Forsys Metals Corp.

Published : January 14th, 2008

Reports Drilling Results and Resumes Drilling at Valencia

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Keywords :   Namibia | South Africa | Uranium |


Forsys Metals Corp.
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January 15, 2008
Forsys Reports Drilling Results and Resumes Drilling at Valencia
TORONTO, ONTARIO--(Marketwire - Jan. 14, 2008) - Forsys Metals Corp. ("Forsys" or the "Company")(TSX:FSY) is pleased to report drill results and commencement of the 2008 resource definition and exploration drilling campaign on the Company's 100% owned Valencia Uranium deposit ("Valencia") located in Namibia, Africa.

Highlights of the drill results include:

Best hole VAL26-139 returning:
   - 21.95m of 0.125Kg/T U3O8 from 26.27m to 48.22m
     93.40m of 0.179Kg/T U3O8 from 64.12m to 157.52m
     Including 14.75m of 0.332Kg/T U3O8 from 99.43m to 114.18m
     27.95m of 0.238Kg/T U3O8 from 250.27m to 278.22m

Single highest grade intersect from hole VAL26-131 returning:
   - 2.81m of 0.467Kg/T U3O8 from 88.39m to 91.20m
The Valencia property is an advanced stage uranium development project located 35km from Rio Tinto's Rossing Uranium Mine and approximately 50km north of Paladin's Langer Heinrich Uranium Mine. In June 2007, the Company released a National Instrument 43-101 compliant Prefeasibility Study Technical Report ("PFS") on the Valencia project, outlining a mineral resource (measured, indicated and inferred) of 62.1M lbs U3O8 and a mineral reserve of 30.2M lbs U3O8.

Since delivery of the PFS, a total of eight additional exploration drill holes were completed in late 2007 targeting near surface mineralization between the Main and East zones (refer to Figure 1). The drilling results confirm uranium mineralization is continuous over the tested length towards the east and below the current pit bottom design of the East Arm, with grades both similar to and locally better than the current Valencia production profile.

To view the Figure 1 Long Section showing Valencia Pit Shell and Drilling Locations map, please visit the following link:

The Company will commence a 10,000m percussion drilling program designed to expand resources to the North, South and East as well as beyond the Main zone pit floor. Historically few drill holes have been completed beyond a 200-250m depth in these areas.

In addition, a deep vertical hole will be drilled in the centre of the deposit to a depth of 650m. This drill hole will verify the potential to add resources in an area where higher grade mineralization has been identified.

Following completion of the drill program, the Company anticipates delivering by the end of Q2, a revised "measured block" and resource calculation which will include all data gathered since the June 2007 PFS.

Assay results from the eight 2007 drill holes are as follows:

VAL26-134:  -39.31m of 0.112Kg/T from 16.46m to 55.77m including
            -13.37m section of 0.194Kg/T
            -84.65m of 0.069Kg/T from 51.85m to 236.50m.

VAL26-135:  -31.19m of 0.104Kg/T from 74.76m to 105.95m

VAL26-136:  -7.77m of 0.271Kg/T from 54.99m to 62.76m
            -5.57 m of 0.117Kg/T from 75.08m to 80.65m
            -23.43m of 0.090Kg/T from 177.81m to 201.24m

VAL26-137:  -12.44m of 0.144 Kg/T from 38.01 to 50.45m
            -2.81m of 0.467 Kg/T from 88.39m to 91.20m
            -17.91m of 0.072 Kg/T from 160.46m to 178.37m
            -6.94m of 0.107 Kg/t from 200.91m to 207.85m

VAL26-138:  -8.23m of 0.221mKg/T from 23.15m to 31.38m
            -15.93m of 0.140Kg/T from 186.45m to 202 38m
            -12.96m of 0.203Kg/T from 345.54m to 358.50m

VAL26-139:  -21.95m of 0.125Kg/t from 26.27m to 48.22m
            -93.40m of 0.179Kg/T from 64.12m to 157.52m including
                  14.75m of 0.332Kg/T from 99.43m to 114.18m
            -27.95m of 0.238 Kg/T from 250.27m to 278.22m

VAL26-140:  -3.28m of 0.098Kg/T from 102.57m to 105.85m
            -18.31m of 0136Kg/T from 224.07m to 256.62m
            -16.01m of 0.126Kg/T from 265.51m to 281.52m

VAL26-141:  -4.34m of 0.091Kg/T from 64.81m to 68.55m
            -7.84m of 0.115Kg/T from 110.62m to 118.46m
            -13.69m of 0.098Kg/T from 125.07m to 138.76m

VAL26-141 partial results reported and assays below 140m are still pending.
Analytical results are reported to Forsys by Set Point Laboratories which is located in Johannesburg, South Africa. Set Point was unconditionally accredited by the South African National Accreditation System (SANAS) for the uranium pressed pellet technique (M053) on May 4, 2006. Forsys is also managing an intensive quality control program designed to monitor and independently verify the laboratory results.

Dr. Roger Laine, Chief Geologist of Forsys, is the designated Qualified Person responsible for all of Forsys' exploration programs as well as the person responsible for the contents of this news release.

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

Duane Parnham, President and CEO

For further information visit our web site at

Sedar Profile #00008536

Shares Outstanding: 76,838,998


Forsys Metals Corp.
Bruce Hall
Chief Communications Officer
(905) 844-4646


In Namibia
Forsys Metals Corp.
+264 61 219 462

INDUSTRY: Manufacturing and Production - Mining and Metals


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

Forsys Metals Corp.

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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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 ...
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