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:
- The primary objectives of the 2018 drill program at DASA were to prove the potential for near term, open pittable production at the Flank Zone and to assess the potential for further discoveries and resource expansion on strike and down dip. Further results to follow as information is available.
- Drilling at the Flank Zone has intersected more high grade mineralization, hole ASDH 566 returned 5,400 ppm eU3O8 over 74.9 metres, including a high grade section returning 51,934 (5.2%) eU3O8 over 6.3 metres.
- Drilling at the Flank Zone is now complete and an updated National Instrument (“NI”) 43-101 Mineral Resource Estimate was completed with an effective date of June 30, 2018. The most recent drilling at the Flank Zone was not included in the latest Mineral Resource Estimate, but will be reflected future economic studies.
- Please see the table below for further drill results.
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:
- Phase I: Open pit mining at the Flank Zone whereby ore will be sold to a third party processing facility, providing near-term cash flow during a period of low uranium prices. To support this strategy, Global Atomic has signed a Memorandum of Understanding with Orano Mining (formerly AREVA Mining) to sell a minimum of 100,000 tonnes of ore annually at a grade of not less than 1,000 ppm U3O8.
- Phase II: Development of a standalone processing facility, timed to coincide with an expected improvement in uranium prices. The Company envisages continuing open pit mining and then ramping into the lower part of the mineralization from the pit bottom.
See table results summarising latest drilling from the flank zone at DASA using gamma probe.