Global Atomic Updates Dasa’s Mineral Resource Estimate Significant Conversion of Inferred to Indicated Expected to Impact Mineable Reserves
NEWS RELEASE
Global Atomic Updates Dasa’s Mineral Resource Estimate
Significant Conversion of Inferred to Indicated Expected to Impact Mineable Reserves
Toronto, ON, May 23, 2023: Global Atomic Corporation (“Global Atomic” or the “Company”),
(TSX: GLO, OTCQX: GLATF, FRANKFURT: G12) announced today that the Company has
updated its Mineral Resource Estimate (”MRE”) for its Dasa Project in the Republic of Niger.
The new MRE was calculated by AMC Consultants , (“ AMC”), of Perth, Western Australia,
incorporating drill, probe and chemical assay data compiled from an extensive 16,000-meter drill
program initiated in September 2021, that focused on infill drilling to upgrade Inferred Resources
to the higher resource classification of Indicated, which allows these resources to be included in
an updated Mine Plan and Mineral Reserve.
In addition, all geotechnical data derived from drill core was incorporated. The geological model
of the Dasa Deposit continues to demonstrate excellent continuity and the next phase of drilling
in now being planned.
It is important to note that unlike the 2019 MRE the new MRE is focused solely on an Underground
Mine Model and does not include open pit modelling of near surface mineralization. As shown in
Table 2 below, this had the effect of increasing tonnage with varying impact on grade depending
upon the applied cut-off grade.
Table 1: Dasa Mineral Resources as at May 12, 2023
Category Tonnes
Mt
eU3O8
ppm
Contained Uranium
eU3O8 Mlb
Indicated 10.09 4,913 109.3
Inferred 4.45 5,243 51.4
1. Ordinary Kriging (OK) method used to interpolate uranium grades in a block model.
2. Mineral Resources are based on CIM definitions.
3. Assumes all resources to be mined from a ramp access, underground mine.
4. A cut-off grade of 1,480 ppm eU3O8 has been applied for underground resources.
5. A bulk density of 2.36t/m3 has been applied for all model cells.
Global Atomic President and CEO, Stephen G. Roman commented, “ The results of the drill
program were successful in significantly increasing Dasa’s Indicated Resources, much of which
is expected to be upgraded to a Mineable Reserve when included in the planned revis ion to
Dasa’s Mine Plan and Updated Feasibility Study . The drilling also gave us a big boost in
additional Inferred Resources with excellent grades that will be the target for further drilling.”
“The Company intends to update the Dasa mine plan and Feasibility Study by the end of this year,
using the new MRE as well as actual costs for mining and capital costs for the processing plant.
As the current Feasibility Study is based on a US$35/lb uranium sale price and spot prices are
now above US$50/lb, there will be an opportunity to lower the cut-off grade, increase the mineable
reserves and improve Dasa Project economics.”
In the following table, the Indicated Resource using a cut -off grade of 1,500 ppm eU3O8, has
increased by 50%, showing an excellent conversion factor from Inferred.
Page 2 of 4
Table 2: Comparative Grade / Tonnage Report at Varying Cut-Off Grades
May 2023 Revised Estimate July 2019 Estimate % Change
Cut-Off
Grade Category Tonnes
(Mt)
Uranium
Content
eU3O8
ppm
Contained
Uranium
eU3O8
Mlb
Tonnes
(Mt)
Uranium
Content
eU3O8
ppm
Contained
Uranium
eU3O8
Mlb
Contained
Uranium
eU3O8
Mlb
100 Indicated 103.6 803 183.5 81.6 718 129.1 42%
Inferred 71.0 636 99.5 96.1 606 128.4 -23%
320 Indicated 44.9 1,602 158.5 32.0 1,530 108.0 47%
Inferred 25.4 1,435 80.4 35.0 1,333 102.7 -22%
1,200 Indicated 12.6 4,201 117.1 7.9 4,483 78.0 50%
Inferred 5.9 4,320 56.1 8.4 3,783 69.9 -20%
1,500 Indicated 10.1 4926 109.6 6.2 5328 73.1 50%
Inferred 4.4 5349 51.5 6.3 4563 63.7 -19%
2,500 Indicated 5.7 7,258 91.0 3.6 7,849 61.9 47%
Inferred 2.4 8,211 43.2 3.4 6,838 51.4 -16%
10,000 Indicated 0.9 22,185 43.5 0.6 24,401 31.1 40%
Inferred 0.6 18,362 25.3 0.8 14,598 25.3 0%
Based on Dasa’s previous MRE, that was effective as of June 1, 2019, the Company identified
specific areas of Indicated Resources and significant areas of Inferred Resources, particularly in
the lower left-hand side of Figure 1 below and between Zones 2 and 3. This information guided
the location of infill drilling as part of the 16,000-meter drill program.
Figure1: Dasa Project longitudinal section based on 2019 Mineral Resource Estimate.
Page 3 of 4
Figure2: Dasa Project longitudinal section based on 2023 Mineral Resource Estimate.
Drill cores from the program were assayed at ALS Labs in Vancouver, Canada, by wavelength
dispersion X-Ray Fluorescence Spectrometry for Uranium on pressed powder pellet for all the
samples then on disc (pulp sample + lithium borate flux; mixture fused at 1050 – 1100°C) for all
samples grading above 1,500 ppm.
The assaying carried out by ALS and the high -grade samples above 12% uranium cont ent by
SGS Lakefield laboratory were validated and used to calculate a new Gamma Probe / Assay
correlation line. The newly derived equivalent grades were used for the 2023 MRE. Figure 2
shows a significant conversion of Inferred to Indicated Resources and the potential for an
expansion of Dasa’s Mineral Reserve.
QP Statement
This news release has been reviewed and approved by Mr. A. Christophe Din, MSc, MAusIMM,
Exploration Manager for Global Atomic Corporation, who is a “qualified person” under National
Instrument 43-101 – Standards of Disclosure for Mineral Properties. Mr. Din holds a Diplôme de
Formation Spécialisée from École Nationale Supérieure des Mines de Paris and is a member of
the Australian Institute of Geoscientists.
Disclosure in this news release pertaining to mineral resources has been reviewed and approved
by Dmitry Pertel, M.Sc., MAIG, a “Qualified Person” as defined in in National Instrument 43-
101. Dmitry is Principal Geologist with AMC Consultants Pty Ltd. of Australia. He is a registered
Professional Geoscientist and a graduate of Saint Petersburg Mining University and a member of
the Australian Institute of Geoscientists (AIG) with 34 years of work experience since graduation.
Page 4 of 4
About Global Atomic
Global Atomic Corporation ( www.globalatomiccorp.com) is a publicly listed company that
provides a unique combination of high- grade uranium mine development and cash-flowing zinc
concentrate production.
The Company’s Uranium Division includes four deposits with the flagship project being the large,
high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field
exploration. With the issuance of the Dasa Mining Permit and an Environmental Compliance
Certificate by the Republic of Niger, the Dasa Project is fully permitted for commercial
production. The Phase 1 Feasibility Study for Dasa was filed in December 2021 and estimates
yellowcake delivery to utilities to commence in 2025. Mine excavation began in Q1 2022.
Global Atomic’s Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L.
(BST) Joint Venture, which operates a modern zinc production plant, located in Iskenderun,
Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce 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 the
BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the
European EAFD market and facilities located throughout Europe, Asia and the United States of
America.
Key contacts:
Stephen G. Roman
Chairman, President and CEO
Tel: +1 (416) 368-3949
Email: [email protected]
Bob Tait
VP Investor Relations
Tel: +1 (416) 558-3858
Email: [email protected]
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