TORONTO, Aug. 15, 2018 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX-V: GLO / OTCBB: SYIFF / Frankfurt: G12) is pleased to announce the following exploration update from its flagship DASA Project in the Republic of Niger, West Africa.
Highlights:
- Drilling at DASA along strike and down dip has been successful in confirming Global Atomic’s geologic interpretation of the deposit and has identified five distinct areas of new mineralization.
- High grade mineralization was intersected at the Tegama Hill Main Zone, hole ASDH 577 returned 3,353 ppm eU 3 O 8 over 69.8 metres, including 38,653 (3.9%) eU 3 O 8 over 4.6 metres.
- Southwest Extension Zone 1 proved to have excellent mineralization in the Teloua formation, with hole ASDH 558 returning 19,933 (2.0%) eU 3 O 8 over 9.5 metres, which included 54,101 (5.4%) eU 3 O 8 over 3.3 metres. ASDH 574 returned 1,737 ppm U 3 O 8 over 85.9 metres, including 5,597 ppm eU 3 O 8 over 3.6 metres.
Stephen G. Roman, President and CEO, commented “Our geological model has proven correct with new high grade zones identified, which could have a substantial impact on the size of the DASA Deposit. Our next phase of drilling will focus on these extensions and a new resource will be calculated once Phase 2 drilling is completed. Currently, we continue to develop our Flank Zone area with CSA Global, with a PEA expected in September. The Flank Zone will be the target of initial operations in order to supply Orano Mining with mineralized material under the MOU signed in 2017” said Mr. Roman.
The following table summarizes latest drilling of the Tegama Hill extensions at DASA:
| Zone | Hole | From (meters) – To (meters) | Length (meters) | Grade (ppm/% eU 3 O 8 ) |
| Southwest Extension Zones 1 and 2 | ASDH 556G including ASDH 558 including ASDH 574E including including ASDH 578F including including including including ASDH 578G | 704.4 – 752.2 704.8 – 706.2 404.6 – 414.1 406.1 – 409.4 490.1 – 576.0 497.7 – 501.3 511.5 – 517.2 717.0 – 768.7 718.8 -721.5 731.7 – 734.5 765.2 – 768.4 765.7 – 768.3 787.6 – 799.4 | 47.8 1.4 9.5 3.3 85.9 3.6 5.7 51.7 2.7 2.8 3.2 2.6 11.8 | 1,806 13,511 (1.4%) 19,933 (2.0%) 54,101 (5.4%) 1,737 5,597 4,484 2,425 7,756 5,536 11,867 (1.4%) 15,308 (1.5%) 1,478 |
| Tegama Hill South Zone | ASDH 559B including ASDH 559I including | 451.1 – 459.3 453.2 – 455.1 661.0 -677.2 664.9 – 667.0 | 8.2 1.9 16.2 2.1 | 4,820 20,538 (2.1%) 2,098 13,286 (1.3%) |
| Tegama Hill Main Zone | ASDH 577E including DADH 388C including DADH 389D including including including including DADH 390A including DADH 390B including DADH 390C including including | 521.2 – 591.0 552.9 -557.5 494.2 – 561.0 511.7 – 513.4 492.1 – 589.1 498.7 – 500.3 543.2 – 544.3 546.3 – 550.0 585.2 – 587.6 420.6 – 437.5 431.1 – 433.9 505.6 – 525.3 513.6 – 516.2 529.6 – 547.7 539.4 – 541.4 543.3 – 544.8 | 69.8 4.6 66.8 1.6 97.0 1.6 1.1 3.7 2.4 16.9 2.8 19.7 2.6 18.1 2.0 1.5 | 3,353 38,653 (3.8%) 1,228 9,380 2,348 12,752 (1.3%) 21,285 (2.1%) 13,875 (1.4%) 8,465 1,175 5,348 1,017 2,576 848 2,393 2,018 |
| Northeast Extension Zone | DADH 379C DADH 381C including including | 430.5 – 435.5 359.0 – 378.0 360.5 – 363.5 368.0 – 369.0 | 5.0 19.0 3.0 1.0 | 1,454 1,010 1,863 2,455 |
* These are preliminary results based on gamma probing. Final results will be released once chemical assaying is completed at ALS Global in Vancouver, Canada. Terratec AG probed the holes using the Electomind DIL 1125 gamma probe and a Geiger Mueller probe UEP 1805 was used for high grades.
Mr. George A. Flach, P.Geo., VP Exploration, commented “The strataform nature of this sandstone deposit shows many intersections of mineralization that can be seen in the accompanying table. The exciting discoveries we have made include high grades in all units within the Jurassic, Triassic and Carboniferous sandstone horizons.”
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 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 km 2 . 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”), 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.
| Key contacts: | |
| Stephen G. Roman | George A. Flach, P.Geo. |
| Chairman, President & CEO | Vice President, Exploration |
| Tel: (416) 368-3949 | Tel: (416) 368-3949 |
| Email: sgr@globalatomiccorp.com | Email: gaflach@globalatomiccorp.com |
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/Attachm...9abd150bb0
