Energy

GoviEx Uranium Inc. (TSXV: GXU) (OTCQB: GVXXF) ("GoviEx or the Company") is pleased to announce that it has commenced a diamond drill core assay program on the Birimian-aged metasedimentary, volcanic and intrusive rocks intervals from previous existing diamond drill core completed within the Falea deposit in Western Mali. The objective of the sampling program is to investigate the polymetallic and precious metal potential of the deposit below the uranium bearing sandstone unconformity.

"Our recent gold soil sampling survey, announced on July 6th 2020, highlighted the potential for gold at the Falea Project to be present stratigraphically below the uranium deposit. The core sampling program we are announcing today is focused on advancing and proving this theory. GoviEx's team of geologists are excited by the initial visual assessment of the 96 diamond drill cores logged that display intervals of quartz veining, chalcopyrite and pyrite in many of the core, which appears to add further support and evidence that the gold anomalies associated with the Birimian greenstones apparently underlays the known uranium-copper-silver mineralization of the Falea Project.

"While the development of the Madaouela Uranium Project in Niger (the "Madaouela Project") remains GoviEx's primary focus, creating shareholder value on all of our projects remains a core driver to our strategy," noted Executive Chairman, Govind Friedland.

The previous exploration work conducted before GoviEx acquired the Falea Project had stopped diamond drilling at depths approximately 30 metres into the Birimian as they were targeting the sandstone hosted unconformity itself rather than the precious and base metal potential that is well known to be Birimian hosted, including B2Gold's Fekola project, IAMGOLD's Diakha and Siribaya projects and Roscan's Kandiolé project on trend and along strike. Upon review by GoviEx geologists it was discovered that much of this core was never assayed for precious metal content as previous explorers were primarily interested in the project's uranium bearing potential.

The core samples currently being taken will be analysed for gold and multi-elements to assess the potential for gold and other base metal such as copper and silver which are already known to be present within the Falea uranium deposit.

The July 6th 2020 announcement by GoviEx disclosed the results of gold geochemical sampling program at the Falea Project with significant gold in soils anomalies in the Birimian rocks that suggest the potential extensions of the Sirabaya West and the Siribaya- Bambadinka gold trends through, and potentially intersecting within, the Falea Project. The presence of these gold in soils anomalies occurring along similar structural trends with the Falea Project, positively signals the mineral potential of the Falea Project, which the Company is now further exploring through the current core sampling program.

Most significantly, GoviEx has reviewed the limited number of diamond drill holes that were assayed in the Birimian. These results are summarised in Table 1 below and show that there are anomalous intercepts ranging from 0.2 gram per tonne to 1 gram per tonne gold over up to 2-metre thickness.

Table 1: Previously unreported anomalous gold results

Hole_IDFrom (m)To (m)Au_ppmStart Birimian (m)Finish Birimian (m)STRATA
DF-12691920.51587.292BIRR
DF-004280.62820.208280.45291VC
DF-1252142150.28208244BIRR




267278BIRR
DF-1272402411.100239.65246.5BIRR
DF-1272412421.100


DF-127300.263010.245300.26308BIRR

 

Visual inspection of the core during sampling by GoviEx geologists have revealed the presence of visible chalcopyrite and pyrite mineralisation, and abundant evidence of shearing and quartz veining.

The results of the current core sampling program are expected before the end of the year and will be reported as soon as they are received.

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Figure 1: Location of the Falea Project in relation to surrounding known deposits and mines. (Background image SYSMIN Magnetic Vertical derivative).

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Figure 2: Location of holes previously Birimian sampled by previous owners.

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Figure 3(i): Photographs of selected drill holes:
DF565 - Chalcopyrite+quartz vein in fault zone

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Figure 3(ii): Photographs of selected drill holes:
DF515 - example of shearing and quartz vein

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DF 403

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DF 321

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Qualified Person Statement

The technical content of this press release has been reviewed and approved by Mr. Jerome Randabel, MAIG, Chief Geologist of GoviEx, a Qualified Person as defined in NI 43-101.

Technical Notes

Core samples are cleaned, photographed dry and wet, and then described in detail, including the colour, presence of quartz veins, shear zones and alterations. Presence of sulfides and principal fracture zones.

The sample length are delimited, at minimum of 0.5m to a maximum of 1.5m intervals. The core is then halved using a core saw.

For QAQC purposes for every 20 samples a duplicate, standard or a blank sample is inserted.

All samples weighed approximately 1kg and were prepared at the ALS preparatory laboratory in Bamako, Mali and assayed at the ALS laboratory in Ouagadougou, Burkina Faso, using gold by Fire Assay and AAS finish (detection limit = 100ppm). The laboratory will run blanks and standard samples to validate their results. For multi-element assay a four acid digest ICP-MS and ICP -AES method will be used. (Precision +/-7-15%)

Falea Mineral Resources

The mineral resources reported in the Falea Project highlight the relatively high silver and copper grades associated with the Indicated Resources. The mineralization at Falea is controlled the major faulting structures, similar to gold deposition.

CategoryTonnesU3O8CuAgU3O8CuAg
(MT)(%)(%)(g/t)(Mlb)(Mlb)(Moz)
Indicated6.880.1150.16172.817.424.416.11
Inferred8.780.0690.20017.313.438.74.9

 

Notes:
Source: Technical Report titled "Technical Report on the Falea Uranium, Silver and Copper Deposit, Mali, West Africa" prepared by Roscoe Postle Associates Inc. for Denison Mines Corp., October 26, 2015.

1. CIM definitions were followed for classification of Mineral Resources
2. Reported above a cut-off grade of 0.03% U308, based on a uranium price of US$75/lb
3. Bulk density is 2.65 t/m3
4. Numbers may not add due to rounding

The Company's mineral resources as at October 26, 2015 are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards - For Mineral Resources and Mineral Reserves" in accordance with the requirements of National Instrument 43-101 "Standards of Disclosure for Mineral Projects" (the Instrument). Mineral reserve and mineral resource estimates reflect the Company's reasonable expectation that all necessary permits and approvals will be obtained and maintained.

Mineral resources that are not mineral reserves do not have to demonstrate economic viability. Mineral resources are subject to infill drilling, permitting, mine planning, mining dilution and recovery losses, among other things, to be converted into mineral reserves. Due to the uncertainty associated with inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to indicated or measured mineral resources, including as a result of continued exploration.

The Mineral Resource Statement was prepared Mark Mathisen, C.P.G., Senior Geologist, of Roscoe Postle Associates Inc., who is a Qualified Persons as defined by the CIM Code.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

About GoviEx Uranium

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.

Information Contacts:
Govind Friedland, Executive Chairman
Daniel Major, Chief Executive Officer
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 in relation to, the objective of the core sampling program, that gold anomalies associated with the Birimian greenstones apparently underlaying the known uranium-copper-silver mineralization of the Falea Project, that the development of the Madaouela Project remains GoviEx's primary focus, core samples currently being taken will be analysed for gold and multi-elements, the potential extensions of the Sirabaya West and the Siribaya- Bambadinka gold trends through, and potentially intersecting within, the Falea Project, the mineral potential of the Falea Project, the timing for the completion of the core sampling program or assays.

Although the Company 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) the potential extensions of the Sirabaya West and the Siribaya- Bambadinka gold trends through, and potentially intersecting within, the Falea Project, that gold anomalies associated with the Birimian greenstones underlay the known uranium-copper-silver mineralization of the Falea Project, (ii) that the Madaouela Project will remains GoviEx's primary focus; (iii) that there will be no material delays in the completion of the sampling program or assays; and (iv) the price of uranium will remain sufficiently high and the costs of advancing the Company'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) that there is no extensions of the Sirabaya West and the Siribaya- Bambadinka gold trends through, and/or intersecting within, the Falea Project; (ii) the deposit does not meet the polymetallic and precious metal potential that was anticipated ; (iii) the inability or unwillingness of asseyers to complete and report the assays at all or in a timely fashion; (iv) the failure of the Company's projects, for technical, logistical, labour-relations, or other reasons; (v) a decrease in the price of uranium below what is necessary to sustain the Company's operations; (vi) an increase in the Company's operating costs above what is necessary to sustain its operations; (vii) accidents, labour disputes, or the materialization of similar risks; (viii) a deterioration in capital market conditions that prevents the Company from raising the funds it requires on a timely basis; and (x) generally, the Company'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 "Financial Risks and Management Objectives" in the MD&A for the year ended December 31, 2019, 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.

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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.

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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.

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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

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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

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