Positive Initial Report for Dasa Project 2021/2022 Drill Program

 
 

   Including     Hole ASDH592     65 meters at 5,493 ppm including 12.5 meters at 14,142 ppm   

 

 Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) provides this initial report on the Company's 15,000-meter drill program that commenced September 2021 at the Dasa Project.

 

The program at Dasa was designed to follow up on previously discovered uranium mineralization proximal to Zone 3 of the current Feasibility Study Phase I Mine Plan and has succeeded in extending Zone 3 with additional high-grade mineralization (see Figure 1).   Approximately 6,000 meters have been drilled to date on 25-meter spacings between drill holes to support the addition of mineral reserves and an updated mine plan.

 

 

  Figure 1 - Dasa Longitudinal section N60; New mining potential (CNW Group/Global Atomic Corporation) 

 
 

This extension to Zone 3 is not included in Dasa's Reserve calculations as it was an Inferred mineral resource (see Figure 2), based on wider-spaced drilling completed during previous drill campaigns.

 
 

  Figure 2 - Dasa contains substantial Inferred resources that infill drilling can convert into a Measured and Indicated resource (CNW Group/Global Atomic Corporation) 

 
 

Infill and step-out drilling completed since September has exceeded expectations and outlined continuous mineralization over a strike length of 300 meters and a width of 80 meters. This Zone 3 extension will be applied to update the current Phase I Mine Plan and is expected to substantially reduce the amount of underground development, lower capital and operating expenses and extend the life of the Phase 1 Mine Plan.

 

Drilling is currently continuing in the northeast direction from Zone 3 to determine the potential for up-dip extentions. The next target of the 2021/2022 Dasa drilling program will be in-fill drilling  between Zones 2A, 2B and 3 with the goal of converting this significant Inferred resource to the Measured and Indicated resource categories.

 

The equivalent U3O8 indicated below were derived using a Gamma Probe.  Core samples are being prepared and will be shipped to ALS Geochemistry - North Vancouver, Canada for chemical assaying as per usual protocols.

 

Table 1: Significant intersections (2000 ppm eU3O8 cut-off allowing internal dilution of 3m where geology continuity proven)

 
 
                                                                                               
 

   Hole ID   

 
 

   From (meters)   

 
 

   To (meters)   

 
 

   Interval (meters)   

 
 

   eU3O8 (ppm)   

 
 

   ASDH589   

 
 

  478.60  

 
 

  578.40  

 
 

   99.80   

 
 

   2,615   

 
 

   Incl.   

 
 

  504.30  

 
 

  577.30  

 
 

   73.00   

 
 

   3,365   

 
 

   Incl.   

 
 

  535.50  

 
 

  577.30  

 
 

   41.80   

 
 

   4,306   

 
 

   ASDH590   

 
 

  478.60  

 
 

  553.20  

 
 

   74.60   

 
 

   2,086   

 
 

   Incl.   

 
 

  499.30  

 
 

  541.60  

 
 

   42.30   

 
 

   3,125   

 
 

   ASDH591   

 
 

  374.80  

 
 

  465.70  

 
 

   90.90   

 
 

   1,682   

 
 

   Incl.   

 
 

  436.80  

 
 

  464.60  

 
 

   27.80   

 
 

   3,419   

 
 

   Incl.   

 
 

  449.10  

 
 

  464.30  

 
 

   15.20   

 
 

   4,440   

 
 

   ASDH592   

 
 

  434.40  

 
 

  499.40  

 
 

   65.00   

 
 

   5,493   

 
 

   Incl.   

 
 

  484.80  

 
 

  497.30  

 
 

   12.50   

 
 

   14,142   

 
 

   ASDH593   

 
 

  359.10  

 
 

  398.40  

 
 

   39.30   

 
 

   1,231   

 
 

   Incl.   

 
 

  373.00  

 
 

  377.30  

 
 

   4.30   

 
 

   2,519   

 
 

   Incl.   

 
 

  390.10  

 
 

  391.80  

 
 

   1.70   

 
 

   4,973   

 
 
 

  408.10  

 
 

  432.40  

 
 

   24.30   

 
 

   999   

 
 

   Incl.   

 
 

  410.50  

 
 

  418.80  

 
 

   8.30   

 
 

   1,340   

 
 

   Incl.   

 
 

  418.10  

 
 

  418.60  

 
 

   0.50   

 
 

   2,256   

 
 

   ASDH594   

 
 

  386.30  

 
 

  449.90  

 
 

   63.60   

 
 

   2,007   

 
 

   Incl.   

 
 

  391.40  

 
 

  425.80  

 
 

   34.40   

 
 

   3,053   

 
 
 

  George Flach , VP Exploration stated, "We are very encouraged with the results of our drill program. Gamma probes show the same high grade eU 3 0 8 values that define the Dasa Deposit. We are approximately 40% through this 15,000-meter drill program and look forward to incorporating assay results into an updated mineral reserve and mine plan later this year."

 

  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.

 

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.

 
 

  Global Atomic Corporation (CNW Group/Global Atomic Corporation) 

 
 

SOURCE Global Atomic Corporation

 

 

 

 Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/January2022/19/c0893.html  

 
 

News Provided by Canada Newswire via QuoteMedia

GLO:CA,GLATF
The Conversation (0)
GLOBAL ATOMIC PROVIDES DASA PROJECT UPDATE

GLOBAL ATOMIC PROVIDES DASA PROJECT UPDATE

 
 

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (FRANKFURT: G12) (OTCQX: GLATF) is pleased to report on the continuing development of its Dasa Uranium Project in the Republic of Niger .

 

  Stephen G. Roman , President & CEO, stated, " The primary question investors ask is regarding the timing of a term sheet for our banking syndicate's Dasa Project loan facility. While this has been a much longer process than expected, the financing terms are in the final stage of completion, which, upon agreement, will then go to the banks' Boards for approval prior to announcement to our shareholders."  

 

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Global Atomic Announces Q1 2023 Results

Global Atomic Announces Q1 2023 Results

 
 

   Dasa Uranium Project On Schedule to Produce Yellowcake in Q1 2025   

 

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) announced today its operating and financial results for the quarter ended March 31, 2023 .

 

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Global Atomic Completes a Second Definitive Agreement to Supply Uranium to a Major North American Utility

Global Atomic Completes a Second Definitive Agreement to Supply Uranium to a Major North American Utility

 
 

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) announced today that the Company has formalized its June 2022 Letter of Intent by signing a Definitive Agreement with a major North American utility for their procurement of uranium from the Dasa Project. The agreement represents the supply of up to 2.1 million pounds U 3 O 8 within a multi-year delivery window beginning in 2025, representing about 7% of Dasa's annual production over the period with a revenue potential valued in excess of US$110 million in real terms.

 

In January 2023 , the Company formalized a similar agreement with another major North American utility for the procurement of Dasa's uranium, representing the supply of 2.4 million pounds U 3 O 8 over a six-year period commencing in 2025, representing a revenue potential of US$140 million in real terms.  In total these two agreements represent revenue potential of over US$250 million .

 

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Global Atomic Announces 2022 Results

Global Atomic Announces 2022 Results

 
 

   Dasa Uranium Project On Schedule to Produce Yellowcake in Q1 2025   

 

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) announced today its operating and financial results for the year ended December 31, 2022 .

 

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Global Atomic Update and Outlook for 2023

Global Atomic Update and Outlook for 2023

 
 

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTC-QX: GLATF) (Frankfurt: G12) is pleased to report on operations at its Turkish zinc recycling joint venture and its Dasa Uranium Project in the Republic of Niger .

 

   Turkish Zinc Recycling Joint Venture   

 

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
John Ciampaglia, nuclear reactors.

John Ciampaglia: Uranium Turnaround? Spot Price Pop, Stocks and SPUT Raise

John Ciampaglia, CEO of Sprott Asset Management, discusses uranium supply, demand and pricing, also sharing details on the Sprott Physical Uranium Trust's (TSX:U.U,OTCQX:SRUUF) recently closed US$200 million bought-deal financing.

"It's clearly acted as a very positive catalyst — the spot price has popped, a lot of the equities have popped on this," he said about the agreement.

Keep reading...Show less
Canadian and Saskatchewan flags waving under a clear blue sky.

13 Uranium Companies Exploring Canada's Athabasca Basin

Uranium market watchers know that Canada’s Athabasca Basin is among the world’s richest uranium jurisdictions and hosts several of the highest-grade uranium deposits on the planet.

Spanning close to 100,000 square kilometers of the Canadian Shield of Northern Saskatchewan and Alberta, the Athabasca Basin is a major contributor to Canada’s status as the second largest uranium producer and the third largest country by uranium reserves.

Unsurprisingly, the region is home to the world’s largest uranium mine, Cigar Lake. The mine reports average grades of 14.69 percent U3O8 and accounts for 14 percent of global uranium production.

Keep reading...Show less
Terra Clean Energy (CSE:TCEC)

Terra Clean Energy


Keep reading...Show less
A$4.5M Placement to Underpin Resource Growth Strategy

A$4.5M Placement to Underpin Resource Growth Strategy

GTI Energy (GTR:AU) has announced A$4.5M Placement to Underpin Resource Growth Strategy

Download the PDF here.

Latest Press Releases

Related News

×