Forsys Metals Corp.

Published : February 02nd, 2011

Announces Additional Positive Namibplaas Drilling Results and Approval for 2011 Exploration Program

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Forsys Announces Additional Positive Namibplaas Drilling Results and Approval for 2011 Exploration Program

 

 

 

 

 

 

 

 

 

Forsys Metals Corp ("Forsys" or the "Company") (TSX:FSY - News; FRANKFURT:F2T - News; NSX:FSY) is pleased to announce additional drilling results from its ongoing Namibplaas drilling program at Exclusive Prospecting Licence ("EPL") 3638, located 7 kilometres northeast of the Company's fully permitted Valencia Mining Licence (ML 149) in Namibia, Africa. The Company has completed an additional 10 diamond drill holes and 23 percussion holes, achieving a total of 19 diamond drill holes and 39 percussion drill holes since July 2010 for a total of 13,466 metres.

Marcel Hilmer, Chief Executive Officer, commented: "Drilling has confirmed again considerable mineralization in 7 of the 10 diamond drill holes and 13 of the percussion drill holes, encountering significant intersections of approximately 200 ppm U3O8 or better. We are very pleased that this program is increasing the overall grade of our project areas."

Highlights from the Most Recent 2010 Diamond Drilling at Namibplaas




----------------------------------------------------------------------------
Hole                             From           To     Interval        Grade
                                  (m)          (m)          (m)   (ppm U308)
----------------------------------------------------------------------------
NA24-017                         59.4         63.9          4.5          300
                                244.6        250.5          5.9          198
----------------------------------------------------------------------------
NA24-018                         87.4         98.7         11.3          231
----------------------------------------------------------------------------
NA24-020                         85.2         98.7         13.7          193
----------------------------------------------------------------------------
NA24-021                        211.0        218.1          7.5          213
----------------------------------------------------------------------------
NA24-022                        279.1        286.9          7.8          215
----------------------------------------------------------------------------
NA24-024                         95.8         98.1          2.3          656
                                109.1        115.9          6.8          279
----------------------------------------------------------------------------
NA24-025                        122.3        126.8          4.5          215
----------------------------------------------------------------------------

Highlights from the Most Recent 2010 Percussion Drilling at Namibplaas




----------------------------------------------------------------------------
Hole                             From           To     Interval        Grade
                                  (m)          (m)          (m)  (ppm eU308)
----------------------------------------------------------------------------
NAPD-034                         78.2         92.8         14.6          253
                                 93.5         98.8          5.3          462
                                100.4        107.2          4.7          346
                                108.3        113.0          4.7          222
----------------------------------------------------------------------------
NAPD-036                         27.9         32.7          4.8          268
----------------------------------------------------------------------------
NAPD-038                         63.2         68.4          5.2          241
----------------------------------------------------------------------------
NAPD-040                         18.2         25.9          7.7          234
----------------------------------------------------------------------------
NAPD-041                         46.7         49.7          3.0          371
----------------------------------------------------------------------------
NAPD-043                        126.2        134.3          8.1          192
----------------------------------------------------------------------------
NAPD-044                        107.4        114.9          7.5          273
                                115.3        120.4          5.1          259
                                138.7        144.9          6.2          229
----------------------------------------------------------------------------
NAPD-049                         89.0         99.3         10.3          218
----------------------------------------------------------------------------
NAPD-050                         63.6         69.1          5.5          249
----------------------------------------------------------------------------
NAPD-051                         98.3        105.2          6.9          207
                                156.5        163.7          7.2          235
----------------------------------------------------------------------------
NAPD-053                         45.3         53.3          8.0          197
                                159.3        173.4         14.1          215
----------------------------------------------------------------------------
NAPD-055                         28.4         34.9          6.5          286
                                143.8        150.7          6.9          237
                                 93.4         96.9          3.5          269
----------------------------------------------------------------------------
NAPD-056                        110.4        118.4          8.4          218
----------------------------------------------------------------------------

A comprehensive list of additional significant assay results is contained in Table 1, appended to this news release. Figure 1 below details all drill hole locations. Additional information including initial drill results and detailed Namibplaas project history were previously announced in the Company's News Release dated November 8, 2010, available for download from the Company's website at www.forsysmetals.com.

An in-house, non-compliant NI 43-101 study was prepared by Dr. Roger Laine, QP, based on the 7 cross-sections which had enough diamond and percussion holes to finalize an interpretation. Surface areas of the various LGS (defines as LeucoGranites Sheets or alaskites) was estimated using simple geometric forms to fit the data, then grade was attributed to each LGS using weighted grade (defines as grade over mineralized lengths) from all the mineralized intersections using a cut-off grade of 60 ppm on drill holes intersections. This conceptual estimate indicated a potential grade of 113ppm and between 21.7 Mlbs and 51.5 Mlbs of U3O8. An interpretation using a cut-off grade of 100ppm indicated a potential grade of 141ppm and between 14.3 Mlbs and 34.0 Mlbs of U3O8. These potential quantities and potential grades are conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in discovery of a mineral resource.

To view the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/fsy0202fig1.pdf.

2011 Namibplaas Drilling Program

The Company is also pleased to announce the approval of a C$2.20 million 2011 drilling program targeted to achieving a compliant NI 43-101 Technical Report at Namibplaas, by the end of the third quarter of 2011.

The objective of the 2011 program is to complete an additional 3,500 metres of diamond drilling (approximately 10 holes at 300 to 350 m depth, inclined at 45 degrees) and 50,000 metres of percussion drill holes for a total of approximately 250 holes drilled at 60 degrees angle. This would bring the drill spacing close to 40 by 40 metres and allow completion of a NI 43-101 resource statement.

The Company has already published a NI 43-101 compliant technical reserve report for its Valencia property.

About the Namibplaas Uranium Project

Forsys owns 70% of Dunefield Mining Company (Pty) Limited which holds the Namibplaas Uranium Project, (EPL 3638), which covers a total surface area of 1,742ha on the farm "Namibplaas 93". Situated 6 km 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. No encumbrances exist on the licence, no royalties are payable and there is no liability for any environmental taxes or royalties at this stage of exploration. A baseline Environmental Impact Assessment ("EIA") and Environmental Management Plan ("EMP") was carried out by Colin Christian, Independent Consultant, during October 2008 and approved by the Ministry of Environment and Tourism on December 11, 2008.

For more information of the Namibplaas Uranium Project, please refer to the Company's news release dated November 8, 2010 or Annual Information Form, dated March 23, 2010, filed on the Company's profile at www.sedar.com.

NI 43-101 and Qualified Persons

Dr. Roger Laine, Ph.D., P.Geo., Chief Geologist for Forsys Metals Corp., is the designated Qualified Person ("QP") responsible for the Company's exploration programs. Dr. Laine has verified the geological database which included review of geological description and interpretation, assays, and acquisition of radiometric data. Dr. Laine is familiar with the methods for Quality Assurance and Quality Control specifically applicable to uranium. Dr. Laine has sufficient experience which 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 Dr. Laine 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 in the fully permitted Valencia Uranium Project in Namibia, Africa a politically stable and mining friendly jurisdiction. Current NI 43-101 compliant reserves at Valencia are 60.5 Mlbs of U308 supporting a 17 year mine life and current Measured and Indicated resources are 75.5 Mlbs U308 with a further 8.4 Mlbs of Inferred U308.

On behalf of the Board of Directors of Forsys Metals Corp.

Marcel Hilmer, Chief Executive Officer

For further information visit our website at www.forsysmetals.com.

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 23, 2010, 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.




Table 1: Significant Additional 2010 Assay Results - Namibplaas             
--------                                                                   
                                                                           
----------------------------------------------------------------------------
Diamond Drill Hole               From           To       Length         U308
                                                            (m)          ppm
----------------------------------------------------------------------------
NA24-017                         31.9         38.8          6.9          158
----------------------------------------------------------------------------
                                 50.4         56.4          6.0          183
----------------------------------------------------------------------------
                                 59.4         63.9          4.5          300
----------------------------------------------------------------------------
                                129.3        142.9         13.6          201
----------------------------------------------------------------------------
                                159.4        172.9         13.5          189
----------------------------------------------------------------------------
                                174.4        193.9         19.5          176
----------------------------------------------------------------------------
                                244.6        250.5          5.9          198
----------------------------------------------------------------------------
NA24-018                         87.4         98.7         11.3          231
----------------------------------------------------------------------------
NA24-019                         13.4         17.0          3.6          165
----------------------------------------------------------------------------
                                 17.4         27.4         10.0          127
----------------------------------------------------------------------------
                                247.0        263.0         16.0          183
----------------------------------------------------------------------------
NA24-020                         85.2         98.7         13.5          193
----------------------------------------------------------------------------
NA24-021                        129.7        143.4         13.7          122
----------------------------------------------------------------------------
                                144.9        149.4          4.5          132
----------------------------------------------------------------------------
                                179.3        183.9          4.5          160
----------------------------------------------------------------------------
                                194.6        202.2          7.6          121
----------------------------------------------------------------------------
                                210.6        225.1         14.5          192
----------------------------------------------------------------------------
NA24-022                         58.9         62.7          3.8          128
----------------------------------------------------------------------------
                                 83.6         88.9          5.3          205
----------------------------------------------------------------------------
                                142.9        152.2          9.3          142
----------------------------------------------------------------------------
                                156.4        174.4         18.0          128
----------------------------------------------------------------------------
                                193.7        203.1          9.4          173
----------------------------------------------------------------------------
                                254.0        259.9          5.9          120
----------------------------------------------------------------------------
                                279.1        286.9          7.8          215
----------------------------------------------------------------------------
NA24-024                         95.8         98.1          2.3          656
----------------------------------------------------------------------------
                                109.1        115.9          6.8          279
----------------------------------------------------------------------------
NA24-025                        122.3        126.8          4.5          215
----------------------------------------------------------------------------
                                146.9        154.5          7.6          183
----------------------------------------------------------------------------
                                167.3        173.3          6.0          156
----------------------------------------------------------------------------
                                200.9        205.0          4.1          140
----------------------------------------------------------------------------
                                200.7        205.1          4.4          137
----------------------------------------------------------------------------
                                230.1        236.4          6.3          132
----------------------------------------------------------------------------
Percussion Drill Hole            From           To       Length        eU308
                                                            (m)          ppm
----------------------------------------------------------------------------
NAPD-034                         31.0         37.5          6.5          196
----------------------------------------------------------------------------
                                 62.9        141.0         78.1          170
----------------------------------------------------------------------------
includes                         78.2         92.8         14.6          253
----------------------------------------------------------------------------
                                 93.5         98.8          5.3          462
----------------------------------------------------------------------------
                                100.4        107.2          6.8          346
----------------------------------------------------------------------------
                                108.3        113.0          4.7          222
----------------------------------------------------------------------------
NAPD-035                        131.1        139.0          7.9          136
----------------------------------------------------------------------------
                                153.0        164.2         11.2          131
----------------------------------------------------------------------------
NAPD-036                         27.9         32.7          4.8          268
----------------------------------------------------------------------------
                                 45.1         60.9         15.8          180
----------------------------------------------------------------------------
                                 64.4         69.3          4.9          131
----------------------------------------------------------------------------
NAPD-037                        152.7        155.9          3.2          152
----------------------------------------------------------------------------
                                212.3        221.7          9.4          177
----------------------------------------------------------------------------
NAPD-038                         53.8         58.2          4.4          166
----------------------------------------------------------------------------
                                 62.7         73.7         11.0          170
----------------------------------------------------------------------------
                                144.4        148.7          4.3          156
----------------------------------------------------------------------------
                                181.8        184.8          3.0          142
----------------------------------------------------------------------------
NAPD-039                        133.5        139.2          5.7          126
----------------------------------------------------------------------------
NAPD-040                         12.3         28.4         16.1          180
----------------------------------------------------------------------------
                                   42         46.6          4.6          208
----------------------------------------------------------------------------
                                141.7        151.7         10.0          139
----------------------------------------------------------------------------
                                181.2        188.7          7.5          147
----------------------------------------------------------------------------
NAPD-041                         45.9         51.3          5.4          238
----------------------------------------------------------------------------
                                 74.2         82.3          8.1          159
----------------------------------------------------------------------------
                                 90.8         94.7          3.9          147
----------------------------------------------------------------------------
                                101.8        120.1         18.3          150
----------------------------------------------------------------------------
                                131.6        135.6          4.0          176
----------------------------------------------------------------------------
                                149.7        156.7          7.0          150
----------------------------------------------------------------------------
NAPD-042                         38.3           61         22.7          126
----------------------------------------------------------------------------
NAPD-043                         20.2         23.2          3.0          137
----------------------------------------------------------------------------
                                112.6        116.4          3.8          132
----------------------------------------------------------------------------
                                120.3        142.2         21.9          131
----------------------------------------------------------------------------
NAPD-044                         47.5         50.8          3.3          135
----------------------------------------------------------------------------
                                102.4        121.1         18.7          204
----------------------------------------------------------------------------
includes                        107.4        114.9          7.5          273
----------------------------------------------------------------------------
                                115.3        120.4          5.1          259
----------------------------------------------------------------------------
                                123.2        146.2         23.0          135
----------------------------------------------------------------------------
includes                        138.7        144.9          6.2          229
----------------------------------------------------------------------------
NAPD-045                        106.0        111.8          5.8          167
----------------------------------------------------------------------------
                                215.2        221.7          6.5          161
----------------------------------------------------------------------------
                                225.3        235.0          9.7          175
----------------------------------------------------------------------------
NAPD-046                         37.6         44.1          6.5          133
----------------------------------------------------------------------------
                                233.7        237.3          3.6          213
----------------------------------------------------------------------------
NAPD-047                          0.4          6.4          6.0          152
----------------------------------------------------------------------------
                                 54.5         62.3          7.8          143
----------------------------------------------------------------------------
NAPD-048                        156.1        160.1          4.0          171
----------------------------------------------------------------------------
NAPD-049                         82.0        104.6         22.6          137
----------------------------------------------------------------------------
NAPD-050                         58.6         77.8         19.2          126
----------------------------------------------------------------------------
NAPD-051                         93.2        119.1         25.9          132
----------------------------------------------------------------------------
                                149.5        176.0         26.5          161
----------------------------------------------------------------------------
NAPD-052                         19.1         26.6          7.5          132
----------------------------------------------------------------------------
NAPD-053                         45.3         53.3          8.0          197
----------------------------------------------------------------------------
                                 97.7         95.7          7.0          174
----------------------------------------------------------------------------
                                 98.2        101.5          3.3          142
----------------------------------------------------------------------------
                                131.6        139.0          7.4          138
----------------------------------------------------------------------------
                                142.0        150.4          8.4          164
----------------------------------------------------------------------------
                                151.8        155.2          3.4          161
----------------------------------------------------------------------------
                                159.3        173.4         14.1          215
----------------------------------------------------------------------------
                                178.4        185.3          6.9          170
----------------------------------------------------------------------------
NAPD-054                        116.7        120.8          4.1          121
----------------------------------------------------------------------------
NAPD-055                         36.1         47.3         11.2          200
----------------------------------------------------------------------------
includes                         28.4         34.9          6.5          286
----------------------------------------------------------------------------
                                 36.5         43.4          6.9          237
----------------------------------------------------------------------------
                                 75.9         80.9          5.0          173
----------------------------------------------------------------------------
                                 84.4         86.8          2.4          148
----------------------------------------------------------------------------
                                 90.0         97.9          7.9          185
----------------------------------------------------------------------------
includes                         93.4         96.9          3.5          269
----------------------------------------------------------------------------
                                143.8        150.7          6.9          153
----------------------------------------------------------------------------
                                179.1        192.7         13.6          159
----------------------------------------------------------------------------
                                194.8        198.9          4.1          180
----------------------------------------------------------------------------
NAPD-056                        106.4        118.6         12.2          173
----------------------------------------------------------------------------
includes                        110.1        118.4          8.3          218
----------------------------------------------------------------------------
                                132.3        146.6         14.3          136
----------------------------------------------------------------------------

Note 1: Drill holes in the series NA24-017 to NA24-025 are diamond drill holes and drill holes in the series NAPD-034 to NAPD-056 are percussion drill holes.

Note 2: NAPD-044, -047, -056 had to be abandoned because of technical difficulties (depth of only, 176 m, 78 m, and 155 m respectively).

Note 3: Diamond drilling inclined at 45 degrees and percussion drilling at a 60 degree dip.

Shares Outstanding: 79,930,231

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

 

 

 

 

 

 

Data and Statistics for these countries : Namibia | All
Gold and Silver Prices for these countries : Namibia | All

Forsys Metals Corp.

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CODE : FSY.TO
ISIN : CA34660G1046
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Forsys Metals is a zinc and copper exploration company based in Canada.

Forsys Metals develops zinc, copper and uranium in Namibia, and 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$ 96.3 millions as of today (US$ 77.0 millions, € 67.4 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.

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2008 Annual Report
Annual Report 2007
Financings of Forsys Metals Corp.
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US$ 7.27-0.68%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.67+6.35%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06+30.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.13-0.47%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$ 9.41-3.59%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.22+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.24-2.04%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$ 1.44-4.64%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 46.69-0.13%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.02+0.00%Trend Power :