Our client in Toronto, ON: Global Atomic Corporation (“Global Atomic” or the “Company”; TSX: GLO; Frankfurt: G12; OTCQX: GLATF), has a unique combination of high grade uranium development and cash flow from a recycling facility that produces zinc concentrate. Global Atomic recently announced an update on the Dasa Uranium Project (“Dasa”), in the Republic of Niger and on the BST Joint Venture Zinc Project in Turkey.
- Dasa trade-off studies completed during 2019 have led to the compilation of an optimized Preliminary Economic Assessment (“PEA”), by CSA Global Pty. Ltd., incorporating the high value Flank Zone with a Phase 1 mining plan to be completed in Q1, 2020.
- The optimized PEA will form the basis of an NI 43-101, Final Technical Report, to be submitted to the Government of Niger in Q4, 2020, in support of the application for the Dasa mining permit.
- The 2020 work program currently underway includes further metallurgical test work, an Environmental Impact Statement (“EIS”), and hydrogeological studies for inclusion in the Final Technical Report.
- Improved zinc prices and steady-state production achieved at the new BST plant in Turkey.
Mr. Stephen G. Roman, President & CEO of Global Atomic said, “We are pleased with the feasibility study progress at Dasa. The Flank Zone has been a game changer for our initial Phase 1 mining plan. With high grades of 0.5% U3O8 we envision a small tonnage ramp access mine in the Flank Zone, that will produce a meaningful amount of uranium with low Capex and Opex. Should uranium prices improve and demand increase, the Dasa Mine and processing facilities can be scaled up to generate higher throughputs.
Furthermore, we are pleased at the performance of the new BST plant in Turkey that continues to operate well and will provide a valuable source of cash flow for the Company going forward.”
Dasa Uranium Project, Republic of Niger The Dasa project field work is progressing well on a number of fronts. Art & Genie Environmental Consultants based in Niamey, Niger, have been retained to complete the EIS required for the Technical Report and arecurrently active in the field. ENYSA Drilling, also based in Niamey, have been retained to complete the hydrogeological drilling needed for the optimized PEA. They are currently on site completing this drill program.
In Canada, Project Research Ortech Ltd., based in Mississauga, Ontario, are completing Flank Zone metallurgical test work and flow sheet design under the direction of Insight R&D and Dr. Santiago Faucher. The test work is
progressing well and the data will be incorporated into the forthcoming optimized PEA.
CSA Global Pty. Ltd., has overall responsibility for the PEA and has completed the initial mine design for Phase 1 mining of the Flank Zone with all assumptions, parameters and project financial results to be released in due
course in line with the PEA scheduled completion mentioned above.
METC Engineering of Johannesburg, South Africa, are currently designing the Dasa process plant and will have Capex and Opex data for inclusion in the PEA.
SOURCE: GLOBAL ATOMIC
DATE: JANUARY 29, 2020