Forsys Announces Additional High Grade Zones from Namibplaas Drill Program
12 Junho 2012 - 12:49PM
Marketwired Canada
Forsys Metals Corp. ("Forsys" or the "Company")
(TSX:FSY)(FRANKFURT:F2T)(NAMIBIAN:FSY) is pleased to announce further positive
drilling results from its 100% owned Namibplaas Exclusive Prospecting Licence No
3638 ("EPL 3638"), located 7 kilometres northeast of the Company's fully
permitted and 100% owned Valencia Mining Licence No 149 ("Valencia") in Namibia,
Africa.
As part of the second phase drilling program the Company has completed 214
additional percussion holes. From commencement of the exploration program in
2008, the Company has completed a total of 33 diamond drill holes and 502
percussion drill holes; for a total of 113,576 metres (8,527 metres of diamond
drilling and 105,049 metres of percussion drilling). An additional 4,000 metres
across 20 drill holes is scheduled to be completed during June 2012 and will
bring the Phase 2 drill program to a close. The Company remains on schedule to
release an updated compliant NI 43-101 Technical Report for Namibplaas in the
third quarter of 2012.
Marcel Hilmer, CEO and Director, commented, "We are very pleased that the Phase
2 drilling program at Namibplaas which began in October 2011 has again proven
extensive mineralization with significant intersections of 200 ppm eU3O8 or
higher in many of the recently drilled holes. We anticipate that this drill
program will increase the overall project resource, as well as upgrade the
category, and overall grade at Namibplaas. The continued positive results
received from the Namibplaas drilling program have reinforced our confidence
that ultimately we will be able to consolidate Namibplaas with Valencia into an
expanded combined project."
Highlights of recent assay results from Phase 2 Percussion Drilling at
Namibplaas
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Hole From (m) To (m) Interval (m) Grade (ppm eU3O8)
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NAPD-337 167.4 172.4 5.0 230
226.6 235.6 9.0 215
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NAPD-339 190.6 194.7 4.1 230
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NAPD-340 188.0 194.6 6.6 236
----------------------------------------------------------------------------
NAPD-342 83.1 86.4 3.3 677
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NAPD-345 30.5 44.9 14.4 346
76.8 83.3 6.5 213
90.9 111.2 20.3 263
114.0 125.6 11.6 264
293.0 297.2 4.2 235
----------------------------------------------------------------------------
NAPD-347 45.0 50.4 5.4 236
----------------------------------------------------------------------------
NAPD-348 48.2 54.1 5.9 260
----------------------------------------------------------------------------
NAPD-350 106.1 111.5 5.4 305
----------------------------------------------------------------------------
NAPD-353 35.0 40.0 5.0 229
----------------------------------------------------------------------------
NAPD-355 110.9 113.3 2.4 743
180.5 184.7 4.2 225
----------------------------------------------------------------------------
NAPD-356 126.3 129.9 3.6 232
159.4 167.1 7.7 267
----------------------------------------------------------------------------
NAPD-358 55.0 58.0 3.0 249
----------------------------------------------------------------------------
NAPD-360 29.7 37.8 8.1 232
48.6 52.8 4.2 341
----------------------------------------------------------------------------
NAPD-363 44.9 52.6 7.7 346
226.9 231.8 4.9 245
237.7 244.2 6.5 224
245.7 248.3 2.6 267
----------------------------------------------------------------------------
NAPD-364 98.1 110.4 12.3 308
----------------------------------------------------------------------------
NAPD-366 79.4 84.1 4.7 259
117.3 123.1 5.8 226
----------------------------------------------------------------------------
NAPD-367 37.2 39.7 2.5 315
347.1 355.4 8.3 232
----------------------------------------------------------------------------
NAPD-369 107.2 117.6 10.4 292
119.5 124.4 4.9 296
----------------------------------------------------------------------------
NAPD-373 8.9 13.4 4.5 312
NAPD-373 152.0 155.2 3.2 248
----------------------------------------------------------------------------
NAPD-374 79.4 88.3 8.9 598
----------------------------------------------------------------------------
NAPD-375 73.9 77.8 3.9 252
247.0 253.7 6.7 222
----------------------------------------------------------------------------
NAPD-376 90.4 108.4 17.9 332
----------------------------------------------------------------------------
NAPD-381 89.4 96.2 6.8 284
----------------------------------------------------------------------------
NAPD-385 183.7 186.7 3.0 232
188.2 191.8 3.6 224
----------------------------------------------------------------------------
NAPD-386 154.8 169.3 14.5 209
----------------------------------------------------------------------------
NAPD-387 91.1 99.4 8.3 224
106.7 111.8 5.1 223
129.4 134.7 5.3 291
152.2 161.9 9.7 251
----------------------------------------------------------------------------
NAPD-389 51.6 59.9 8.3 451
76.7 80.8 4.1 240
----------------------------------------------------------------------------
NAPD-391 71.5 79.5 8.0 242
----------------------------------------------------------------------------
NAPD-394 60.0 69.8 9.8 242
79.7 85.5 5.8 327
88.5 97.7 9.2 215
102.5 115.4 12.9 252
136.1 140.3 4.2 482
166.1 173.2 7.1 299
----------------------------------------------------------------------------
NAPD-398 156.6 161.6 5.0 239
----------------------------------------------------------------------------
NAPD-399 76.4 82.0 5.6 275
----------------------------------------------------------------------------
NAPD-401 62.7 68.8 6.1 246
----------------------------------------------------------------------------
NAPD-404 99.3 103.3 4.0 487
----------------------------------------------------------------------------
NAPD-405 72.8 82.0 9.2 330
----------------------------------------------------------------------------
NAPD-415 45.3 49.2 3.9 217
----------------------------------------------------------------------------
NAPD-416 145.4 151.3 5.9 236
----------------------------------------------------------------------------
NAPD-421 165.1 174.8 9.7 262
204.8 212.9 8.1 221
284.3 289.0 4.7 285
----------------------------------------------------------------------------
NAPD-426 41.2 46.1 4.9 201
78.0 82.7 4.7 527
----------------------------------------------------------------------------
NAPD-429 150.8 156.0 5.2 249
----------------------------------------------------------------------------
NAPD-433 43.1 49.5 6.4 246
56.1 69.7 13.6 305
----------------------------------------------------------------------------
NAPD-434 99.5 111.6 12.1 284
115.9 122.7 6.8 328
----------------------------------------------------------------------------
NAPD-437 72.4 94.3 21.9 254
102.8 117.0 14.2 252
120.4 127.8 7.4 311
----------------------------------------------------------------------------
NAPD-438 36.9 49.9 13.0 276
----------------------------------------------------------------------------
NAPD-441 18.1 24.9 6.8 303
----------------------------------------------------------------------------
All reported grades are determined from downhole gamma probing with calibrated
probes, which are checked on a daily basis from an internal reference gamma
source. As a further QAQC measure, the probes' performances are confirmed on a
weekly basis with a complete survey of a historical deep reference borehole with
chemical assay results as a cross-reference. As a result, grades are reported as
equivalent U3O8 grades (eU3O8).
There are four (4) drill rigs currently operating on site with approximately
42,000 meters completed in 214 holes, or 93% of the planned 45,000 metre
program. The drill program is on schedule and within forecast. Geological
sections are used to determine the anticipated stopeing depth of each hole as
determined by the interpreted geological cross sections in order to avoid
drilling in unproductive, barren lithological units. Lithological units and
mineralization continuity between boreholes and created sections are encouraging
and consistent as determined from created geological sections across boreholes.
Figure 1 below details all percussion drill hole locations. The current drilling
program is on a 40 x 40 metre grid on the surface magnetic anomaly as depicted
on the figure. Higher-grade eU3O8 values tend to correspond with the high
magnetic values shown in the violet area, trending northeast to southwest. This
40 x 40 metre grid was calculated from the maiden Namibplaas Inferred Resource
Estimate that was published on September 15, 2011, after the data was
geo-statistically analysed and semi-variograms calculated. The continuity of the
lithological units and mineralization will fall within this 40 x 40 metre grid
and thus enable upgrading of the resource from inferred to indicated. The
deposits at Namibplaas and Valencia consist of leuco granite sheets, locally
known as alaskites, which have intruded the surrounded country rock and have
formed lenses that open and close depending on the characteristics of the host
country rocks.
To view Figure 1 - Namibplaas Drill Hole Location Map - please visit the
following link: http://media3.marketwire.com/docs/forsysmap0612.pdf.
2012 Namibplaas Drilling Program and Consolidation Strategy
The Company is on schedule to complete the current drilling program by the end
of June 2012 and deliver an updated compliant NI 43-101 Technical Report for
Namibplaas in the third quarter of 2012. The Company has already published a NI
43-101 compliant maiden resource report on September 15, 2011 for Namibplaas, as
well as a NI 43-101 compliant technical reserve report for Valencia. Both
reports can be found on the Company's website.
The Company continues to develop the preliminary design of an expanded
consolidated project (based on an internally generated resource estimate) that
could produce annually up to 6.0M lbs of U3O8 from the consolidated Valencia and
Namibplaas deposits. Preliminary pit designs and mining schedules are expected
to confirm the potential of a consolidated operation. It should be noted that
the potential quantities, grades and other technical parameters in reference to
the consolidation of the Valencia and Namibplaas deposits are at this stage
conceptual in nature only.
About the Namibplaas Uranium Project
Forsys owns 100% of Dunefield Mining Company (Pty) Limited which holds the
Namibplaas EPL 3638 and covers a total surface area of 1,742ha on the farm
"Namibplaas 93". Situated 7 kilometres northeast of Valencia, Namibplaas is
accessible by way of a newly constructed industrial grade road from the B2
highway to Valencia and from there by a trail suitable for 4x4 vehicles.
EPL 3638 is in good standing and all reporting and environmental requirements
are up to date. There are no encumbrances existing on the licence and no
royalties are payable. There are also no liabilities for any environmental taxes
at this stage of exploration. A baseline Environmental Impact Assessment and
Environmental Management Plan was carried out by Colin Christian, Independent
Consultant, during October 2008 and approved by the Ministry of Environment and
Tourism on December 11, 2008. Metallurgical work has been intensified to ensure
that process parameters are consistent with Valencia extraction conditions and
pit slope design work has begun.
Additional information, including a comprehensive list of all significant assay
results and individual detailed drill hole location maps for each of the diamond
and percussion drill holes can be found on the Company website at
www.forsysmetals.com. The detailed Namibplaas project history together with
previous news releases detailing drill results, are also available for download
from the Company's website. For further information please refer to the
Company's Annual Information Form, dated March 29, 2012, filed on the Company's
profile at www.sedar.com.
NI 43-101 and Qualified Person
Mr. Johan de Bruin, MEng, Pr. Sci. Nat., Chief Geologist for Forsys Metals
Corp., is the designated Qualified Person responsible for the Company's
exploration programs. Mr. de Bruin has verified the geological database that
included review of geological description and interpretation, assays, and
acquisition of radiometric data. Mr. de Bruin is familiar with the methods for
quality assurance and quality control specifically applicable to uranium. Mr. de
Bruin 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. Equivalent U3O8 at Namibplaas has been calculated using
the correlation established by Mr. de Bruin at Namibplaas; that correlation is
almost identical to the one already calculated at Valencia.
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
or 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
Sedar Profile #00008536
12-4
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.
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