Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY)
(“Forsys” or the “Company”)
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
- At Valencia South, resource
drilling intersected the widest grade interval of the programme to
date in drillhole VA24-022; returning an average of 210 ppm U3O8
over a 253 m interval, including 16m at 655 ppm U3O8. Additionally,
VA24-022 intersected 363 ppm eU3O8 over 43m from 366 to 409 metres
and VA24-023 intersected 213 ppm U3O8 over 53m from 179m depth to
the end of the pre-collar at 232m;
- At Valencia East, the best
intersection was drillhole VA24-043 of 313 ppm U3O8 over 20
metres;
- Exploration drilling at Valencia
West intersected 222 ppm eU3O8 over 34 metres from 76m to 110m
depth in drillhole VA24-052;
- Exploration drillhole VA24-019
intersected 185 ppm U3O8 over 41 metres from 1m to 42m depth at the
Jolie Zone;
- At the Bundu Zone, the best intersection was in drillhole
VA24-056 of 198 ppm eU3O8 over 28 metres from 1m to 29m depth.
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:
- At the Valencia
East deposit (located 500 m northeast of the main pit)
seven holes were drilled to improve confidence within the existing
resource. Scintillometer results have been received for all seven
holes and assay results were obtained for VA24-043 with 313
ppm
U3O8
over 20 metres from 70 m depth. These promising
results suggest a potential increase in the resource grade and
tonnage (Figure 3). A further nine drillholes were drilled into a
newly identified extension at the northeast of the current deposit.
Scintillometer results have been received for seven holes of these
nine holes, with the best intersections in drillhole
VA24-034 of 173 ppm
eU3O8
over 47 metres from 10m depth, including 364 ppm
eU3O8
over 13 metres from 11m to 24m depth.
- Valencia West
extension was tested with 27 drillholes. Initially 18 drillholes
were drilled on 80m spaced sections over a 900m strike length. Nine
infill holes were drilled immediately west of the Valencia Main pit
(Figure 1 and cross-section in Figure 2). Downhole scintillometer
survey results were received from all of these drillholes. XRF
assay results have also been received for these 24 holes at
Valencia West. All returned positive confirmation of uranium
mineralisation. Drillhole VA24-052 intersected
222 ppm
eU3O8
over 34 metres from 76m to 110m depth.
- Valencia South is
a down-plunge extension to the main deposit being tested with a
grid of six planned drillholes, of which VA24-022 and VA24-024 have
been completed. XRF assay results report 210 ppm
U3O8
over 253m from surface to 253m depth in drillhole
VA24-022. This intersection enhances the current
resource (see Figure 2). From downhole scintillometer results,
drillhole VA24-022 intersected 363 ppm
eU3O8
over 43m from 366 to 409 metres. This intersection
extends the resource at depth (Figure 2). VA24-023
intersected 213 ppm
U3O8
over 53m from 179m depth to the end of the
pre-collar at 232m.
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).
- The Jolie Zone
occurs about 600 m north of the Valencia pit and to date three
drillholes have been completed. Assay results from the initial
three drillholes confirmed uranium mineralisation with the
best intersection in VA24-019 of 185 ppm
U3O8
over 41 metres from 1m to 42m depth.
- Mineralised granite was discovered
about 1 km northeast of the main pit in the area named the
Bundu Zone. Initially four exploration drillholes
were drilled and followed up with three more drillholes. To date
scintillometer results of three of the drillholes have been
received with the best intersection of 198 ppm
eU3O8
over 28 metres from 1m to 29m in VA24-056.
- The Valencia North prospect is located about 1
km north of the Valencia pit and was tested with three drillholes.
Assay results from all three drillholes confirm wide zones of
uranium mineralisation, with the best intersection of 117
ppm
U3O8
over 98 metres in VN24-02.
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
- Samples were taken from the diamond
drill cores and RC chips for geochemical assay guided by the
routine downhole radiometric probe results and sent to Trace
Elements Analysis Laboratories (Pty) Ltd (“TEA Labs”) at
Swakopmund, Namibia for sample preparation and analyses by XRF. For
internal quality control purposes TEA Labs has weekly round robins
with independent laboratories at Rosh Pinah, Swakop Uranium and
Langer Heinrich mines.
- Forsys employs a QAQC program with
Certified Reference Materials (CRMs), blanks, coarse duplicates,
and pulp duplicates inserted into each batch of samples. The QAQC
insert rate comprises 4 % CRMs using three CRM types with different
grades of U3O8; 4 % blanks and 8 % to 10 % duplicates. RC sample
batches have three types of duplicates; a field duplicate split at
the drill rig; a coarse duplicate split at prescribed intervals at
the laboratory; and pulp duplicates, also split at the laboratory.
Core samples only have coarse and pulp duplicates split at the
laboratory.
- Four-percent of the samples sent to
TEA Labs are sent for check analyses at SGS Laboratories (SGS) in
South Africa, which serves as the independent accredited
laboratory. The sample results are further validated by comparison
with the radiometric scans.
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
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