TORONTO, May 28, 2024 (GLOBE NEWSWIRE) -- Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”)
Forsys is pleased to provide an update on the Company’s Norasa Uranium project (“Norasa1”) with interim results from its 2024 Resource Extension and Exploration target drilling program at Valencia (ML 149).
Highlights
A total of 4,332 metres in 32 boreholes have been completed since the drilling program commenced in February 2024. To date, assays from 21 boreholes have been received and 2,599 down-hole metres have been gamma surveyed.
Borehole VA24-022 intersected the widest grade interval, returning an average of 194 ppm U3O8 over a 232 m interval, drilled down plunge from surface, including 43 m at 416 ppm U3O8.
The drilling program strategy is to expand and upgrade the Valencia resources, adjacent to the main pit and to the north and northeast of the pit. Six areas of mineralisation potential were delineated from exploration work that includes aerial photo interpretation; geological mapping; aeromagnetic surveys; airborne radiometric and ground scintillometer surveys; and review of historic drilling data. Drilling aims to assess mineralisation extension potential at two targets in the vicinity of the Valencia Main pit and to test the potential of four targets to the north and east of the pit (see Figure 1).
A total of 60 boreholes for 8,512 metres of combined percussion and diamond drilling have been scheduled for this program. Twenty-two of the first percussion drill holes, including 2 diamond drill extensions, intersected uranium mineralisation. Four PQ diameter diamond holes are underway at Valencia main to retrieve metallurgical samples.
Valencia Main Pit Extension Drilling Drilling has focused on two zones, to date, that have the potential to extend the Valencia Main deposit: at Valencia West and at Valencia South, to depths of up to 380 metres below surface. Completed and planned collar locations are shown with a ground scintillometer background in Figure 1.
The resource extension drill program tested potential targets adjacent to the main pit and includes:
Valencia West extension was tested with 18 boreholes, on 80 m spaced sections, over 900 m strike length, and six infill holes immediately west of the Valencia Main pit (Figure 1).
Downhole scintillometer survey results were received from 17 of these boreholes.
Eighteen of the Valencia West boreholes have been assayed by XRF method and all returned positive confirmation of uranium mineralisation.
Valencia South is a down-plunge extension to the main deposit being tested with a grid of eight boreholes. Borehole VA24-022, intersected 232 metres at 194 ppm U3O8 from surface to the end of the percussion drill pre-collar. Mineralisation occurs within the Valencia Main inferred resource shell reported with current, 40 ppm U3O8 cutoff. Depth extensions to the percussion holes are being tested with diamond drill tails.
Valencia Exploration Drilling The neighbouring exploration target drill program is planned to identify additional resource potential at the Jolie Zone, Valencia East, Bundu, and Valencia North (Figure 1). Twenty-eight boreholes are scheduled, comprising 2,280 metres of drilling across the four targets:
Jolie Zone occurs about 600 m north of the Valencia pit and to date three boreholes have been completed. Assay results from all three boreholes confirm uranium mineralisation, with the best intersection of 185 ppm U3O8 over 41 metres in VA24-019.
The Valencia East deposit occurs about 500 m northeast of the main pit. Fourteen boreholes are planned to test the existing resource and to potentially extend the deposit.
Mineralised granite was discovered about 1 km northeast of the main pit. The zone is named the Bundu Zone, where an initial three boreholes are planned.
The Valencia North prospect is located about 1 km north of the Valencia pit and is presently being tested with three boreholes.
Overview map of the 2024 drill program as of 16 May 2024. (ground scintillometer U-survey over GSN airborne Radiometric U data.)
Figure 1: Overview map of the 2024 drill program as of 16 May 2024. (ground scintillometer U-survey over GSN airborne Radiometric U data.)
Drilling Progress and Highlights Table-1 below provides details of the recent boreholes completed:
A total of 4,332 metres have been drilled in 32 holes and 2,599 metres of downhole survey are completed. Twenty-two boreholes have been assayed by XRF.
Multiple zones of alaskite intrusions were intersected with downhole scintillometer surveys and chemical assays confirming uranium mineralisation in all the probed boreholes, to date.
Large-diameter, PQ, diamond drilling continues to retrieve geo-metallurgical sample material from the Valencia Main deposit.
The best mineralised intercept is in borehole VA24-022, drilled at Valencia South with 232 metres of continuous intersection, sub-parallel to the main direction of mineralisation, from surface, averaging 194 ppm U3O8 (including 43 m at 416 ppm U3O8 to the bottom of the pre-collar percussion hole).
Borehole VA24-019 at the Jolie Zone intersected 41 metres of mineralisation at 185 ppm U3O8.
Target
BHID
From (m)
To (m)
Width (m)
eU3O8 (ppm)
U3O8 (ppm)
Status
Valencia West
VA24-001
69
83
14
291
Complete
and:
VA24-001
92
98
6
218
Core sampling
and:
VA24-001
123
146
23
76
Core sampling
Valencia West
VA24-002
71
82
11
190
Complete
and:
VA24-002
107
123
16
222
Complete
Valencia West
VA24-003
52
59
7
110
Complete
Valencia West
VA24-004
103
105
2
162
Core sampling
Valencia West
VA24-005
80
96
16
104
Complete
Valencia West
VA24-006
33
35
2
216
Complete
Valencia West
VA24-007
61
75
14
161
Complete
Valencia West
VA24-008
49
56
7
142
Complete
and:
VA24-008
94
108
14
148
Complete
Valencia West
VA24-009
35
66
31
117
Complete
including:
VA24-009
44
48
4
200
Complete
Valencia West
VA24-010
37
52
15
89
Complete
Valencia West
VA24-011
9
56
47
123
Complete
Valencia West
VA24-012
39
56
17
170
Complete
Valencia West
VA24-013
59
62
3
96
Core sampling
Valencia West
VA24-014
14
25
11
128
Complete
Valencia West
VA24-015
55
90
35
96
Complete
Valencia West
VA24-016
9
17
8
89
Complete
Valencia West
VA24-017
17
22
5
95
Complete
Valencia West
VA24-018
15
42
27
107
Complete
Jolie
VA24-019
1
42
41
185
Complete
including:
VA24-019
6
18
12
336
Complete
Jolie
VA24-020
64
78
14
110
Complete
Jolie
VA24-021
22
71
49
137
Complete
and:
VA24-021
84
104
20
174
Complete
Valencia South
VA24-022
0
232
232
194
Pre-collar complete
including:
VA24-022
84
148
64
246
Assays received
including
VA24-022
189
232
43
416
to end of pre-collar
Table 1: 2024 drill campaign; highlights reported from boreholes completed (as of 16 May, 2024); Widths are reported as drill hole lengths. Unless otherwise stated, true width is estimated to be approximately 75% of the downhole width.
QAQC Recent (2023-2024) Sampling and Assays
Samples were taken from the diamond drill cores and RC chips for geochemical assay guided by the routine downhole radiometric probe results and sent to Trace Elements Analysis Laboratories (Pty) Ltd (“TEA Labs”) at Swakopmund, Namibia for sample preparation and analyses by XRF. For internal quality control purposes TEA Labs has weekly round robins with independent laboratories at Rosh Pinah, Swakop Uranium and Langer Heinrich mines.
Forsys employs a QAQC program with Certified Reference Materials (CRMs), blanks, coarse duplicates, and pulp duplicates inserted into each batch of samples. The QAQC insert rate comprises 4 % CRMs using three CRM types with different grades of U3O8; 4 % blanks and 8 % to 10 % duplicates. RC sample batches have three types of duplicates; a field duplicate split at the drill rig; a coarse duplicate split at prescribed intervals at the laboratory; and pulp duplicates, also split at the laboratory. Core samples only have coarse and pulp duplicates split at the laboratory.
Four-percent of the samples sent to TEA Labs are sent for check analyses at SGS Laboratories (SGS) in South Africa, which serves as the independent accredited laboratory. The sample results are further validated by comparison with the radiometric scans.
External Check Assay Laboratory Four percent of the samples sent to TEA Labs are sent for check analyses to SGS Laboratories (SGS) in South Africa; SGS which serves as the independent accredited laboratory. The sample results are further validated by comparison with the radiometric scans.
Qualified Persons Statement for Mineral Resource The information in this release that relates to the Interim Drilling Results for the Norasa Project is based on information compiled or reviewed by Dr Guy Freemantle of The MSA Group (Pty) Ltd., Johannesburg, South Africa. The MSA Group are independent consultants to the Norasa Project, Namibia. Dr Freemantle holds a Bachelor of Science in Geology (2006) and Doctor of Philosophy in Geology (2017) both at the University of the Witwatersrand. He is a member of the Society of Economic Geologists (892905); a Fellow of the Geological Society of South Africa (965392); and is registered with SACNASP (Registration 117527). Dr Freemantle has practiced his profession continuously for 14 years and 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 fulfil 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.
AboutForsysMetalsCorp.
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 and uranium 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:
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) (“Namibplaas”), located in the Erongo region of Namibia.