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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Forsys Metals Corp | TG:F2T | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.025 | 5.57% | 0.474 | 0.453 | 0.4945 | 0.00 | 22:50:01 |
Forsys is pleased to provide further interim drilling results from its 2024 Resource Extension and Exploration drilling program from Valencia (ML 149), at the Company’s Norasa Uranium project (“Norasa1”). The ~10,000 m drilling program currently underway is designed to expand and upgrade the Valencia resources adjacent to the current main pit. Positive results, such as 210 ppm U3O8 over a 253 m interval, including 16m at 655 ppm U3O8 (VA24-022), indicated there is significant potential to further increase the resources and grades around the Valencia orebody.
Highlights
Pine van Wyk, Forsys Country Director commented: “These high-grade intersections in the current drilling program demonstrate significant potential to further increase our resources and grades around the Valencia orebody. Multiple near-pit targets reported good grades that warrant follow-up work. The Valencia West extension in particular exhibits exciting potential to add substantial resource to the Valencia orebody and to enlarge the Valencia Main pit.”
The drilling program strategy is to expand and upgrade the Valencia resources adjacent to the current main pit. Drilling aims to assess mineralisation extension potential at two targets in the vicinity of the Valencia Main pit and to test the potential of four targets to the north and east of the pit (Figure 1).
A total of 71 drillholes for 9,637 metres of combined percussion and diamond drilling have been scheduled for the resource drilling program. At the time of reporting, and as detailed in Table 1, a total of 6,776.46 metres have been completed in 58 drillholes since the drilling program commenced in February 2024. To date, assays from 31 drillholes have been received and 6,332 down-hole metres have been surveyed with a gamma ray spectrometer. Assay results are quoted as U3O8, while calculated grades are denoted eU3O8.
Valencia Main Pit Extension and Resource Upgrade Drilling
The resource extension drill program tested potential targets adjacent to the main pit:
Completed and planned collar locations are shown in Figure 1.
Valencia Exploration Drilling
The neighbouring exploration target drill program is planned to identify additional resource potential at the Jolie Zone, Bundu, and Valencia North (Figure 1).
Figure 1: Overview map of the 2024 drill program as at 7 August 2024
Figure 2: Section 1 through the Valencia South and Valencia West targets. 2024 drillholes as at 7 August 2024 on a background of the May 2024 MRE block model.
Figure 3: Section 2 through the Valencia East target. 2024 drillholes as at 7 August 2024 on a background of the May 2024 MRE block model. Note higher grade (>400 ppm U3O8) in resource blocks that were previously modelled lower.
Table 1: 2024 drill campaign; reported from drillholes completed (as of 7 August, 2024); Widths are reported as drill hole lengths. Unless otherwise stated, true width is estimated to be approximately 75% of the downhole width.
Target | BHID | From (m) | To(m) | Width (m) | eU3O8(ppm) | U3O8(ppm) | Status |
Valencia West | VA24-001 | 69 | 83 | 14 | 291 | Complete | |
and: | VA24-001 | 92 | 98 | 6 | 218 | Core sampling | |
and: | VA24-001 | 123 | 146 | 23 | 76 | Core sampling | |
Valencia West | VA24-002 | 71 | 82 | 11 | 190 | Complete | |
and: | VA24-002 | 107 | 123 | 16 | 222 | Complete | |
Valencia West | VA24-003 | 52 | 59 | 7 | 110 | Complete | |
Valencia West | VA24-004 | 102 | 113 | 11 | 100 | Complete | |
Valencia West | VA24-005 | 80 | 96 | 16 | 104 | Complete | |
Valencia West | VA24-006 | 33 | 35 | 2 | 216 | Complete | |
Valencia West | VA24-007 | 61 | 75 | 14 | 161 | Complete | |
Valencia West | VA24-008 | 49 | 56 | 7 | 142 | Complete | |
and: | VA24-008 | 94 | 108 | 14 | 148 | Complete | |
Valencia West | VA24-009 | 35 | 66 | 31 | 117 | Complete | |
including: | VA24-009 | 44 | 48 | 4 | 200 | Complete | |
Valencia West | VA24-010 | 37 | 52 | 15 | 89 | Complete | |
Valencia West | VA24-011 | 9 | 56 | 47 | 123 | Complete | |
Valencia West | VA24-012 | 39 | 56 | 17 | 170 | Complete | |
Valencia West | VA24-013 | 103.57 | 118.1 | 14.53 | 126 | Complete | |
Valencia West | VA24-014 | 14 | 25 | 11 | 128 | Complete | |
Valencia West | VA24-015 | 55 | 90 | 35 | 96 | Complete | |
Valencia West | VA24-016 | 9 | 17 | 8 | 89 | Complete | |
Valencia West | VA24-017 | 17 | 22 | 5 | 95 | Complete | |
Valencia West | VA24-018 | 15 | 42 | 27 | 107 | Complete | |
Jolie | VA24-019 | 1 | 42 | 41 | 185 | Complete | |
including: | VA24-019 | 6 | 18 | 12 | 336 | Complete | |
Jolie | VA24-020 | 64 | 78 | 14 | 110 | Complete | |
Jolie | VA24-021 | 22 | 71 | 49 | 137 | Complete | |
and: | VA24-021 | 84 | 104 | 20 | 174 | Complete | |
Valencia South | VA24-022 | 0 | 253 | 253 | 210 | Complete | |
including: | VA24-022 | 189 | 207 | 18 | 655 | Complete | |
and: | VA24-022 | 366 | 409 | 43 | 363 | Assays awaited | |
Valencia South | VA24-023 | 179 | 232 | 53 | 213 | In progress | |
Valencia South | VA24-024 | 110 | 123 | 13 | 206 | Assays awaited | |
Valencia West and: | VA24-025VA24-025 | 4177 | 46106 | 529 | 460117 | Complete | |
Valencia West | VA24-026 | 60 | 82 | 22 | 101 | Complete | |
Valencia West | VA24-027 | 42 | 57 | 15 | 154 | Complete | |
Valencia West | VA24-028 | 95 | 127 | 32 | 199 | Complete | |
Valencia West | VA24-029 | 75 | 101 | 26 | 118 | Complete | |
Valencia West | VA24-030 | 76 | 86 | 10 | 124 | Complete | |
Valencia East | VA24-031 | 7 | 41 | 34 | 105 | Assays awaited | |
Valencia East | VA24-032 | 0 | 20 | 20 | 165 | Complete | |
Valencia East | VA24-033 | 7 | 14 | 7 | 204 | Assays awaited | |
Valencia East | VA24-034 | 10 | 55 | 45 | 173 | Assays awaited | |
including: | VA24-034 | 11 | 24 | 13 | 364 | ||
Bundu | VA24-038 | 19 | 39 | 20 | 157 | Assays awaited | |
Bundu | VA24-039 | 50 | 71 | 21 | 94 | Assays awaited | |
Bundu | VA24-040 | 19 | 60 | 41 | 124 | In progress | |
Bundu | VA24-041 | 58 | 60 | 2 | 122 | Assays awaited | |
Valencia East | VA24-042 | 36 | 40 | 4 | 104 | Assays awaited | |
Valencia East | VA24-043 | 70 | 90 | 20 | 313 | Complete | |
Valencia East | VA24-044 | 84 | 100 | 16 | 146 | Assays awaited | |
Valencia East | VA24-045 | 16 | 45 | 29 | 145 | Assays awaited | |
Valencia East | VA24-046 | 5 | 35 | 30 | 151 | Assays awaited | |
Valencia East | VA24-047 | 124566 | 305271 | 1875 | 120498247 | Assays awaited | |
Valencia East | VA24-048 | 92 | 118 | 26 | 262 | Assays awaited | |
Valencia West | VA24-050 | 91 | 96 | 5 | 168 | In progress | |
Valencia West | VA24-051 | 107 | 118 | 11 | 166 | Assays awaited | |
Valencia West | VA24-052 | 76 | 110 | 34 | 222 | Assays awaited | |
Bundu | VA24-054 | 18 | 20 | 2 | 144 | Assays awaited | |
Bundu | VA24-055 | 65 | 67 | 2 | 625 | Assays awaited | |
Bundu | VA24-056 | 1 | 29 | 28 | 198 | Assays awaited | |
Valencia East | VA24-057 | 14 | 21 | 7 | 166 | Assays awaited | |
Valencia East | VA24-058 | 11 | 55 | 44 | 84 | Assays awaited |
QAQCRecent (2023-2024) Sampling and Assays
External Check Assay LaboratoryFour percent of the samples sent to TEA Labs are sent for check analyses to SGS Laboratories (SGS) in South Africa; SGS which serves as the independent accredited laboratory. The sample results are further validated by comparison with the downhole radiometric scans.
Qualified Persons Statement for Mineral Resource The information in this release that relates to the Interim Drilling Results for the Norasa Project is based on information compiled or reviewed by Dr Guy Freemantle of The MSA Group (Pty) Ltd., Johannesburg, South Africa. The MSA Group are independent consultants to the Norasa Project, Namibia. Dr Freemantle holds a Bachelor of Science in Geology (2006) and Doctor of Philosophy in Geology (2017) both at the University of the Witwatersrand. He is a member of the Society of Economic Geologists (892905); a Fellow of the Geological Society of South Africa (965392); and is registered with SACNASP (Registration 117527). Dr Freemantle has practiced his profession continuously for 14 years and has sufficient experience and knowledge that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaken to fulfil requirements of a Qualified Person as per NI 43-101. Dr Freemantle consents to this release in the form and context in which it appears.
About Forsys Metals Corp.Forsys Metals Corp. (TSX: FSY, FSE: F2T, NSX: FSY) is an emerging uranium developer focused on advancing its wholly owned Norasa Uranium Project, located in the politically and uranium friendly jurisdiction of Namibia, Africa. The Norasa Uranium Project is comprised of the Valencia Uranium deposit (ML-149) and the nearby Namibplaas Uranium deposit (EPL-3638). Further information is available at the Company website www.forsysmetals.com
On behalf of the Board of Directors of Forsys Metals Corp. Richard Parkhouse, Director, Investor Relations. For additional information please contact:
Pine van Wyk, Country Director, Forsysemail: pine@forsysmetals.com
Richard Parkhouse, Director, Investor Relationsemail: rparkhouse@forsysmetals.com email: info@forsysmetals.comphone : +44 7730493432
Nikolas Matysek, Communications Manager (Canada)email: nmatysek@forsysmetals.com
Forward Looking Statement
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and Forsys Metals Corp disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
_______________________________1 The Norasa Uranium Project (“Norasa“) is wholly owned by the Company’s 100% subsidiary Valencia Uranium (Pty) Ltd. (“Valencia Uranium”) and comprises the Valencia uranium deposits (held under ML-149) ("Valencia”) and the Namibplaas uranium deposit (under EPL-3638, application for ML-251) (“Namibplaas”), located in the Erongo region of Namibia.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3cd02e59-4ce1-4c3a-8999-8396f13a4a06
https://www.globenewswire.com/NewsRoom/AttachmentNg/d35291ab-ef79-47d6-8849-25e87e5ec06e
https://www.globenewswire.com/NewsRoom/AttachmentNg/b57e5095-6fd8-4cbe-9b7c-fbabc991e0f1
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