TORONTO, Aug. 08, 2018 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX-V: GLO / OTCBB: SYIFF / Frankfurt: G12) is pleased to announce continuing positive drill results from the DASA Uranium Project (“DASA” or the “Project”) in the Republic of Niger, West Africa.
DASA Project Drilling Highlights:
Mr. Stephen G. Roman, President and CEO of Global Atomic commented, “The completion of our Phase I, 2018, drill program has returned excellent results that will allow the Company to start mining as an open pit with significantly reduced capital requirements. The size and grade of the DASA deposit ranks this project above all other uranium projects on the African continent currently under development.”
A Preliminary Economic Assessment (“PEA”) is currently underway by CSA Global Pty Ltd. The PEA will study a two phase production scenario:
|The following table summarizes latest drilling from the Flank Zone at DASA using gamma probe:|
|Hole||From (metres) – To (metres)||Length (metres)||Grade (ppm eU3O8)|
|292.5 – 307.5|
295.5 – 301.0
|314.5 – 327.5|
317.5 – 321.0
|114.5 – 122.2|
118.9 – 119.7
|94.1 – 148.0|
123.5 – 124.5
131.0 – 135.0
146.6 – 147.7
|162.1 – 237.0|
162.9 – 169.2
|87.5 – 96.5|
92.5 – 96.0
|109.0 – 151.0|
120.5 – 134.5
|442.1 – 547.9|
511.8 – 517.2
|570.5 – 607.0|
579.9 – 588.0
|* These are preliminary results based on gamma probing. Final results will be released once chemical assaying is completed at ALS Global in Vancouver, Canada.|
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 is a TSX Venture listed company providing a unique combination of high grade uranium development and cash flowing zinc concentrate production.
The Company’s Uranium Division includes six exploration permits in the Republic of Niger covering an area of approximately 750 km2. Uranium mineralization has been identified on each of the permits, with the most significant discovery being the DASA deposit situated on the Adrar Emoles III concession, discovered in 2010 by Global Atomic geologists through grassroots field exploration. Using a 200 ppm eU3O8 cut-off, the Mineral Resource Estimate dated June 30, 2018 contains an Indicated Mineral Resource Estimate of 80.2 million pounds grading 1,364 eU3O8 and an Inferred Mineral Resource Estimate of 98.3 million pounds grading 738 ppm eU3O8.
Global Atomics’ Base Metals Division holds a 49% interest in Befesa Silvermet Turkey, S.L. (“BST”), which operates a processing facility located in Iskenderun, Turkey that converts Electric Arc Furnace Dust into a high-grade zinc oxide concentrate and 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 BST. Befesa is a market leader in EAFD recycling, capturing approximately 50% of the European EAFD market with facilities located throughout Europe and Korea.
|Stephen G. Roman||George A. Flach, P.Geo.|
|Chairman, President & CEO||Vice President, Exploration|
|Tel: (416) 368-3949||Tel: (416) 368-3949|
|Email: email@example.com||Email: firstname.lastname@example.org|
The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
A photo accompanying this announcement is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/a16568a5-0ce2-49ca-84a5-7cf00c2511c8