TORONTO, Jan. 23, 2019 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX-V: GLO, FRANKFURT: G12) is pleased to report assay results from four holes drilled in 2018 at its DASA project, Republic of Niger. All four holes have returned substantially higher assay grades than previously reported probe results.
Highlights:
- Significant high grade intersection of 17,118 ppm U3O8 (1.71%) returned over 98 meters (“m”) in ASDH563, 135% higher than the previous probe-only estimate of 7,277 ppm eU3O8
- Laboratory assay limit of 17.62% U3O8 exceeded over an interval of 3.5m from 235.5m to 239.0m in ASDH563
- ASDH543 intersected 6,919 ppm (0.69%) U3O8 over 75m, approximately 37% higher than the prior probe estimate of 5,041 ppm eU3O8
Stephen G. Roman, President and CEO, commented, “These assay results indicate the probe underestimated previously released DASA drill results. Based on existing probe data, we knew that DASA was a significant uranium deposit, however, the grades and widths reported here will enhance the resource figures already announced and we will calculate an updated Mineral Resource Estimate as soon as all assays are received from the 2018 drill program.”
Table 1. Summary Assay Results Versus Probe
| Hole | From1 (Meters) | To1 (Meters) | Length (Meters) | Probe (ppm eU3O8) | Assay (ppm U3O8) | Assay (% U3O8) | % Increase Assay Over Probe | ||
| ASDH538 | 163.2 | 258.4 | 95.2 | 4,442 | 5,451 | 0.55% | 22.7% | ||
| ASDH538 | 199.1 | 200.5 | 1.4 | 27,720 | 30,541 | 3.05% | 10.2% | ||
| ASDH538 | 240.1 | 253.1 | 13 | 18,355 | 19,547 | 1.95% | 6.5% | ||
| ASDH541 | 240.3 | 284.6 | 44.3 | 6,682 | 7,286 | 0.73% | 9.0% | ||
| ASDH541 | 243.4 | 252.5 | 9.1 | 11,116 | 16,142 | 1.61% | 45.2% | ||
| ASDH541 | 267.3 | 269.5 | 2.2 | 20,806 | 20,675 | 2.07% | (0.6%) | ||
| ASDH543 | 221.0 | 296.0 | 75 | 5,041 | 6,919 | 0.69% | 37.3% | ||
| ASDH543 | 221.5 | 226.0 | 4.5 | 10,361 | 10,279 | 1.03% | (0.8%) | ||
| ASDH543 | 233.0 | 242.5 | 9.5 | 14,363 | 27,591 | 2.76% | 92.1% | ||
| ASDH563 | 153.0 | 251.0 | 98.0 | 7,277 | 17,118 | 1.71% | 135.2% | ||
| ASDH563 | 198.0 | 244.1 | 46.1 | 12,456 | 32,453 | 3.25% | 160.5% | ||
| ASDH563 | 231.2 | 239.7 | 8.5 | 25,140 | 115,977 | 11.60% | 361.3% | ||
| ASDH543 | 235.5 | 239.0 | 3.5 | > 25,140 | > 176,206 | > 17.62%* | 600.9% | ||
| 1. Downhole lengths on shallow dipping holes, does not represent vertical depth. * The maximum detection limit of ALS Global Vancouver is 17.62% U3O8. These samples are being sent to a second lab for assaying | |||||||||
Background
Uranium resource estimates are typically calculated using data from downhole probes that use a scintillometer to measure radioactivity. Probes are carefully calibrated against known, standard holes. For the drilling in 2018 Global Atomic used probes calibrated both against standard holes in Bessines, France and in Arlit, Niger. The DASA resource update published in July 2018 used the historic database of results, plus probe data from 36 of the 58 holes drilled.
Chemical assay data allows a further calibration on the dataset. For the 58 holes drilled by Global Atomic in 2018, XRF analysis at ALS Global Vancouver (“ALS”) is currently underway. Results for the first four holes have been released, and are shown below. The assay data from the remaining 54 holes is expected in the coming weeks. Once all assay and probe data is returned, a final correlation coefficient (the K-factor) can be calculated. A Mineral Resource Estimate updated to include all 58 holes drilled in 2018, with a new K-factor applied to results, will be released in H1 2019. Global Atomic uses the industry convention to report estimate grades (“eU3O8”) until the data set is updated with assay results and a new K-factor calculation applied, when grades can be reported as U3O8.
Results
Results received from four holes ASDH538, ASDH541, ASDH543, and ASDH563 show consistently higher grades than the probe results previously reported.
ASDH538 returned 95.2 meters (“m”) at 5,451 ppm (0.55%) U3O8 which is approximately 23% higher than the previous probe-only estimate. ASDH541 returned 44.3m at 7,286 ppm (0.73%) U3O8 grading 9% higher than the prior probe estimate and ASDH543 returned 75.0m, grading 6,919 ppm (0.69%) U3O8 approximately 37% higher than the prior probe estimate.
ASDH563 returned a 98.0m intersection, at 17,118 ppm (1.71%) U3O8 significantly higher than the previous probe-only estimate recorded over an interval of 107.3m. Grade intervals established from assaying are definitive. Within drill hole ASDH563 a 3.5m interval from 235.5m to 239.0m exceeded ALS Labs assay limit of 17.62% U3O8 and further steps are being taken to determine the grade of these samples.
Figure 1, below, shows Section 1900NW, and holes ASDH538 and ASDH541. Figure 2, below, shows Section 1950NW and holes ASDH563 and ASDH543.
Table 1, above, includes a selected number of higher grade intersections that indicate the discrepancy between probe and assay data is larger at higher grades. The exact nature of the relationship between probe data and assay data will only be established once all the assay data is returned and a definitive K-factor can be calculated.
QA/QC Statement
The company has implemented a quality assurance and control (“QA/QC”) programme to ensure sampling and analysis of exploration work is conducted in accordance with industry standards. Drill core is pulverized and split in Niamey, Niger. The pulps are then sent to ALS laboratories in Vancouver for 36 element ICP and XRF assaying. Certified reference standards and blanks are inserted into the sample stream on a regular interval basis and monitored as part of the QA/QC program.
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 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.
Global Atomics’ Base Metals Division holds a 49% interest in Befesa Silvermet Turkey, S.L. (“BST”) joint venture, which operates a processing facility, located in Iskenderun, Turkey, that converts Electric Arc Furnace Dust (“EAFD”) into 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, capturing approximately 50% of the European EAFD market with facilities located throughout Europe and Korea.
BST is well underway with an expansion project to significantly modernize and expand its processing plant in Turkey. The expansion is targeted to double annual production of zinc from 30 million lbs to 60 million lbs and is supported by EAFD supply currently available for processing in Turkey. The new plant is scheduled for completion by September 2019.
Key contacts:
| Stephen G. Roman | Merlin Marr-Johnson |
| Chairman, President & CEO | Executive VP |
| Tel: (416) 368-3949 | Tel: +44 (0)78à03 712 280 |
| Email: sgr@globalatomiccorp.com | Email: mmj@globalatomiccorp.com |
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 Atomic’s development potential and timetable of its operating, development and exploration assets; Global Atomic’s ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs 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", “targets”, "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements 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 as of the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 on forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Global Atomic’s annual and interim MD&As.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Figures accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/59e61fa6-18ee-40c7-b7ae-d05aef7de064
http://www.globenewswire.com/NewsRoom/AttachmentNg/ac762ab0-ac7b-4104-b8dc-468e4f0a83e8