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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Forsys Metals Corp | TSX:FSY | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.09 | 9.57% | 1.03 | 1.00 | 1.03 | 1.03 | 0.92 | 0.92 | 449,243 | 21:00:01 |
Consolidated projects to be called "Norasa"
"FSY" TSX
"F2T" Frankfurt
"FSY" NSX
Shares Outstanding: 109,875,422
TORONTO, Jan. 23, 2013 /CNW/ - Forsys Metals Corp ("Forsys" or the "Company") is pleased to announce positive drilling results from an extension exploration program on the Company's fully permitted Valencia Mining Licence 149 in Namibia, Africa. The new discovery, "Valencia East" is located 500 metres northeast from the planned Valencia production pit (see Figure 1). Since November 20, 2012 the Company has completed a total of 15 percussion drill holes for a total of 2,250 metres.
The Company is also pleased to announce that as a result of the continued exploration success at Valencia, comprising Valencia Main, Valencia East and Valencia North and at Namibplaas (EPL 3638), combined with the high likelihood of common infrastructure (a NI 43-101 technical reporting requirement); these projects will now be consolidated and considered as a single project. The Company has designated that the newly consolidated property be named, Norasa uranium Project. Norasa is an everyday term used by the rich and diverse culture of the Damara people and means united or putting things together.
Marcel Hilmer, Chief Executive Officer, commented, "The initial drilling results at Valencia East have confirmed considerable mineralization in 11 of the 15 percussion drill holes, encountering significant intersections of greater than 200 ppm u3O8 including many greater than 400 ppm as highlighted in Table 1 below. The results from this drilling program are very encouraging and indicate the potential for a significant high-grade area located in close proximity to the main Valencia deposit and proposed processing plant. We are very pleased that this program continues to increase both the potential resources and the overall grade of the consolidated Valencia and Namibplaas projects, now known as Norasa. The consolidation of the projects confirms our strategy to build a world class, large capacity process plant that can be supplied with ore from both the Valencia and Namibplaas deposits".
Table 1: Highlights of recent assay results from Valencia East
Percussion Drilling
(Minimum of 200 ppm U3O8 and an interval of 1.0 metre or greater)
Hole |
From (m) |
To (m) |
Interval (m) |
Grade (ppm) U3O8 |
VEPD-002 | 56.8 | 66.2 | 9.4 | 233 |
Including | 64.2 | 66.0 | 1.8 | 527 |
|
75.5 | 83.6 | 8.1 | 307 |
Including | 76.6 | 78.4 | 1.8 | 747 |
VEPD-004 | 36.7 | 41.1 | 4.4 | 254 |
Including | 38.0 | 39.3 | 1.3 | 438 |
52.8 | 56.0 | 3.2 | 214 | |
VEPD-005 | 51.9 | 55.9 | 4.0 | 244 |
Including | 54.2 | 55.9 | 1.7 | 345 |
90.3 | 99.6 | 9.3 | 201 | |
Including | 95.6 | 97.4 | 1.8 | 308 |
|
165.8 | 166.8 | 1.0 | 393 |
170.2 | 174.8 | 4.6 | 432 | |
Including | 170.3 | 172.3 | 2.0 | 757 |
VEPD-006 | 69.2 | 72.3 | 3.1 | 806 |
Including | 70.6 | 71.8 | 1.2 | 1400 |
VEPD-008 | 36.2 | 37.5 | 1.3 | 399 |
VEPD-010 | 25.4 | 29.7 | 4.3 | 228 |
38.2 | 39.2 | 1.0 | 273 | |
43.8 | 44.8 | 1.0 | 248 | |
VEPD-011 | 21.4 | 28.0 | 6.6 | 205 |
31.4 | 32.4 | 1.0 | 311 | |
VEPD-012 | 4.7 | 7.6 | 2.9 | 205 |
|
40.1 | 41.4 | 1.3 | 290 |
73.0 | 90.0 | 17.0 | 404 | |
Including | 81.7 | 83.3 | 1.6 | 731 |
Including | 85.4 | 89.0 | 3.6 | 701 |
96.8 | 100.6 | 3.8 | 689 | |
Including | 98.6 | 99.8 | 1.2 | 1295 |
VEPD-013 | 35.9 | 44.5 | 8.6 | 251 |
103.3 | 114.8 | 11.5 | 346 | |
Including | 113 | 114.4 | 1.4 | 1692 |
VEPD-014 | 121.5 | 146.9 | 25.4 | 228 |
Including | 137.3 | 138.4 | 1.1 | 552 |
Including | 140.6 | 142.5 | 1.9 | 317 |
VEPD-015 | 21.1 | 22.5 | 1.4 | 221 |
35.4 | 38.4 | 3.0 | 416 |
Valencia East is located within the existing fully permitted Valencia Mining Licence, ML 149.
Geology
The geology in Valencia East is very similar to that of the Valencia Main deposit with uranium mineralization associated to post D3 deformation anatectic alaskite intruding in stock-like bodies into Meta-sediments of Nosib and Swakop Group (see Figure 2). The preferred intrusion path is along Khan Rossing Fm boundary and the structural weakness zones created by complex folding.
The structure strikes NE/SW and is dipping steep to the SE.
Valencia East is the structural extention of Valencia Main and forms a tightly packed sequence of upper Nosib and lower Swakop Group lithologies dipping steeply to the SE. The sequence is trending NE/SW and alaskites are intruding in stock work like bodies subparrallel to the main contacts (Figure 3).
Mineralisation
The alkaline leukogranite, also known as alaskite is moderately to highly radioactive on surface (see Figure 4) and continues to depth beyond current drill cover. It is characterized by a coarse grain texture, frequent smoky quartz clusters and the occurrence of secondaries in the form of yellowish uranophane-group minerals along micro-cracks and/or mineral boundaries.
Phase 2 Drilling Program
The 2013 Valencia East drilling program is now underway. The program is being scheduled for completion by mid 2013. The Company has an approved budget of US$0.5 million to complete this phase of drilling which will include a total of 31 percussion drill holes.
NORASA - CONSOLIDATED NAMIBIAN PROJECTS
The Company has consolidated its various projects in the Erongo region and collectively they will be known as, Norasa. The location of each project and details of the stage of development and or resources are detailed in Figure 5 and below:
NI43-101 and Qualified Persons
Mr. Martin Hirsch, M.Sc in Geology and a member of the British IMMM,
Chief Geologist for Forsys Metals Corp., is the designated Qualified
Person responsible for the Company's exploration programs. He is
familiar with the methods for Quality Assurance and Quality Control
specifically applicable to uranium. Mr Hirsch has sufficient experience
that is relevant to the style and mineralization, type of deposit and
the use of radiometrics in resource estimates as well as to the
activity he is undertaking to qualify as a Qualified Person under NI
43-101.
About Forsys Metals Corp.
Forsys Metals Corp. is an emerging uranium producer with 100% ownership
of the fully permitted Valencia uranium project and the Namibplaas
uranium project in Namibia, Africa a politically stable and mining
friendly jurisdiction. Information regarding current National
Instrument 43-101 compliant Resource and Reserves at Valencia and
Namibplaas are available on our website.
On behalf of the Board of Directors of Forsys Metals Corp.
Marcel Hilmer
Chief Executive Officer
Forward-Looking Information
This news release contains projections and forward-looking information
that involve various risks and uncertainties regarding future events.
Such forward-looking information can include without limitation
statements based on current expectations involving a number of risks
and uncertainties and are not guarantees of future performance of the
Company. The following are important factors that could cause Forsys
actual results to differ materially from those expressed or implied by
such forward looking statements: fluctuations in uranium prices and
currency exchange rates; uncertainties relating to interpretation of
drill results and the geology; continuity and grade of mineral
deposits; uncertainty of estimates of capital and operating costs;
recovery rates, production estimates and estimated economic return;
general market conditions; the uncertainty of future profitability; and
the uncertainty of access to additional capital. Full description of
these risks can be found in Forsys Annual Information Form, dated March
29, 2012, available on the Company's profile on the SEDAR website at www.sedar.com. These risks and uncertainties could cause actual results and the
Company's plans and objectives to differ materially from those
expressed in the forward-looking information. Actual results and future
events could differ materially from anticipated in such information.
These and all subsequent written and oral forward looking information
are based on estimates and opinions of management on the dates they are
made and expressed qualified in their entirety by this notice. The
Company assumes no obligation to update forward-looking information
should circumstances or management's estimates or opinions change.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Forsys Metals Corp.
PDF available at: http://stream1.newswire.ca/media/2013/01/23/20130123_C8029_DOC_EN_22912.pdf
Copyright 2013 Canada NewsWire
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