Forsys Metals Corp.

Published : March 27th, 2014

Forsys Files ...

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Forsys Files Updated NI 43-101 Technical Report on Norasa Uranium Project

TORONTO, ONTARIO--(Marketwired - Mar 27, 2014) - Forsys Metals Corp. (FSY.TO)(F2T.F)(FSY.TO) ("Forsys" or the "Company") is pleased to announce today that subsequent to its news release dated February 11, 2014, it has filed an updated National Instrument 43-101 Technical Report ("NI 43-101") on SEDAR (www.sedar.com) for its 100% owned Norasa Uranium Project ("Norasa") located in Namibia.

This NI 43-101 Technical Report describes the Mineral Resource and Reserve estimation and economic analyses to a pre-feasibility level for Norasa. Norasa consists of the Valencia (Mining Licence, ML 149) ("Valencia") and Namibplaas (Exclusive Prospecting Licence, EPL 3638) ("Namibplaas") Uranium Projects.

The Mineral Resources are reported above cut-off grades of 100ppm and 160ppm U3O8 for Valencia and Namibplaas respectively, and areas have been classified as Measured, Indicated and Inferred Resources in accordance with the guidelines of the NI 43-101 as listed in Table 1. Estimated Measured and Indicated Mineral Resource for Norasa is 237Mt at a grade of 197ppm U3O8, which equates to 103Mlbs of U3O8. The estimated Inferred Mineral Resource is 50Mt at a grade of 198ppm U3O8 for 22Mlbs of U3O8

The Mineral Reserve estimate is summarised in Table 2. The total Proven and Probable Norasa Ore Reserve is 177Mt at a grade of 202ppm, which equates to 79Mlbs of U3O8. Resources are reported inclusive of Reserves. Mineral Resources that are not Reserves either haven't demonstrated economic viability or don't meet the cut-off grade criteria.

Table 1. Norasa Mineral Resource (October 2013)
Category Cut-Off Grades Tonnes [M] U3O8[ppm] U3O8[Mlbs]
Measured
Val 60ppm: Nam 100ppm 27 153 9
Val 100ppm: Nam 160ppm 17 202 7
Val 140ppm: Nam 200ppm 10 253 6
Indicated
Val 60ppm: Nam 100ppm 419 153 141
Val 100ppm: Nam 160ppm 221 197 96
Val 140ppm: Nam 200ppm 114 248 62
Measured + Indicated
Val 60ppm: Nam 100ppm 447 153 150
Val 100ppm: Nam 160ppm 237 197 103
Val 140ppm: Nam 200ppm 125 248 68
Inferred
Val 60ppm: Nam 100ppm 105 156 36
Val 100ppm: Nam 160ppm 50 198 22
Val 140ppm: Nam 200ppm 18 269 10
Resources are reported inclusive of Reserves.
Table 2. Norasa Mineral Reserve Estimate (February 2014)
Classification Tonnes [M] U3O8[ppm] U3O8[Mlbs]
Proven 16 203 7.3
Probable 161 202 71.7
Total Reserve 177 202 79.0
Cut-off grades of 100ppm for Valencia and 160ppm Namibplaas

The Reserves come from three deposits, resulting in 3 distinct pits; the Valencia pit, a small satellite pit just 500m away from Valencia, and the Namibplaas pit.

"This Technical Report has confirmed the strengthening economics of our Norasa Uranium Project," said Marcel Hilmer, CEO of Forsys Metals. "Norasa is now at an advanced stage of development and the improved economics, coupled with the commencement of the nuclear power market recovery add to the momentum we continue to build."

Economic analysis and parameters

A financial model was prepared to assess the economics for Norasa based on the Mineral Reserve and mining schedule to report NPV, payback and IRR. The financial model quantifies the revenues, costs and capital expenditure over a 13-year life of mine. It is believed that these results are accurate to within ±25%, within the constraints of the associated assumptions.

NPVs were calculated on post-tax, uninflated cash flows at discount rates of 0%, 6% and 8% and outcomes are shown in Table 3. The IRR for the project is 36%. A long-term uranium price of US$68/lb is assumed. The project has a payback period of 3 years after commencement of production.

Table 3. Norasa Project NPV

Discount Rate NPV (US$ M)
0% 851
6% 491
8% 410

The financial modelling was based on the following production assumptions:

  • construction to commence in early 2015,
  • plant commissioning by mid 2016,
  • mining to commence in early 2016 to prepare pit benches and open mining faces,
  • the mining rate steadily increases to 68Mtpa in 2021,
  • radiometric sorting is introduced in mid 2018, after 2 years of plant operation,
  • nameplate Norasa plant capacity obtained in 2019.

Economic parameters include:

  • metal price of US$68/lb throughout the life of mine,
  • as of the end of 2013, deferred exploration expenditures of US$32.9M for Valencia and US$7.3M for Namibplaas are capital deductible and included in the model.

The production schedule is described in Figure 1 and forms the basis for the economic model with consideration of the above development schedule. The resulting annual uranium production is given in Figure 2.

To view Figure 1. Plant feed tonnages and grade, please visit the following link: http://media3.marketwire.com/docs/FSY1.jpg.

To view Figure 2. Planned uranium production, please visit the following link: http://media3.marketwire.com/docs/FSY2.jpg.

To view Figure 3. Locality of Norasa's Valencia and Namibplaas deposits with proposed pit outlines, please visit the following link: http://media3.marketwire.com/docs/FSY3.jpg.

NI 43-101 and Qualified Persons

Mr. Martin Hirsch, M.Sc in Geology and a member of the British IMMM, Chief Geologist for Forsys Metals Corp., is the designated Qualified Person responsible for the Company's exploration programs and reporting of Mineral Resources. Mr. Hirsch has sufficient experience that is relevant to the style and mineralization, type of deposit and the use of radiometrics in resource estimation to qualify as a Qualified Person under NI 43-101.

Mr. Dag Kullmann, M.Sc. Mining Engineering from the University of Alberta, a Fellow of the Southern African Institute of Mining and Metallurgy (SAIMM), Engineering Manager for Forsys, is the designated QP responsible for the reporting of Mineral Reserves. Mr. Kullmann has sufficient experience in the assessment and application of modifying factors required for the determination of reserves for open pit operations to qualify as a QP under NI 43-101.

About Forsys Metals Corp.

Forsys Metals Corp. is an emerging uranium producer with 100% ownership of the fully permitted Valencia uranium project and the Namibplaas uranium project in Namibia, Africa a politically stable and mining friendly jurisdiction. Information regarding current National Instrument 43-101 compliant Resource and Reserves at Valencia and Namibplaas are available on our website. Shares outstanding: 109.9M

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 15, 2013, 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.

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

Read the rest of the article at finance.yahoo.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$ 86.1 millions as of today (US$ 68.8 millions, € 60.3 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)
0.590+11.32%0.400+7.53%
TORONTO
CA$ 0.590
09/27 17:00 0.060
11.32%
Prev close Open
0.530 0.560
Low High
0.550 0.620
Year l/h YTD var.
0.400 -  0.970 -36.56%
52 week l/h 52 week var.
0.400 -  1.11 -36.56%
Volume 1 month var.
136,846 -10.61%
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
2022-32.95%
2021193.33%1.120.26
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$ 6.95+1.02%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$ 2.89-3.02%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 0.58+2.09%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.10-9.09%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.13+12.70%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$ 6.49+3.34%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.29+0.00%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$ 1.97+1.55%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 56.17+1.79%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$ 0.04+0.00%Trend Power :