Forsys announces significant new exploration results at recently
discovered Valencia East extension
Consolidated projects to be called "Norasa"
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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:
- Valencia Main: Mineral Resources of 143.80 Mt, grade ppm
eU3O8 191 for 60.5 Mlbs U3O8 including
Reserves of 148.0 Mt, grade ppm U3O8 172 for
56.0 Mlbs.
- Valencia East: Highly prospective ongoing exploration
site.
- Valencia North (previously
"Joly Zone"): A prospective exploration target with 825.5m
drilled from 5 diamond drill holes and 451m drilled from 3
percussion holes. Renewed drilling activity is expected to commence
in H2 2013.
- Namibplaas Main: Mineral Resources of 99.5 Mt, grade ppm
eU3O8 152 for 33.4 Mlbs U3O8.
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.
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