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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 | 0.4475 | 0.475 | 0.00 | 07:56:04 |
Forsys is pleased to provide an update for the Company’s Norasa Uranium project (“Norasa1”) which comprises the deposits of Valencia Main and East, (“Valencia”), under Mining Licence (ML-149) and Namibplaas (“Namibplaas”) under EPL-3638, (ML-251 pending).
Highlights
Forsys has undertaken a comprehensive review and update of all of the parameters for a Mineral Resource Estimate (“MRE”) for the Norasa project using recent drill results together with the 2005-2011 previous MRE data. Confirmatory and geotechnical drilling, in conjunction with new survey information, including topographic surveys, down-the-hole optical televiewer surveys, trajectory surveys, and downhole gamma probe surveys, were used as inputs for mineral resource modelling. Re-interpretation of the previous database utilising all available data and modern estimation approaches has improved the definition of the MRE to more confidently support mine planning. This study, enhanced by an integrated and expanded drill program targeting existing and new areas together with a robust work plan of optimisation process testing and modelling, will help reinforce the upside potential of the Norasa project.
Pine van Wyk, Country Director for Forsys commented: “The comprehensive work done over the last twelve months on the Norasa Uranium Project has created a solid foundation to advance project development. The revised mineral resource model will help optimise the mine economics and process parameters. Results are expected soon from a column leaching test program currently being undertaken at SGS Laboratories in South Africa, which would establish the design basis of the planned heap leaching pads. With the existing ML149 permitted to commence mining, the large scale Norasa project is well advanced to take advantage of the strong uranium sector fundamentals.”
Mineral ResourcesResults are reported from recent remodelling of historical (2005-2011) drilling and recent 2023 drilling results. The Mineral Resources are reported within US$120/lb U3O8 pit shells, with a cut-off grade of 40 ppm U3O8 for each of the deposits at Valencia Main and East, (“Valencia”), under Mining Licence (ML-149) and US$120/lb U3O8 at 40 ppm U3O8 cutoff at Namibplaas (“Namibplaas”) under EPL-3638. The MRE are summarised as follows:
For the overall Norasa project, a conceptual open-pit shell constrained MRE for total deposits assessed from previous (2005-2011) and recent (2023) drilling results is estimated to be Measured and Indicated of 151.9 Mt at 136 ppm eU3O8, with contained metal oxide of 45.4 Mlbs U3O8 at Valencia Main. Inferred Resources for the Norasa project are estimated to be 224.5 Mt at 86 ppm eU3O8, with contained metal oxide of 42.6 Mlbs U3O8 (refer to Table 1):
Table 1: Mineral Resource Estimate for Norasa project as at 30 April 2024 at a 40 ppm U3O8 cut-off grade.
Class | Deposit | Mass Mt (metric) | Average Grade eU3O8 (ppm) | Material Content U3O8 Mlbs | Contained Metal U tonnes | |
Measured | Valencia East | |||||
Valencia Main | 7.6 | 171 | 2.9 | 1,099 | ||
Namibplaas | ||||||
Norasa | 7.6 | 171 | 2.9 | 1,099 | ||
Indicated | Valencia East | |||||
Valencia Main | 144.3 | 134 | 42.6 | 16,368 | ||
Namibplaas | ||||||
Norasa | 144.3 | 134 | 42.6 | 16,368 | ||
Measured & Indicated | Valencia East | |||||
Valencia Main | 151.9 | 136 | 45.4 | 17,467 | ||
Namibplaas | ||||||
Norasa | 151.9 | 136 | 45.4 | 17,467 | ||
Inferred | Valencia East | 1.0 | 114 | 0.3 | 97 | |
Valencia Main | 4.7 | 121 | 1.3 | 487 | ||
Namibplaas | 218.7 | 85 | 41.1 | 15,817 | ||
Norasa | 224.5 | 86 | 42.6 | 16,401 |
Notes: | |
1. | All tabulated data have been rounded and as a result minor computational errors may occur. |
2. | Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. |
3. | The Mineral Resource Statement for Norasa as at 30th April 2024 is reported at a cut-off grade of 40ppm U3O8 from within a conceptual pit-shell using the following assumed parameters:
|
4. | From the assumed parameters, a 40 ppm U3O8 cut-off grade was calculated, which together with the conceptual pit shell demonstrates reasonable prospects for eventual economic extraction (RPEEE) for the Mineral Resource. The assessment to satisfy the criteria of RPEEE is a high-level estimate and is not an attempt to estimate Mineral Reserves. |
Mineral Resource Estimation Methodology
A summary of the Mineral Resource modelling methodology is as follows:
Figure 1: 30 April 2024 MRE block model and US$120/lb U3O8 pit shells at Valencia Main and Valencia East, ML 149.
Figure 2: 30 April 2024 MRE block model and US$120/lb U3O8 pit shells at Namibplaas, EPL 3638.
Figure 3: Shows the stacked concordant surfaces generated parallel to the 3 marble bands and orientation of mineralisation aligned with the strata and axial planar cleavages in the fold hinge (guiding surfaces hidden) at Valencia.
Figure 4: Shows alaskite midpoint strings (yellow) linked in parallel to the the NE-SW oriented strike of the deposit.
In accordance with National Instrument 43-101 (“NI 43-101”) a Technical Report outlining the mineral resource estimation will be filed under Forsys’ profile on SEDAR+ (www.sedarplus.ca) within 45 days of the date of this release.
Assaying and QAQC
Workplan
Forsys is undertaking an infill and extension drilling program and optimisation work with the aim of expanding and upgrading the Mineral Resource:
Qualified Persons Statement for Metallurgy Mr Aveshan Naidoo is a Specialist Engineer: Hydromet and Economics, for DRA South Africa Projects (Pty) Ltd of Building 33, Woodlands Office Park, 20 Woodlands Drive, Woodlands, Sandton, 2080. He holds a Bachelor of Science in Chemical Engineering and a Master of Business Administration at the University of Witwatersrand. He is a registered Professional Engineer with the Engineering Council of South Africa (Registration No. 20130523). Mr Naidoo has been practising his profession continuously since 2008 and has 16 years of experience across a range of African projects. He is familiar with NI 43-101 and, by reason of his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.
Qualified Persons Statement for Mineral Resource The information in this release that relates to the updated Mineral Resource Estimate 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 and a PhD in Geology, 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 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.sedar+.com. 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) (“Nambiplaas”), located in the Erongo region of Namibia,2 Valencia Uranium (Pty) Ltd. Valencia Project Namibia Technical Report, Snowden, 2009.3 Forsys Metals Corp. Technical Report on the Namibplaas Deposit, Namibia, Optiro, 2011
Photos accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/2016b8e9-e68f-483e-822b-1424733835e1https://www.globenewswire.com/NewsRoom/AttachmentNg/f1685ef1-81f0-4936-a3e8-074025530934https://www.globenewswire.com/NewsRoom/AttachmentNg/09bf2f9e-0ec3-4b95-ac2b-7d8c5269f43bhttps://www.globenewswire.com/NewsRoom/AttachmentNg/7103e818-7dd1-42aa-abe6-d85e3ff8d22bhttps://www.globenewswire.com/NewsRoom/AttachmentNg/97832d3f-51e4-413f-94c3-52d8e0b1d136
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