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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.4585 | 0.4585 | 0.4585 | 0.00 | 00:00:00 |
Forsys is pleased to provide an update on the Company’s Norasa Uranium project (“Norasa1”) with interim results from its 2024 Resource Extension and Exploration target drilling program at Valencia (ML 149).
Highlights
The drilling program strategy is to expand and upgrade the Valencia resources, adjacent to the main pit and to the north and northeast of the pit. Six areas of mineralisation potential were delineated from exploration work that includes aerial photo interpretation; geological mapping; aeromagnetic surveys; airborne radiometric and ground scintillometer surveys; and review of historic drilling data. 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 (see Figure 1).
A total of 60 boreholes for 8,512 metres of combined percussion and diamond drilling have been scheduled for this program. Twenty-two of the first percussion drill holes, including 2 diamond drill extensions, intersected uranium mineralisation. Four PQ diameter diamond holes are underway at Valencia main to retrieve metallurgical samples.
Valencia Main Pit Extension DrillingDrilling has focused on two zones, to date, that have the potential to extend the Valencia Main deposit: at Valencia West and at Valencia South, to depths of up to 380 metres below surface. Completed and planned collar locations are shown with a ground scintillometer background in Figure 1.
The resource extension drill program tested potential targets adjacent to the main pit and includes:
Valencia Exploration DrillingThe neighbouring exploration target drill program is planned to identify additional resource potential at the Jolie Zone, Valencia East, Bundu, and Valencia North (Figure 1). Twenty-eight boreholes are scheduled, comprising 2,280 metres of drilling across the four targets:
Figure 1: Overview map of the 2024 drill program as of 16 May 2024. (ground scintillometer U-survey over GSN airborne Radiometric U data.)
Drilling Progress and HighlightsTable-1 below provides details of the recent boreholes completed:
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 | 103 | 105 | 2 | 162 | Core sampling | |
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 | 59 | 62 | 3 | 96 | Core sampling | |
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 | 232 | 232 | 194 | Pre-collar complete | |
including: | VA24-022 | 84 | 148 | 64 | 246 | Assays received | |
including | VA24-022 | 189 | 232 | 43 | 416 | to end of pre-collar |
Table 1: 2024 drill campaign; highlights reported from boreholes completed (as of 16 May, 2024); Widths are reported as drill hole lengths. Unless otherwise stated, true width is estimated to be approximately 75% of the downhole width.
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 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
R ichard 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ba6af87-83a2-4e0e-a297-b75f620e7093
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