Forsys Announces Additional High Grade Zones from Namibplaas Phase 2 Drilling Program
Published : January 26, 2012
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  

TORONTO, ONTARIO--(Marketwire - Jan. 26, 2012) - Forsys Metals Corp. (News - Market indicators)(FRANKFURT:F2T)(NSX:FSY) ("Forsys" or the "Company") is pleased to announce further positive drilling results from its Namibplaas drilling program at Exclusive Prospecting Licence No 3638 ("EPL 3638"), located 7 kilometres northeast of the Company's fully permitted Valencia Mining Licence No 149 in Namibia, Africa. As part of the Phase 2 drilling program the Company has completed 53 additional percussion holes. From commencement of the exploration program in 2008, the Company has completed a total of 33 Diamond drill holes and 341 percussion drill holes; for a total of 81,499 meters (8,527 meters of Diamond drilling and 72,972 meters of percussion drilling).

Marcel Hilmer, Chief Executive Officer, commented, "We are very pleased that the Phase 2 drilling program at Namibplaas which began in October 2011 has proven extensive mineralization with significant intersections of 200 ppm eU3O8 or higher in 30 of the 53 drill holes. It is our expectation that this drill program will increase the overall project resource, as well as upgrade the category, and overall grade at Namibplaas. The continued positive results received from the Namibplaas drilling program have reinforced our confidence that ultimately we will be able to consolidate the Namibplaas Project with our 100% owned Valencia Project into an expanded combined uranium project".

Highlights of recent assay results from Phase 2 Percussion Drilling at Namibplaas
Hole   From (m)   To (m)   Interval (m)   Grade (ppm eU3O8)
NAPD-289   33.5   40.7   7.2   192
NAPD-291   66.8   70.6   3.8   441
NAPD-294   85.4   97.4   12.0   237
NAPD-295   72.3   76.9   4.6   257
NAPD-296   88.0   93.6   5.6   216
NAPD-299   63.7   68.5   4.8   725
NAPD-300   42.6   51.6   9.0   202
NAPD-301   46.6   55.8   9.2   245
    63.5   68.6   5.1   191
NAPD-302   135.5   141.5   6.0   218
NAPD-303   75.5   82.1   6.6   200
NAPD-304   63.9   69.1   5.2   507
NAPD-305   152.3   163.0   10.7   203
NAPD-306   118.7   125.7   7.0   224
NAPD-308   166.9   185.1   18.2   225
NAPD-308   240.3   256.2   15.9   205
NAPD-309   44.4   48.0   3.6   211
NAPD-311   30.3   35.7   5.4   254
NAPD-312   56.2   66.2   10.0   300
NAPD-313   110.1   113.1   3.0   248
    224.0   226.3   2.3   346
NAPD-314   93.8   112.2   18.4   218
NAPD-315   69.7   74.1   4.4   212
NAPD-317   51.8   62.5   10.7   242
NAPD-318   63.5   68.3   4.8   203
NAPD-319   79.0   81.6   2.6   918
    95.5   98.7   3.2   203
NAPD-321   213.3   216.9   3.6   220
    248.8   251.8   3.0   878
    261.2   264.2   3.0   192
NAPD-325   147.9   150.1   2.2   393
NAPD-326   56.6   59.9   3.3   558
    127.6   132.9   5.3   203
NAPD-331   65.1   67.4   2.3   546
    76.0   82.1   6.1   255
NAPD-332   66.1   76.3   10.2   226
    105.0   112.9   7.9   220
    124.4   137.3   12.9   198
NAPD-335   62.2   77.0   14.8   199
NAPD-336   108.1   117.2   9.1   231

The Phase 2 program is on schedule and within budget. There are four (4) drilling rigs currently operating on site with approximately 10,000 meters completed in 53 holes, or 25% of the budgeted 40,000 meter program. Geological sections are used to determine the anticipated stopping depth of each hole as determined by the interpreted geological cross sections in order to avoid drilling in unproductive, barren lithological units. Lithological and mineralization continuity between boreholes and created sections are encouraging and consistent as depicted below in the newly created schematic NW - SE Cross section through boreholes NAPD-010 and NAPD-264.

To view "Figure 1 - Namibplaas Schematic NW-SE Cross Section," please visit the following link:

Figure 2 below details all percussion drill hole locations. The current drilling program is on a 40 x 40 meter grid on the surface magnetic anomaly as depicted on the figure. Higher-grade eU3O8 values tend to correspond with the high magnetic values shown in the violet area, trending northeast to southwest. This 40 x 40 meter grid was calculated from the maiden Inferred Resource Estimate that was released on September 15, 2011, after the data was geo- statistically analysed and semi-variograms calculated from the data. The continuity of the lithological units and mineralization will fall within this 40 x 40 meter grid and thus enable upgrading of the resource from Inferred to Indicated. The ore-bodies at Namibplaas and Valencia consist of Leuco Granite Sheets (LGS), locally known as alaskites, which have intruded the surrounding country rock and have formed lenses that open and close depending on the characteristics of the host country rocks.

The higher grade areas correspond to the magnetic high shown in the violet area, trending northeast to southwest.

To view "Figure 2 - Namibplaas Drill Hole Location Map," please visit the following link:

2012 Namibplaas Drilling Program and Consolidation Strategy

The Company has completed 25% of the total budgeted Phase 2 drilling program and is on schedule to complete the current drilling program by June 2012 and deliver an updated compliant NI 43-101 Technical Report by the third quarter of 2012. The Company has already published a NI 43-101 compliant maiden resource report on September 15, 2011 for the Namibplaas Project, as well as a NI 43-101 compliant technical reserve report for its Valencia property. Both reports can be found on the Company website.

The Company continues to develop the preliminary design of an expanded consolidated project (based on an internally generated resource estimate) that could produce annually up to 6.0M lbs of U3O8 from the consolidated Valencia and Namibplaas deposits. Preliminary pit designs and mining schedules are expected to confirm the potential of a consolidated operation. It should be noted that the potential quantities and grades and other technical parameters in reference to the consolidation of the Valencia and Namibplaas deposits are at this stage conceptual in nature only.

About the Namibplaas Uranium Project

Forsys owns 70% of Dunefield Mining Company (Pty) Limited ("Dunefield") which holds the Namibplaas EPL 3638 which covers a total surface area of 1,742ha on the farm "Namibplaas 93". The Company is in the process of satisfying the final condition to closing the agreement to acquire the remaining 30% of Dunefield, in order to give it 100% ownership of Namibplaas and anticipates this will occur within the first quarter of 2012 (see news release dated October 24, 2011). Situated 7 kilometres northeast of the Valencia Uranium Project, the Namibplaas uranium project is accessible by way of a newly constructed industrial grade road from the B2 highway to the Valencia project site and from there by a trail suitable for 4x4 vehicles.

EPL 3638 is in good standing, with all reporting and environmental requirements up to date. The EPL 3638 was recently renewed by the Namibian Ministry of Mines and Energy for a further two years to November 2013. No encumbrances exist on the licence, no royalties are payable and there is no liability for any environmental taxes at this stage of exploration. A baseline Environmental Impact Assessment and Environmental Management Plan was carried out by Colin Christian, Independent Consultant, during October 2008 and approved by the Ministry of Environment and Tourism on December 11, 2008.

Additional information, including a comprehensive list of all significant assay results and individual detailed drill hole location maps for each of the Diamond and percussion drill holes can be found on the Company website at The detailed Namibplaas project history together with previous news releases detailing drill results, are also available for download from the Company's website. For further information please refer to the Company's Annual Information Form, dated March 29, 2011, filed on the Company's profile at

NI 43-101 and Qualified Person

Mr Johan de Bruin, MEng, Pr. Sci. Nat., Chief Geologist for Forsys Metals Corp., is the designated Qualified Person responsible for the Company's exploration programs. Mr de Bruin has verified the geological database that included review of geological description and interpretation, assays, and acquisition of radiometric data. Mr de Bruin is familiar with the methods for Quality Assurance and Quality Control specifically applicable to uranium. Mr de Bruin 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. Equivalent U3O8 at Namibplaas has been calculated using the correlation established by Mr de Bruin at Namibplaas; that correlation is almost identical to the one already calculated at Valencia.

About Forsys Metals Corp.

Forsys Metals Corp. is an emerging uranium producer with 100% ownership of the fully permitted Valencia Uranium Project and currently a 70% ownership in the Namibplaas Uranium Project in Namibia, Africa, a politically stable and mining friendly jurisdiction. Information regarding current National Instrument 43-101 compliant resource and or reserves at the Valencia and Namibplaas Uranium Project's is 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 29, 2011, available on the Company's profile on the SEDAR website at

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.

Shares Outstanding: 96,875,422

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Forsys Metals Corp.
Marcel Hilmer
Chief Executive Officer
+61 417 177 942
TMX Equicom
Nisha Hasan
+1 416-815-0700 Ext 258
Data and Statistics for these countries : Namibia | All
Gold and Silver Prices for these countries : Namibia | All

Forsys Metals Corp.

ISIN : CA34660G1046
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Forsys Metals is a uranium development stage company based in Canada.

Forsys Metals holds various exploration projects in Namibia.

Its main asset in development is VALENCIA URANIUM in Namibia and its main exploration properties are OMARURU, ELBE PROJECT, ONDUNDU and NAMIBPLAAS in Namibia.

Forsys Metals is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 125.5 millions as of today (US$ 91.7 millions, € 85.7 millions).

Its stock quote reached its highest recent level on April 20, 2007 at CA$ 9.94, and its lowest recent point on June 30, 2016 at CA$ 0.05.

Forsys Metals has 145 910 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Annual reports of Forsys Metals Corp.
2008 Annual Report
Annual Report 2007
Financings of Forsys Metals Corp.
11/28/2011Announces Completion of Private Placement
Nominations of Forsys Metals Corp.
8/15/2012Appoints Martin Hirsch as Chief Geologist
6/11/2012Appoints Director Finance and Establishes Office in Perth
7/28/2008Appoints Valencia General Manager
3/7/2008Appoints New Chief Financial Officer
Financials of Forsys Metals Corp.
8/15/2011Announces Second Quarter 2011 Financial and Operational Resu...
Project news of Forsys Metals Corp.
9/28/2012(Namibplaas)Announces: Updated Namibplaas Resource
3/26/2012(Namibplaas)Completes Acquisition of Remaining 30% Interest in Namibplaa...
2/1/2012(Ondundu)to Retain Control of The Ondundu Gold Project
10/24/2011(Namibplaas)Announces Agreement to Acquire Remaining 30% of Namibplaas U...
2/2/2011(Namibplaas)Announces Additional Positive Namibplaas Drilling Results an...
8/21/2008(Valencia Uranium)Valencia Uranium Project, Namibia Mining Licence Granted
8/6/2008(Valencia Uranium) Confirms Deeper Uranium Mineralization at Valencia
7/22/2008(Valencia Uranium) Continues Drilling at Valencia Expanding Pit Bottom and Ove...
6/27/2008(Valencia Uranium) Adds Fourth Drill Rig to Test North Anomaly at Valencia
6/13/2008(Valencia Uranium)Mineralization Expansion and Grade Improvement at Valencia-F...
6/4/2008(Valencia Uranium)Receives Environmental Clearance for Valencia
4/29/2008(Valencia Uranium) Expands Uranium Zones at Valencia
4/1/2008(Ondundu)Increases Ownership of Ondundu Gold Project in Namibia to 90...
2/13/2008(Valencia Uranium)Announces Joly Zone Trenching Results
1/29/2008(Valencia Uranium) Provides Joly Zone Update
1/14/2008(Valencia Uranium)Reports Drilling Results and Resumes Drilling at Valencia
3/26/2007(Valencia Uranium)Significant Increase for the Valencia Uranium Resource
Corporate news of Forsys Metals Corp.
9/14/2015Forsys Metals Announces Non-Brokered Private Placement Updat...
8/12/2015Forsys Metals Announces Non-Brokered Private Placement
3/18/2015Forsys Releases Feasibility Study Results for Norasa Uranium...
11/26/2014Forsys Provides Norasa Uranium Project Feasibility Study Upd...
10/29/2014Forsys Closes $2.4 Million Private Placement
10/9/2014Forsys Provides Update on Private Placement & Progress on th...
7/7/2014Forsys Metals Initiates Feasibility Study for Norasa Uranium...
5/23/2014Forsys Announces Annual and Special Meeting Voting Results
3/27/2014Forsys Files Updated NI 43-101 Technical Report on Norasa Ur...
3/20/2014Forsys Adopts Advance Notice Policy for Director Nominations...
10/7/2013Provides Updated Mineral Resource Estimate for Its Norasa Ur...
5/2/2013(Valencia Uranium)Announces Results of Positive Engineering Cost Study for Its...
3/19/2013Reports Positive Exploration Drilling Results and Confirms H...
1/23/2013Significant New Exploration Results at Recently Discovered V...
1/26/2012(Namibplaas)Announces Additional High Grade Zones from Namibplaas Phase ...
10/5/2011Enters Into Share Subscription Agreement to Raise C$8,000,00...
9/15/2011(Namibplaas)Announces Maiden Resource Statement Namibplaas Project-Namib...
8/10/2011Announces Up to 92% Recoveries from Heap Leach Laboratory Te...
7/11/2011(Namibplaas)Announces Discovery of Extensive High Grade Zones From Ongoi...
5/15/2011Proposed Changes to Namibian Mineral Policy Will Not Affect ...
3/3/2011Announces Settlement Agreement With GFI and George Forrest
12/11/2008Corporate Quarterly Update
11/14/2008George Forrest International Afrique S.P.R.L. to Acquire For...
9/16/2008Corporate Quarterly Update
6/27/2008Clarifying Press Release-Mineral Resource and Mineral Reserv...
6/16/2008Corporate Quarterly Update
4/23/2008Clarifies Uranium Project on Track
4/11/2008Namibia to Build Second Desalination Plant for Uranium Mines
3/6/2008Prepares for Contract Mining at Valencia
2/25/2008Receives Water Permits
2/6/2008Uranium Exploration Licences Renewed
3/23/2007Completes Acquisition of Remaining 10% of Valencia Uranium D...
2/28/2007Completes $47.5 Million Financing
2/26/2007Acquires 70% of Ancash Investments and 5 Additional Uranium ...
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
CA$ 0.860
06/20 17:00 -0.020
Prev close Open
0.880 0.850
Low High
0.830 0.900
Year l/h YTD var.
0.750 -  1.11 14.67%
52 week l/h 52 week var.
0.300 -  1.11 89.01%
Volume 1 month var.
57,315 -17.31%
24hGold TrendPower© : 12
Develops Uranium
Explores for Copper - Gold - Silver - Zinc
Interactive chart Add to compare
Print Compare Export
Last updated on : 6/18/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.58+1.61%Trend Power :
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 9.62-1.23%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.61-1.13%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.04-20.00%Trend Power :
Closes Bridge Loan Financing
CA$ 2.18+3.32%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 14.93+1.22%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.25+2.04%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.16-8.33%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.43+2.53%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 45.99+0.74%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.03-3.45%Trend Power :