Jun 6 2014
Global Atomic Fuels Corporation ("Global Atomic" or "the Company"), a private Ontario corporation, is pleased to announce the latest resource update on its flagship Dasa Uranium Project located in the Tim Mersoi Basin, Republic of Niger.
The previously released figures generated by SRK Consulting (see Press Release, January 28, 2014) used data obtained solely from gamma probe information. The current calculation, using the SRK block model parameters, incorporates the diamond drill hole "chemical assays", as well as an updated "K factor" or "conversion factor" that converts the gamma probe data to an "Equivalent U3O8" (eU3O8) grade. The updated "K factor" was calculated by Mélabar Geoconsulting, based in Paris, France who has over 30 years experience in Niger's Tim Mersoi uranium basin.
Core drilling has been done on approximately 40% of the current Dasa resource and it is expected that the overall tonnage and grade will continue to improve when further core drilling is completed as Global Atomic upgrades the resource to the Measured and Indicated category.
The highlights below summarize Global Atomic's findings after including the updated "K factor" and assay data:
- High grade trend along strike bounded by the graben faults defined by recently completed IP survey
- Areas currently drilled with core holes and assayed, yielded > 20% grade increase in the Deep East block
- SRK gamma probe 100 ppm cutoff Block Model Quantities and Grade: 114 million pounds @ 636 ppm
- SRK cut off grade of 600 ppm generated an underground Inferred Resource of 76.8 million pounds @ 1,797 ppm
- Global Atomic revised Block Model at 100 ppm cut off generated a resource of 168 million pounds @ 575 ppm
- At a 600 ppm cut off (used for underground Inferred Resource) contains: 115 million pounds @ 1,828 ppm
- At 1,000 ppm cut off underground Inferred Resource contains: 95 million pounds @ 2,554 ppm
- At 1,500 ppm cut off underground Inferred Resource contains: 77 million pounds @ 3,420 ppm
"The inclusion of the updated 'K factor' and assay data has made a materially positive impact on the Dasa deposit," said Stephen G. Roman, Global Atomic's President and CEO. "Due to the high grade nature of this deposit, management has made the decision to do all future drilling with core rigs and chemical assays which gives the most accurate information on grade, geology and mineralogy. The Dasa discovery is open on strike and downdip and we are excited to complete an initial PEA on the current resource in addition to further drilling to expand the size of this deposit," said Mr. Roman.
QP Statement
Mr. George A. Flach, BSc., P.Geo., Vice President of Exploration, has reviewed this press release as the Qualified Person (QP) as defined in National Instrument 43-101.
About Global Atomic Fuels Corporation
Global Atomic Fuels Corporation is a private Ontario corporation founded in January, 2005 by executives with extensive experience in the mining and marketing of uranium. The Company has exploration agreements covering six uranium concessions in the Republic of Niger, covering an area of approximately 1,500 km2, as well as owning a database consisting of numerous uranium exploration targets around the world collected over a 30 year period by a major Canadian uranium producer.
Source: http://www.globalatomicfuels.com/