Global Atomic Triples Indicated Resource and Improves Grade at its Flagship DASA Project
Indicated Resources tripled to 64.8 million pounds and grade improved 18% to 3,068 ppm eU3O8
Inferred Resource presently stands at 48.4 million pounds at 2,600 ppm eU3O8
TORONTO, June 05, 2018 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX-V:GLO) is pleased to announce an updated National Instrument 43-101 (“NI 43-101”) compliant Mineral Resource Estimate for DASA Project (“DASA”) located in Niger, West Africa.
Global Atomic commissioned CSA Global Pty Ltd. (“CSA Global”) to prepare an updated Mineral Resource Estimate based on an additional 36 drill holes totalling approximately 15,000 meters drilled year-to-date. A majority of the drilling has been concentrated on the high-grade Flank Zone, on the southern side of the graben structure at depths of less than 350 meters. The highly successful drilling has led to improved understanding of the deposit in this area, resulting in a substantial resource upgrade.
Reflecting the successful drilling at the Flank Zone, the updated mineral resource has been reported in two parts; those that are likely to be pit constrained and deeper high-grade material that is more suited to underground mining (Table 1). Presently approximately 98.6% of the near surface resource is categorized as Indicated Resources, enabling Global Atomic to progress a more detailed technical study of the near-term economic potential to be reported later in Q3 2018.
Stephen G. Roman, Chairman, President and CEO, commented, “The work completed to-date has confirmed the geological structure and continuity of the Flank Zone, while also improving the overall grade of the deposit, particularly near surface.” Mr. Roman added, “The next step is to complete an economic assessment of both the near surface, pit constrained resources as well as the underground resources.”
Table 1. Resource Estimate
Category
Tonnes
eU3O8
Contained metal
Mt
ppm
Mlb
Indicated – Pit Constrained
7.08
3,251
50.8
Indicated – Underground
2.5
2,553
14.1
Total Indicated
9.59
3,068
64.8
Inferred – Pit Constrained
0.26
1,135
0.7
Inferred – Underground
8.18
2,647
47.7
Total Inferred
8.44
2,600
48.4
* These results are based on gamma probing. Final results will be released once chemical assaying is completed at ALS Global in Vancouver, Canada.
Mineral Resources are based on CIM definitions and is reported as at 1st June 2018.
Mineral Resources for pit constrained resources are estimated within the limits of an ultimate pit shell
Mineral Resources for underground resources are estimated outside the limits of ultimate pit shell.
A cut-off grade of 320 ppm eU3O8 has been applied for open pit resources.
A cut-off grade of 1200 ppm eU3O8 has been applied for underground resources.
A bulk density of 2.36t/m3 has been applied for all model cells.
Rows and columns may not add up exactly due to rounding.
Mineralization Interpretation
Drilling was completed at 50 meter x 50 meter spacing with more densely drilled holes in the central part of the deposit, particularly around the Flank Zone. Infill drilling completed to-date targeted the southern Flank Zone of the graben which previously had limited drilling. The additional drilling improved confidence in the geological interpretation and grade continuity which allowed a significant upgrade to the resource classification in the drilled areas.
The deposit was modelled on 50 meter cross sections oriented perpendicular to the strike of the deposit to create a series of constraining resource wireframes. A block model was created inside the wire frames using 20 meter x 20 meter x 4 meter parent blocks. Ordinary Kriging was used to interpolate grades into the block model. The methodology used for the mineral resource estimate was the same as that reported in the CSA Global Report R186.2017 “NI 43-101 Technical Report, DASA Uranium Project, Central Niger” filed on SEDAR in 2017. A full technical report will be filed in July.
Pit Optimization
CSA Global also completed a conceptual pit optimization study based on the updated block model, to assess the scale of eventual economic extraction management envisages as an open pit mining operation. The mineral resources above a 320 ppm cutoff were reported within the constraining conceptual optimized pit. The material outside of the pit constrained resources was considered for extraction by underground mining methods and was reported at a higher cut-off of 1,200 ppm. Table 2 contains examples of tonnages and grades at varying cut-off values within the resource model.
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.
Independent Qualified Person, Dmitry Pertel, Geologist, of CSA Global Pty Ltd. has reviewed and approved the technical contents of 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.
Global Atomics’ 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 the BST joint venture which operates a re-processing facility located in Iskenderun, Turkey that converts EAFD (Electric Arc Furnace Dust) 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”), holds a 51% interest in and is the operator of BST. Befesa is a market leader in EAFD recycling, capturing approximately 45% to 50% of the European EAFD market with facilities located throughout Europe and Korea.
Key contacts:
Stephen G. Roman Chairman, President & CEO Tel: (416) 368-3949 Email: [email protected]
George A. Flach, P.Geo. Vice President, Exploration Tel: (416) 368-3949 Email: [email protected]
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.
Effective Rig Count falls by 49 in May By Bevo Beaven, Editor, Oil & Gas 360 Oil & Gas 360 has released the latest Effective Rig Count, a measure that evaluates the state of drilling activity in the U.S. shale plays and links the reported production from the major shale basins. Drilling productivity keeps increasing. The Effective Rig Count for[Read More…]
