Forsys Commences 2024 Program at Valencia and Reports Results from the 2023 Drilling Program

2024-03-26 / @GlobeNewswire

 

TORONTO, March 26, 2024 (GLOBE NEWSWIRE) -- Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”)

Forsys is pleased to provide assay results from the Valencia 2023 drilling programme, from Mining License (“ML)-149("Valencia”) in the Erongo region of Namibia, which forms part of the Company’s larger Norasa Uranium Project (“Norasa¹”).

Fifteen boreholes were drilled with a combined total of 2,684.44 metres ("m") (Figure 1). The objectives of the drill program were:

  • geotechnical drilling, and logging and sampling for geo-mechanical testing for pit slope stability assessment and optimizing pit designs;
  • testing the continuity of mineralization for resource modelling;
  • confirming Mineral Resource Estimation (MRE) parameters; and
  • sampling for metallurgical test work and processing design optimization

Drilling, geological and geotechnical logging, down-hole optical televiewer and radiometric scans have been completed on the 15 holes. Eight hundred and nineteen samples from ten of the boreholes underwent assay with established quality control protocol and procedures. The chemical results have been verified by an accredited lab and reviewed by a third party professional geologist. Highlights are as follows:

  • Multiple zones of massive alaskite intrusions were intersected. Chemical assays confirm uranium mineralization in all six of the confirmation boreholes.
  • Best mineralized borehole PQ-5 intersected 77.34 m of continuous mineralisation, averaging 439 ppm U3O8, including 41.9 m of 683 ppm U3O8.
  • 2023 intersections of mineralization correlate with the neighbouring, historic drilling, intersections and down-hole gamma survey results.
  • No major zones of rock weakness, i.e. no concerning geological structures, have been intersected. This is a positive result for the ongoing geotechnical specialist work, as it indicates conducive conditions for pit slope optimization and overall mine design.

Table 1: Highlights reported from the completed 2023 drill campaign, minimum width of 5m and cutoff of 50 ppm U3O8

BHIDFROM
m		TO
m		LENGTH
m		U3O8
ppm		 FROM
m		TO
m		LENGTH
m		U3O8
ppm
VA23GT00123296108     
VA23GT00140477189     
VA23GT0017782566     
VA23GT001951016140     
VA23GT002387739106     
VA23GT002105.314943.7152including104124.120.1334
VA23GT0041103.2102.2164including73103.230.2216
VA23GT00522411992     
VA23GT005516312218     
VA23GT00589945123     
VA23GT0051011065114     
VA23GT005116.212912.8122     
VA23GT005141.8147.115.31241     
VA23GT005229.132399.87236     
VA23GT005244.7727227.23184     
VA23GT006658116136     
VA23GT0061001055143     
VA23GT00718268194     
VA23GT00733385194     
VA23GT0071891956213     
VA23PQ043037.57.5229     
VA23PQ0454595181     
VA23PQ053.9681.377.34439including3677.941.9683
VA23RE001501005090     
VA23RE0011141195215     
VA23RE001128.7317849.27201including142169.0527.05275
VA23RE00119023747253including202.3722522.63371
VA23RE001302.75414111.25134including322.88345.2422.36331
VA23RE00212120105     
VA23RE00295124.129.1271including104124.120.1334
VA23RE002129.715222.3376including129.7140.811.1673
VA23RE00216018020162     
VA23RE002244251.27.2158     
VA23RE00225826810171     
VA23RE00227528813139     


Geological context:

  • Boreholes GT-01 to GT-07 were drilled from within the planned Valencia Main mine pit, angled and directed away from the centre of the 2015 pit shell to investigate the ground conditions for the pit slope design.
  • Two boreholes, RE-01 and RE-02, were strategically positioned to confirm mineralization from the 2015 FS Mineral Resource Estimate at Valencia in a geologically unique zone.
  • Holes PQ-01 to PQ-05 were drilled at Valencia for a total of 285.31 m, providing approximately 3 tons of sample for metallurgical testing.

Recent boreholes drilled within the 2015 main pit outline on ML-149, Valencia West planned exploration drilling.
Figure 1: Recent boreholes drilled within the 2015 main pit outline on ML-149, Valencia West planned exploration drilling.
https://www.globenewswire.com/NewsRoom/AttachmentNg/bdc97a7e-8ff7-4fa6-8c7e-6a71aa561a7d

Borehole samples were selected for geochemical assay from the routine downhole radiometric scanning results and sent to Trace Elements Analysis Laboratories (Pty) Ltd (“TEA Labs”) in Swakopmund for sample preparation and analyses by XRF. For internal quality control purposes TEA Labs has weekly round robins with independent laboratories at Rosh Pinah, Husab Uranium, and Langer Heinrich mine laboratories.

Forsys employs an industry standard QA/QC program with Standard Reference Materials, blanks, coarse duplicates and pulp duplicates inserted into each batch of samples analysed. 4% of the samples sent to TEA Labs were sent for check analyses to SGS Laboratories in South Africa, which is an independent accredited laboratory. The sample results are further validated by comparison with the downhole radiometric survey results.

Table-2 below lists borehole intersections with minimum intersections of 50ppm U3O8 over 5m:

Table 2: 2023 drill campaign: drill type, assay, composites, downhole gamma survey

BHIDXYZFROMTOLENGTHEOHRCCOREGammaUThU3O8
 UTMUTMm amslmmmmmmcpsppmppmppm
VA23GT0015236097528504716.50502323222-222---0
VA23GT0015236027528501703.98123296222-22272292-108
VA23GT0015235987528499696.608294011222-222308--0
VA23GT0015235947528498688.79640477222-222702160-189
VA23GT0015235867528494672.673477730222-222235--0
VA23GT0015235787528490657.40277825222-22276155-66
VA23GT0015235747528489649.543829513222-222204--0
VA23GT0015235707528487641.25951016222-222-119-140
VA23GT0015235417528475585.825101222121222-222---0
VA23GT0025235267528889697.14603838203.8102100108--0
VA23GT0025235187528896660.245387739203.810210049590-106
VA23GT0025235107528904628.37277105.328.3203.8102100201--2
VA23GT0025235027528914594.818105.314943.7203.810210074412936152
VA23GT0025234967528926561.152149177.9528.95203.8102100214--1
VA23GT0025234917528936533.545184202.818.8203.8102100216--0
VA23GT0035238417529328692.4270102102102102----0
VA23GT0035238617529274633.2130227.28227.28227.28-225186--0
VA23GT0045244407529153734.567011152.2650.26102---0
VA23GT0045244677529148690.7611103.2102.2152.2650.261021134139-164
VA23GT0045245077529140627.146103.2152.2649.06152.2650.26102150--1
VA23GT0055241897528751729.23302222275.47102173---0
VA23GT0055241877528755709.298224119275.4710217342178-92
VA23GT0055241857528759695.341415110275.47102173265--0
VA23GT0055241847528762684.832516312275.471021731185185-218
VA23GT0055241817528767667.017638926275.47102173252--0
VA23GT0055241787528773652.6689945275.47102173496104-123
VA23GT0055241777528775647.267941017275.47102173178--0
VA23GT0055241767528777641.9141011065275.47102173574--114
VA23GT0055241747528781635.168106116.210.2275.47102173162--0
VA23GT0055241727528786624.989116.212912.8275.47102173653--122
VA23GT0055241707528791613.699129141.812.8275.47102173277--9
VA23GT0055241687528795605.732141.8147.115.31275.4710217312822057241
VA23GT0055241597528815567.876147.11229.1382.02275.47102173180--0
VA23GT0055241507528836528.09229.132399.87275.47102173139420025236
VA23GT0055241487528840521.336239244.775.77275.47102173142--0
VA23GT0055241457528847507.084244.7727227.23275.4710217397715651184
VA23GT0055241427528854493.825272275.473.47275.47102173---0
VA23GT0065239287528337693.64406565225.14100125251--0
VA23GT0065239367528330654.546658116225.14100125504115-136
VA23GT0065239407528328637.5958110019225.14100125312--0
VA23GT0065239437528327625.9651001055225.1410012573412128143
VA23GT0065239577528323566.26105223.14118.14225.14100125242--0
VA23GT0075242627529312734.23601818275.35102168---0
VA23GT0075242577529316723.05918268275.351021681141164-194
VA23GT0075242547529318716.72526337275.35102168350--0
VA23GT0075242517529320711.74233385275.35102168515165-194
VA23GT0075242177529357652.17138189151275.35102168281--0
VA23GT0075241827529394592.481891956275.351021687731805213
VA23GT0075241627529417561.769195275.3580.35275.35102168---0
VA23PQ015237627528744688.025059.9559.9560-59.95892--0
VA23PQ025237147529040709.151023.723.723.7-23.7---0
VA23PQ035238697529019702.407061.2761.2760.27-60.27---0
VA23PQ045237457529037702.0330303059-59291--0
VA23PQ045237447529037683.3293037.57.559-59123019446229
VA23PQ045237437529038671.36137.55416.559-59258--0
VA23PQ045237437529038660.6375459559-591019--181
VA23PQ055237227528668721.0203.963.9680-80---0
VA23PQ055237227528668680.3723.9681.377.3480-80313837248439
VA23RE0015243097528910724.26505050419.72102318512--0
VA23RE0015242867528933686.4785010050419.7210231837576-90
VA23RE0015242707528949663.89310011414419.72102318121--5
VA23RE0015242657528954657.7531141195419.721023181319190-215
VA23RE0015242617528958653.019119128.739.73419.7210231885--0
VA23RE0015242447528974634.211128.7317849.27419.721023181266--201
VA23RE0015242277528991614.78817819012419.72102318156--0
VA23RE0015242107529007596.79919023747419.721023181892215-253
VA23RE0015241787529038563.102237302.7565.75419.7210231883--1
VA23RE0015241277529089511.66302.75414111.25419.72102318---134
VA23RE0015240937529123478.027414419.725.72419.72102318239-47
VA23RE0025241537529118748.623011296.21102153---0
VA23RE0025241597529114740.72812120296.2110215367189-105
VA23RE0025241867529096706.86219574296.2110215310715-18
VA23RE0025242177529075670.87995124.129.1296.211021531980229-271
VA23RE0025242287529068659.428124.1129.75.6296.2110215333015-17
VA23RE0025242377529063650.437129.715222.3296.211021532767318-376
VA23RE0025242477529057640.7261521608296.21102153200--0
VA23RE0025242567529051631.91916018020296.211021531046137-162
VA23RE0025242857529034606.37718024464296.21102153130--0
VA23RE0025243097529019585.009244251.27.2296.211021531021134-158
VA23RE0025243147529016580.956251.22586.8296.21102153613--12
VA23RE0025243197529012576.14125826810296.211021531370145-171
VA23RE0025243257529008571.3092682757296.21102153380--0
VA23RE0025243327529004565.68527528813296.21102153786118-139
VA23RE0025243397528999559.753288296.218.21296.21102153---0


2024 Drilling Program on ML-149, Valencia

The Company also announces that it has commenced a new drilling program at Valencia. Three zones of potential uranium mineralization situated outside of the existing resource block model are now being investigated.

The drilling program focusses on three target areas; refer to Table-3 and Figure-2 for individual drill hole locations:

  • A favourable horizon identified at the Jolie Zone (~ 1km north of Valencia pit)
  • Valencia West Extension
  • Valencia South

Twenty-nine boreholes are scheduled for a total of 5,236m of drilling to assess mineralization to depths of up to 380 m below collar.

The three areas of mineralization potential were delineated from historic exploration work that included; aerial photo interpretation, geological mapping, aeromagnetic surveys, airborne and ground scintillometer surveys and exploration drilling. Investigation by drilling is required to define the mine’s surface infrastructure development and also to explore for resource upside potential in these areas.

Table 3: Below lists the holes planned for RC drilling. A diamond drill rig is available for extension of the RC drill section, as required by the ground conditions.

BHIDRig / RankingX COLLARY COLLARZ COLLAREOHBRGDIP
  UTMUTMmmdegreedegree
VA24-01VA_West523370752888372415033060
VA24-02VA_West523303752885572513233060
VA24-03VA_West523165752878372912633060
VA24-04VA_West523178752875072115033060
VA24-05VA_West523100752875473114433060
VA24-06VA_West523113752872972618033070
VA24-07VA_West52299075287227359833060
VA24-08VA_West523015752867472713233060
VA24-09VA_West522912752869273516833060
VA24-10VA_West522818752868473612033060
Exp13VA_West52273875286607419833060
Exp14VA_West522763752861673417233060
Exp15VA_West523439752893973013834060
Exp04VA_West52313975288527438433061
Exp07VA_West52306675288227437233060
Exp10VA_West522885752874175012033060
Exp08VA_West52341175289747247833060
Exp17VA_West52349375289947219833060
Jolie01Jolie523883752991868012033060
Jolie02Jolie52391775300086946633060
Jolie03Jolie524046752997370515033060
VA_S_1VA_South523716752830072526027060
VA_S_2VA_South523796752830072530027060
VA_S_3VA_South523876752830072536027060
VA_S_4VA_South523956752830072538027060
VA_S_5VA_South523723752850072526027060
VA_S_6VA_South523796752850073532027060
VA_S_7VA_South523876752848972538027060
VA_S_8VA_South523956752850073238027060
   Total metres: 5,236   


Boreholes VA24-01 to VA10 are completed, awaiting down-hole surveys, detailed recording, and sampling for chemical assay. Additional drilling might be required to test at depth, dependent onthe results to be obtained from the campaign.

Overview map of Norasa 2024 Q1 drill campaign on a radiometric background.
Figure 2: Overview map of Norasa 2024 Q1 drill campaign on a radiometric background.
https://www.globenewswire.com/NewsRoom/AttachmentNg/38b9bda9-00f8-4a9f-b9db-85c1beade129

Qualified Persons Statement

The information in this release that relates to “project update” for the Norasa Project is based on information compiled or reviewed by Dr Guy Freemantle of The MSA Group (Pty) Ltd., South Africa. Dr Freemantle is a consultant for Valencia Uranium (Pty) Ltd. and is a member of the SACNASP. Dr Freemantle 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 fulfill 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 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:

Richard Parkhouse, Director, Investor Relations
email: rparhkhouse@forsysmetals.com email: info@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) (“Nambiplaas”).


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Figure 1:

Recent boreholes drilled within the 2015 main pit outline on ML-149, Valencia West planned exploration drilling.
Figure 2:

Overview map of Norasa 2024 Q1 drill campaign on a radiometric background.

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