictions; (iv) ) additional changes to the new Mining Code in Niger that affect the Madaouela project; (v) the failure of GoviEx's projects, for technical, logistical, labour-relations, or other reasons; (vi) a decrease in the price of uranium below what is necessary to sustain GoviEx's operations; (viian increase in GoviEx's operating costs above what is necessary to sustain its operations; (viii) accidents, labour disputes, or the materialization of similar risks; (ix) a deterioration in capital market conditions that prevents GoviEx from raising the funds it requires on a timely basis; and (x) generally, GoviEx's inability to develop and implement a successful business plan for any reason.

In addition, the factors described or referred to in the section entitled "Risks Factors" in the MD&A for the year ended December 31, 2021, of GoviEx, which is available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the information found in this news release.

Although GoviEx has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, no assurance can be given that any events anticipated by the forward-looking information in this news release will transpire or occur, or, if any of them do so, what benefits that GoviEx will derive therefrom. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and GoviEx disclaims any intention or obligation to update or revise such information, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129670

News Provided by Newsfile via QuoteMedia

GXU:CA,GVXXF

UEX Corporation Securityholders Approve Arrangement with Uranium Energy Corp.

(TheNewswire)

UEX Corporation

Saskatoon, Saskatchewan TheNewswire - August 16, 2022 UEX Corporation (TSX:UEX ) ( OTC:UEXCF) (" UEX " or the " Company ") is pleased to confirm that securityholders of UEX approved,  at the special meeting of UEX securityholders held earlier today (the " Meeting "), the special resolution (the " Arrangement Resolution ") in respect of a statutory plan of arrangement (the " Arrangement ") under the Canada Business Corporations Act (the " CBCA ") pursuant to which UEC 2022 Acquisition Corp., a wholly-owned subsidiary of Uranium Energy Corp. (" UEC ") will acquire all of the issued and outstanding common shares of UEX (" UEX Shares ") and in return, shareholders of UEX (" UEX Shareholders ") will receive, for each UEX Share held, 0.09 of one common share of UEC.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less

UEX Announces Further Amended Arrangement Agreement with Uranium Energy Corp.

(TheNewswire)

UEX Corporation

Recommends Vote i n Favour o f UEC Arrangement

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less

Uranium Energy Corp and UEX Corporation Agree to Amendment to the Arrangement Agreement; Special Meeting of UEX Securityholders will Remain on Monday, August 15, 2022

(TheNewswire)

UEX Corporation

UEC Pro Forma Ownership Changes to 85.7% Compared to Previously Disclosed at 85.8% on Basic Share Basis

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
two men shake hands in front of window

Top Stories This Week: Gold Hits US$1,800, UEC and Denison Fight for UEX

Top Stories This Week: Gold Hits US$1,800, UEC and Denison Fight for UEXyoutu.be

The gold price was relatively steady this week. It pushed briefly past the US$1,800 per ounce mark midway through the period before falling back, but was ultimately able to close just above that level.

In focus is the latest US inflation data, which shows that the Consumer Price Index was flat month-on-month in July after rising 1.3 percent in June. It was up 8.5 percent year-on-year compared to June's 9.1 percent increase.

What's more, the Producer Price Index, which looks at prices for final demand products, fell 0.5 percent from June, marking its first month-on-month decrease since April 2020.

Keep reading...Show less

Global Atomic Announces Q2 2022 Results

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) announced today its operating and financial results for the three and six months ended June 30, 2022 .

HIGHLIGHTS

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Global Atomic Concludes Negotiations with the Government of Niger, forms Dasa Project Operating Company and appoints Board of Directors and Senior Management

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (Frankfurt: G12), is pleased to announce the incorporation of Société Minière DASA S.A. or "SOMIDA", the Company's Niger mining subsidiary under which the Dasa Uranium Project will operate. SOMIDA will be governed by a Board of Directors comprised of six representatives from the Company and three representatives of the Government of Niger .

Global Atomic Corporation Logo (CNW Group/Global Atomic Corporation)

HIGHLIGHTS:
  • Share ownership of SOMIDA will be 80% Global Atomic and 20% Government of Niger , including the 10% carried interest provided under the Niger Mining Code
  • The Niger Government will own 20% of the shares of SOMIDA and receive dividend income when paid
  • The Niger Government is obligated to contribute 10% of all capital and operating costs over the life of the mine
  • Moussa Souley, the former Managing Director of Orano's COMINAK Mine, has been appointed Managing Director of SOMIDA
  • Robert Parr , Mining Engineer, MBA, has been appointed Project Manager for Dasa

"Global Atomic Corporation would like to thank His Excellency, President Mohamed Bazoum and Madame Hadizatou Ousseini Yacouba, Minister of Mines of the Republic of Niger , for their support of the Dasa Project. We look forward to a long-term partnership in the development and operation of our outstanding new uranium mine which will benefit all Nigeriens", said Stephen G. Roman , Global Atomic's President & CEO.

"The Niger Government's decision to acquire and fund an additional 10% interest in the Dasa Project reflects their confidence in the quality of the deposit and longevity of the mine.  Uranium mining plays an important social-economic role in Niger , providing steady long-term employment and associated economic benefits including royalty payments, tax revenue at the local, regional and national levels, foreign exchange earnings and funds for regional development and local communities."

"This agreement demonstrates the Niger Government's commitment to support the Dasa Project, which will be viewed positively by our Banking Syndicate, who are currently conducting their Due Diligence review. We are now constructing the Dasa mining camp to house employees during construction and early-stage mine development. The Mine Site infrastructure is currently well advanced, with completion timed to coincide with commencement of mining operations and the collaring of the Portal, scheduled for November, 2022."

About Moussa Souley

Moussa Souley, is a Nigerien mining engineer, who from 2016 to 2021 was the Managing Director of the COMINAK Underground Mine a subsidiary of the French nuclear energy company Orano Group, located 100 kms north of the Dasa Project.  The Cominak Mine employed over 1,000 people and shut down after 50 years of mining in March 2021 .

Starting in December 2002 , Mr. Souley held several management positions with Orano (previously AREVA) in Niger and France.  Prior to that Mr. Souley worked as a mining engineer for Noranda in Canada , where he also studied mining and mineral processing engineering and received his Masters Degree in Mineral Economics from the University of Montreal .  Mr. Souley has also lectured and designed workshops at the Engineering School of Mines, Industry and Geology in Niamey, Niger .  Mr Souley speaks French and English.

About Robert Parr

Robert Parr is a mining engineer with more than 25 years' operational and technical experience across both underground and open pit operating environments.  He brings valuable and extensive experience from the significant time he has spent on Australian and international projects ( Africa , South America , Asia and Scandinavia).  Mr. Parr has recently held the roles of Chief Operating Officer for both a leading African mining contractor (SFTP Mining) and a large Colombian gold miner ( Caldas Gold ).  Prior to that he was the Project Director for constructing Sissingue Gold Mine in Ivory Coast .  He also has mine construction experience with Ranger Uranium (Rio Tinto, Australia ), Hecla Mining (San Isidora, Venezuela ), Barrick Gold (Bulyanhulu, Tanzania ) and Porgera Joint Venture (Barrick, Nui Guini ).  Mr. Parr speaks native English, conversational French and Spanish, and beginner Arabic.  He is a member of AusIMM and qualifies as a Competent Person for evaluating mining reserves.

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 Dasa Feasibility Study filed December 2021 represents approximately 20% of the current resource and estimates 45.4 million pounds U 3 O 8 production over a 12-year period 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

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2022/11/c3675.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×