Forsys Increases Grade & Reserves by 30% at Higher Cut-Offs for
Its Norasa Uranium Project
TORONTO, ONTARIO--(Marketwired - Feb 11, 2014) - Forsys Metals
Corp (TSX:FSY) (FRANKFURT:F2T) (NAMIBIAN:FSY) ("Forsys" or the
"Company") is pleased to announce it has completed an updated
Mineral Reserve estimate for its 100% owned Norasa Uranium Project
("Norasa") located in Namibia. Norasa is a consolidation of the
Company's Valencia Main, satellite pits and Namibplaas deposits.
The new Reserve statement is based on the revised and upgraded
Resources presented in October 2013 and the results of ongoing
technical studies.
Key Highlights
- Proven and Probable Reserves of U3O8 have increased by 30% from
60.5 million pounds to 79.0 million pounds
- Grade has increased by 30% to 202ppm using higher cut-off
grades of 100 and 160ppm for Valencia and Namibplaas pits
- There is an additional 1.5 million pounds of Inferred material
within the pit designs
- A technical report is being prepared in accordance with NI
43-101 guidelines
Consolidated Reserve Statement
Category |
Ore [Mt] |
U3O8[ppm] |
U3O8 [Mlb] |
Proven |
16 |
203 |
7.3 |
|
|
|
|
Probable |
161 |
202 |
71.7 |
|
|
|
|
Total Reserves |
177 |
202 |
79.0 |
Cut-off grades of 100ppm for Valencia and 160ppm Namibplaas |
"Strengthening the economics of our Norasa uranium project has
been our top priority over the past two years," said Marcel Hilmer,
President and CEO of Forsys Metals. "We are very encouraged by our
recent efforts that resulted in an improved grade and an increased
mineral reserve estimate. These latest milestones add to the
momentum we continue to build. In less than 18 months, we have
consolidated our deposits in Namibia, optimized our planned process
plant, identified a new high-grade zone at Valencia East and
improved our recovery rates from metallurgical test programs. This
progress paves the way for further development of our Norasa
project in tandem with the positive signals we are seeing for the
recovery of the uranium sector, including higher spot prices and
supply-demand deficits."
As announced previously, Norasa represents a consolidation of
the Company's uranium deposits, including the Valencia Main deposit
and its related Valencia satellite pits as well as the Namibplaas
deposit.
Figure 1 is available at the following address:
http://media3.marketwire.com/docs/926681a.pdf
Reserve Estimation Process
The Mineral Reserve Estimate is based on pit optimizations using
the Resource model developed in October 2013 and applying modifying
factors, such as costs, mining and metallurgical elements deemed
appropriate for the deposit and proposed scale of operation.
The following factors and variables were involved in the design
process of the Valencia open pit:
- GEOVIA Whittle software was used to run pit optimizations and
the resulting pit shells were used as a guide for pit designs in
GEOVIA Surpac geology and mine planning software.
- Overall pit slope angles of 40 to 42 degrees in the footwalls
and 48 to 52 degrees in the hangingwalls were determined for slope
heights up to 300m. The geotechnical programs spanning 5 years
across the Norasa projects include:
- oriented core drilling and logging
- rock strength testing (compression and shears tests)
- downhole Optical Televiewer photography and logging
- The cut-off grade was based on resource cut-offs of 100ppm at
Valencia and 160ppm at Namibplaas using the following economic
factors:
- mining costs averaging US$2.08/t mined for Valencia and
US$2.45/t for Namibplaas, all rates adjusted for mining depth
- processing cost of US$7.84/t milled
- overheads of US$0.83/t milled
- revenue rate based on US$65/lb of U3O8
- mineral royalty of 3% on revenue
- A process plant recovery of 85% was conservatively applied
based on interpolations reported in the latest AMEC engineering
cost study. It is currently expected that this will be improved
based on the results of additional testwork in progress that
suggest higher recoveries will be achieved.
The table below illustrates the sensitivity of the Norasa
deposits to metals price and the proposed higher cut-off grades.
The pit shell generated from the $65/lb scenario was used as a
guide to conduct the final designs. At lower grades, the project
would still prove to be economically viable with a considerably
larger amount of uranium extracted.
Summary of Pit Optimisation Scenarios*
Cut-off grade (ppm Val / NP) |
Metal Price (US$/lb) |
Inventory (Mt) |
Grade (ppm U3O8) |
U3O8 [Mlb] |
Strip Ratio |
100 / 160 |
70 |
187 |
202 |
83.2 |
2.81 |
100 / 160 |
65 |
178 |
203 |
79.6 |
2.77 |
100 / 160 |
60 |
169 |
204 |
75.8 |
2.53 |
60 / 100 |
70 |
331 |
162 |
118.2 |
1.78 |
*
- pit optimisation scenarios are generally marginally higher than
final Reserve estimates |
65ppm is the marginal cut-off grade for the
proposed economics |
Valencia Pits
The resulting designed Valencia main pit is 1,600m long (on
strike), 1,000m wide and 430m deep (to a depth of 300m above mean
sea level) as shown in Figure 2 below. In addition, satellite pits
have been identified at 380m across and to a depth of 160m.
The current limits of the pit are not defined by the orebody or
by mineralization. However, the limits of the pit are confined by
the extent of drilling that defines the current understanding of
the deposit.
Figure 2 is available at the following address:
http://media3.marketwire.com/docs/926681b.pdf
Valencia Reserve Statement
Category |
Ore [Mt] |
U3O8[ppm] |
U3O8 [Mlb] |
Proven |
16 |
203 |
7.3 |
|
|
|
|
Probable |
135 |
201 |
60.1 |
|
|
|
|
Total Reserves |
152 |
201 |
67.4 |
Cut-off grade of 100ppm |
Namibplaas Pit
The resulting designed Namibplaas pit is 1,900m long (on
strike), 500m wide and 210m deep (to a depth of 500m above mean sea
level) as shown in Figure 3 below.
Figure 3 is available at the following address:
http://media3.marketwire.com/docs/926681c.pdf
Namibplaas Reserve Statement
Category |
Ore [Mt] |
U3O8[ppm] |
U3O8 [Mlb] |
Proven |
0 |
0 |
0.0 |
|
|
|
|
Probable |
25 |
206 |
11.6 |
|
|
|
|
Total Reserves |
25 |
206 |
11.6 |
Cut-off grade of 160ppm |
The pit optimisations and designs were conducted on Measured and
Indicated material only. A further 3.3M tonnes (1.5Mlbs) of
Inferred material remains inside these pits. This material will
eventually be upgraded in classification during mining operations,
indicating significant potential for further pit expansion. For
both the Valencia and Namibplaas deposits, the mineralisation
remains open-ended both on strike and dip (at depth), providing
additional potential for future expansion of the overall resource
and extending the life of mine. In addition, other satellite
deposits in both licence areas have been identified and hold
further expansion potential.
NI 43 101 Technical Report
The Company is now completing an updated technical report in
accordance with NI 43-101 that will be filed on SEDAR.
NI 43-101 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
and reporting of Mineral Resources. 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.
Mr. Dag Kullmann, M.Sc. Mining Engineering from University of
Alberta, a Fellow of the Southern African Institute of Mining and
Metallurgy (SAIMM), Engineering Manager for Forsys, is the
designated QP responsible for the reporting of Mineral Reserves. Mr
Kullmann has sufficient experience in the assessment and
application of modifying factors required for the determination of
reserves for open pit operations to qualify as a QP 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
Sedar Profile #00008536
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 15, 2013, 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
Appendix A
The updated resource statements presented in October 2013 was
based on an extensive drilling program at the Namibplaas and
Valencia extension deposits, together with a detailed modelling
review of the main Valencia deposit.
Resources are reported inclusive of Reserves.
Consolidated Resource Statement (October 2013)
Category |
Cut-Off Grades |
Tonnes [M] |
U3O8[ppm] |
U3O8[Mlb] |
Measured |
|
|
|
|
|
Val 60ppm: Nam 100ppm |
27 |
153 |
9 |
|
Val 100ppm: Nam 160ppm |
17 |
202 |
7 |
|
Val 140ppm: Nam 200ppm |
10 |
253 |
6 |
Indicated |
|
|
|
|
|
Val 60ppm: Nam 100ppm |
419 |
153 |
141 |
|
Val 100ppm: Nam 160ppm |
221 |
197 |
96 |
|
Val 140ppm: Nam 200ppm |
114 |
248 |
62 |
Measured + Indicated |
|
|
|
|
Val 60ppm: Nam 100ppm |
447 |
153 |
150 |
|
Val 100ppm: Nam 160ppm |
237 |
197 |
103 |
|
Val 140ppm: Nam 200ppm |
125 |
248 |
68 |
Inferred |
|
|
|
|
|
Val 60ppm: Nam 100ppm |
105 |
156 |
36 |
|
Val 100ppm: Nam 160ppm |
50 |
198 |
22 |
|
Val 140ppm: Nam 200ppm |
18 |
269 |
10 |
|
Valencia Project Resource Statement - October 2013 |
Category |
Cut-Off Grades |
Tonnes [M] |
U3O8[ppm] |
U3O8[Mlb] |
Measured |
|
|
|
|
|
60ppm |
27 |
153 |
9 |
|
100ppm |
17 |
202 |
7 |
|
140ppm |
10 |
253 |
6 |
Indicated |
|
|
|
|
|
60ppm |
258 |
153 |
87 |
|
100ppm |
160 |
199 |
70 |
|
140ppm |
100 |
248 |
55 |
Measured +Indicated |
|
|
|
|
60ppm |
286 |
153 |
97 |
|
100ppm |
177 |
199 |
78 |
|
140ppm |
111 |
248 |
60 |
Inferred |
|
|
|
|
|
60ppm |
31 |
165 |
11 |
|
100ppm |
20 |
214 |
10 |
|
140ppm |
12 |
281 |
7 |
|
Namibplaas Project Resource Statement - October
2013 |
Category |
Cut-Off Grades |
Tonnes [M] |
U3O8[ppm] |
U3O8[Mlb] |
Measured |
|
|
|
|
|
100ppm |
|
|
|
|
160ppm |
|
|
|
|
200ppm |
|
|
|
Indicated |
|
|
|
|
|
100ppm |
161 |
152 |
54 |
|
160ppm |
60 |
191 |
25 |
|
200ppm |
14 |
246 |
8 |
Measured +Indicated |
|
|
|
|
100ppm |
161 |
152 |
54 |
|
160ppm |
60 |
191 |
25 |
|
200ppm |
14 |
246 |
8 |
Inferred |
|
|
|
|
|
100ppm |
74 |
152 |
25 |
|
160ppm |
30 |
188 |
12 |
|
200ppm |
6 |
245 |
3 |
Shares Outstanding: 109.9M
Forsys Metals Corp.Marcel HilmerChief Executive Officer+61 417
177 942mhilmer@forsysmetals.comwww.forsysmetals.comJoe RacanelliTMX
Equicom+1 416-815-0700 Ext 243jracanelli@tmxequicom.com
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