Forsys Files Updated NI 43-101 Technical Report on Norasa Uranium
Project
TORONTO, ONTARIO--(Marketwired - Mar 27, 2014) - Forsys Metals
Corp. (TSX:FSY)(FRANKFURT:F2T)(NAMIBIAN:FSY) ("Forsys" or the
"Company") is pleased to announce today that subsequent to its news
release dated February 11, 2014, it has filed an updated National
Instrument 43-101 Technical Report ("NI 43-101") on SEDAR
(www.sedar.com) for its 100% owned Norasa Uranium Project
("Norasa") located in Namibia.
This NI 43-101 Technical Report describes the Mineral Resource
and Reserve estimation and economic analyses to a pre-feasibility
level for Norasa. Norasa consists of the Valencia (Mining Licence,
ML 149) ("Valencia") and Namibplaas (Exclusive Prospecting Licence,
EPL 3638) ("Namibplaas") Uranium Projects.
The Mineral Resources are reported above cut-off grades of
100ppm and 160ppm U3O8 for Valencia and Namibplaas respectively,
and areas have been classified as Measured, Indicated and Inferred
Resources in accordance with the guidelines of the NI 43-101 as
listed in Table 1. Estimated Measured and Indicated Mineral
Resource for Norasa is 237Mt at a grade of 197ppm U3O8, which
equates to 103Mlbs of U3O8. The estimated Inferred Mineral Resource
is 50Mt at a grade of 198ppm U3O8 for 22Mlbs of U3O8
The Mineral Reserve estimate is summarised in Table 2. The total
Proven and Probable Norasa Ore Reserve is 177Mt at a grade of
202ppm, which equates to 79Mlbs of U3O8. Resources are reported
inclusive of Reserves. Mineral Resources that are not Reserves
either haven't demonstrated economic viability or don't meet the
cut-off grade criteria.
Table 1. Norasa Mineral Resource (October
2013) |
Category |
Cut-Off Grades |
Tonnes [M] |
U3O8[ppm] |
U3O8[Mlbs] |
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 |
Resources are reported inclusive of Reserves. |
|
Table 2. Norasa Mineral Reserve Estimate (February
2014) |
Classification |
Tonnes [M] |
U3O8[ppm] |
U3O8[Mlbs] |
Proven |
16 |
203 |
7.3 |
Probable |
161 |
202 |
71.7 |
Total Reserve |
177 |
202 |
79.0 |
Cut-off grades of 100ppm for Valencia and 160ppm
Namibplaas |
The Reserves come from three deposits, resulting in 3 distinct
pits; the Valencia pit, a small satellite pit just 500m away from
Valencia, and the Namibplaas pit.
"This Technical Report has confirmed the strengthening economics
of our Norasa Uranium Project," said Marcel Hilmer, CEO of Forsys
Metals. "Norasa is now at an advanced stage of development and the
improved economics, coupled with the commencement of the nuclear
power market recovery add to the momentum we continue to
build."
Economic analysis and parameters
A financial model was prepared to assess the economics for
Norasa based on the Mineral Reserve and mining schedule to report
NPV, payback and IRR. The financial model quantifies the revenues,
costs and capital expenditure over a 13-year life of mine. It is
believed that these results are accurate to within ±25%, within the
constraints of the associated assumptions.
NPVs were calculated on post-tax, uninflated cash flows at
discount rates of 0%, 6% and 8% and outcomes are shown in Table 3.
The IRR for the project is 36%. A long-term uranium price of
US$68/lb is assumed. The project has a payback period of 3 years
after commencement of production.
Table 3. Norasa Project NPV
Discount Rate |
NPV (US$ M) |
0% |
851 |
6% |
491 |
8% |
410 |
The financial modelling was based on the following production
assumptions:
- construction to commence in early 2015,
- plant commissioning by mid 2016,
- mining to commence in early 2016 to prepare pit benches and
open mining faces,
- the mining rate steadily increases to 68Mtpa in 2021,
- radiometric sorting is introduced in mid 2018, after 2 years of
plant operation,
- nameplate Norasa plant capacity obtained in 2019.
Economic parameters include:
- metal price of US$68/lb throughout the life of mine,
- as of the end of 2013, deferred exploration expenditures of
US$32.9M for Valencia and US$7.3M for Namibplaas are capital
deductible and included in the model.
The production schedule is described in Figure 1 and forms the
basis for the economic model with consideration of the above
development schedule. The resulting annual uranium production is
given in Figure 2.
To view Figure 1. Plant feed tonnages and grade, please
visit the following link:
http://media3.marketwire.com/docs/FSY1.jpg.
To view Figure 2. Planned uranium production, please
visit the following link:
http://media3.marketwire.com/docs/FSY2.jpg.
To view Figure 3. Locality of Norasa's Valencia and
Namibplaas deposits with proposed pit outlines, please visit
the following link: http://media3.marketwire.com/docs/FSY3.jpg.
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 estimation to
qualify as a Qualified Person under NI 43-101.
Mr. Dag Kullmann, M.Sc. Mining Engineering from the 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. Shares
outstanding: 109.9M
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
Forsys Metals Corp.Marcel HilmerChief Executive Officer+61 417
177 942 mhilmer@forsysmetals.comwww.forsysmetals.comTMX Equicom Joe
Racanelli+1 416-815-0700 Ext 243jracanelli@tmxequicom.com
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