Forsys Announces Discovery of Extensive High Grade Zones From Ongoing 2011 Namibplaas Drilling Program
Published : July 11, 2011
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

TORONTO, ONTARIO--(Marketwire - July 11, 2011) - Forsys Metals Corp (News - Market indicators)(FRANKFURT:F2T)(NSX:FSY) ("Forsys" or the "Company") is pleased to announce further positive drilling results from its ongoing 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. In the period from the previous release in May 2011 to the date of this release, the Company has completed the final planned Diamond drill hole and a further 80 percussion holes. From commencement of the program in July 2010, the Company has completed a total of 33 Diamond drill holes and 208 percussion drill holes; a total of 59,833 metres (8,224 metres of Diamond drilling and 51,609 metres of percussion drilling).

Marcel Hilmer, Chief Executive Officer, commented, "Drilling since May 2011 has confirmed extensive mineralization in 50 of the 80 percussion drill holes, encountering many significant intersections of approximately 200 ppm U3O8 or better. The results from the Namibplaas drilling program are very encouraging and indicate the potential for significant high-grade areas. We are very pleased that the program continues to increase potential resources and the overall grade at Namibplaas."

Highlights from the Most Recent 2011 Percussion Drilling at Namibplaas
        Grade
      Interval (ppm
Hole From (m) To (m) (m) U3O8)
NAPD-146 48.2 55.1 6.9 217
  185.0 194.6 9.6 217
NAPD-149 52.4 57.9 5.5 264
NAPD-150 46.3 50.6 4.3 214
NAPD-153 36.9 40.2 3.3 460
  167.7 183.6 15.9 195
  195.5 200.8 5.3 199
NAPD-154 73.0 75.8 2.8 302
  104.1 106.8 2.7 246
NAPD-156 150.3 156.2 5.9 219
  197.1 209.8 12.7 234
  211.3 215.8 4.5 226
NAPD-157 24.2 27.6 3.4 191
  65.6 80.0 14.4 199
  201.1 209.1 8.0 205
NAPD-161 48.3 55.0 6.7 205
  56.5 60.3 3.8 267
  61.1 73.1 12.0 342
NAPD-162 78.4 82.3 3.9 205
NAPD-164 66.6 75.9 9.3 256
  122.3 132.4 10.1 234
  153.6 161.7 8.1 196
NAPD-165 86.4 108.1 21.7 193
NAPD-165 121.9 127.5 5.6 216
NAPD-168 29.8 62.3 32.5 186
  172.0 175.3 3.3 212
NAPD-169 87.1 113.0 25.9 262
NAPD-170 94.7 99.7 5.0 198
NAPD-172 66.5 72.3 5.8 237
  87.3 115.1 27.8 252
NAPD-173 66.5 77.6 11.1 215
NAPD-174 107.0 124.6 17.6 339
NAPD-176 149.4 155.2 5.8 244
NAPD-178 106.9 122.0 15.3 304
  125.5 133.3 7.8 249
  230.3 240.7 10.4 205
NAPD-179 39.3 45.8 6.5 234
  59.5 66.4 6.9 213
  101.5 105.2 3.7 224
NAPD-180 119.5 123.6 4.1 243
  161.0 171.1 10.1 294
NAPD-183 15.4 39.3 23.9 202
  169.5 174.9 5.4 208
NAPD-184 39.4 43.7 4.3 302
NAPD-189 26.3 31.6 5.3 299
  75.1 80.7 5.6 223
NAPD-190 196.0 201.9 5.9 204
NAPD-191 123.8 142.4 18.6 220
NAPD-193 20.4 28.2 7.8 288
  47.7 56.9 9.2 388
NAPD-194 48.3 54.1 5.8 226
  126.4 135.6 9.2 219
NAPD-195 35.8 40.8 5.0 206
  144.0 147.6 7.7 256
NAPD-196 42.7 57.7 15.0 208
NAPD-197 136.1 143.2 7.1 203
NAPD-198 39.7 43.9 4.2 301
  44.7 48.8 4.1 218
NAPD-199 85.3 89.5 4.2 202
  102.8 113.9 11.1 214
NAPD-200 36.8 48.3 11.5 247
NAPD-201 108.2 113.8 5.6 203
NAPD-202 19.0 53.8 34.8 239
  99.1 109.0 9.9 218
  184.5 191.8 7.3 397
  223.3 245.1 21.8 214
NAPD-203 75.4 82.1 6.7 199
NAPD-204 96.9 101.8 4.9 213
  123.2 132.4 9.2 302
NAPD-205 30.1 35.0 4.9 231
  60.7 70.1 9.4 302
  82.0 89.8 7.8 218
NAPD-206 52.0 65.8 13.8 233
  103.3 108.1 4.8 407
NAPD-207 70.6 74.5 3.9 201
NAPD-209 48.8 52.5 3.7 855
NAPD-211 123.6 134.3 10.7 242
NAPD-214 52.4 55.6 3.2 576
  130.0 135.3 5.3 208
  138.4 143.3 4.9 225
  164.1 176.4 12.3 197
NAPD-215 44.5 53.0 8.5 196
NAPD-216 43.0 46.9 3.9 915
  141.1 146.7 5.6 222
NAPD-219 32.7 36.8 4.1 247
NAPD-220 70.8 76.3 5.5 258
  142.9 148.1 5.2 247
NAPD-222 58.6 75.3 16.7 205
  133.2 138.4 5.2 222
NAPD-224 104.6 119.7 15.1 235

Figure 1 below details all percussion drill hole locations. 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 www.forsysmetals.com. Previous drill results and the detailed Namibplaas project history were announced in the Company's News Releases dated November 8, 2010, February 2, 2011 and May 16, 2011 and are also available for download from the Company's website.

The area of higher grades corresponds to the magnetic high shown in the violet area, trending northeast to southwest.

To view Figure 1 – Namibplaas Drill Hole Location Map, please visit the following link:

http://media3.marketwire.com/docs/711826FIG.pdf

2011 Namibplaas Drilling Program and Consolidation Strategy

The Company has completed 80% of the total budgeted drilling program for 2011 and is on schedule to complete the planned drilling program by mid-August 2011. The Company continues to develop the preliminary design of an expanded consolidated project (based on an internally generated resource estimate) that could produce at least annually 6.0 Mlbs 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.

Forsys remains on target to complete a National Instrument ("NI 43-101") compliant technical report at Namibplaas by the end of the third quarter of 2011. The Company has already published a NI 43-101 compliant technical reserve report for its Valencia property which can be found on the Company website.

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 which holds the Namibplaas EPL 3638 which covers a total surface area of 1,742ha on the farm "Namibplaas 93". 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. 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 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.

For more information of the Namibplaas, please refer to the Company's news releases dated November 8, 2010, February 2, 2011 and May 16, 2011 or our Annual Information Form, dated March 29, 2011, 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 responsible for the Company's exploration programs. Dr. Laine has verified the geological database that 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 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 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

(11-05)

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 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.

Shares Outstanding: 80,130,231

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
mhilmer@forsysmetals.com
or
Forsys Metals Corp
Miranda Smith
Investor Relations
647-258-9721
msmith@forsysmetals.com
www.forsysmetals.com
Data and Statistics for these countries : Namibia | All
Gold and Silver Prices for these countries : Namibia | All

Forsys Metals Corp.

DEVELOPMENT STAGE
CODE : FSY.TO
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
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

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$ 75.9 millions as of today (US$ 60.7 millions, € 53.1 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...
3/31/2010(Ondundu)TECHNICAL REPORT ON THE ONDUNDU GOLD PROJECT EPL3195, NAMIB...
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
TORONTO (FSY.TO)FRANKFURT (F2T.F)
0.520-1.89%0.352-1.95%
TORONTO
CA$ 0.520
11/25 16:00 -0.010
-1.89%
Prev close Open
0.530 0.550
Low High
0.520 0.550
Year l/h YTD var.
0.400 -  0.970 -44.09%
52 week l/h 52 week var.
0.400 -  0.970 -45.83%
Volume 1 month var.
63,932 -10.34%
24hGold TrendPower© : 12
Produces
Develops Uranium
Explores for Copper - Gold - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 6/18/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-36.59%1.010.39
2021173.33%1.300.26
2020114.29%0.330.06
2019-42.86%0.290.11
201848.48%0.320.09
 
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 :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.45+0.68%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
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
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 5.34-4.81%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 0.84-1.18%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.09+5.88%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 1.96-10.50%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$ 8.16-0.85%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.20+8.33%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.33-2.94%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$ 2.41+2.99%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 68.30+0.74%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$ 0.03+0.00%Trend Power :