Forsys Reports Positive Exploration Drilling Results and Confirms Higher Recoveries from Metallurgical Testwork
Published : March 19, 2013
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TORONTO, ONTARIO--(Marketwire - March 19, 2013) - Forsys Metals Corp ("Forsys" or the "Company") (News - Market indicators)(FRANKFURT:F2T)(NAMIBIAN:FSY) today announced further positive drilling results at the Norasa Uranium Project ("Norasa") from an extension exploration program on the Company's fully permitted Valencia Mining Licence 149 ("ML 149") in Namibia, Africa. The drilling program was completed on the Company's recently discovered deposit, "Valencia East" which is located 500 metres northeast from the planned Valencia production pit (see Figure 1). Initial drilling activities commenced on 20 November 2012 and 15 percussion holes completed before year-end. This release reports on an additional 30 percussion drill holes completed in Q1 2013. The total metres drilled in this phase were 3,185 meters and a total of 5,436 metres have been drilled since the drilling program commenced.

The Company is also pleased to announce the latest results of a metallurgical test program that began during the latter part of 2012. The previous Snowden Technical Report released in January 2010 reported processing recoveries of 85.7%. The current results from SGS Lakefield in Johannesburg indicate Forsys will be able to achieve an overall plant recovery exceeding 88%.

Marcel Hilmer, Chief Executive Officer, commented, "The continuing positive drilling results from Valencia East are very encouraging and further indicate the potential for a significant high-grade area located in close proximity to the main Valencia deposit and proposed processing plant. We are very pleased that this program continues to increase both the potential resources and the overall grade of Norasa. We are further encouraged by the SGS report which indicates an increased processing recovery of greater than 2% over those in the Company's previous Technical Report."

Valencia East - Highlighted Drilling Results

Table 1: Highlights of recent assay results from Valencia East Percussion Drilling
(significant intersections with minimum interval of 1.0 metre)
 
Hole From (m) To (m) Interval (m) Grade (ppm U3O8)
         
VEPD-016 58.5 63.6 5.1 204
    Including 60.0 61.6 1.6 280
VEPD-017 72.0 73.8 1.8 223
VEPD-018 118.4 138.2 19.8 169
    Including 120.8 123.0 2.2 209
    Including 130.1 132.6 2.5 231
    Including 137.0 138.1 1.1 506
VEPD-020 13.3 14.9 1.6 248
    Including 13.4 14.4 1.0 305
VEPD-021 20.2 23.6 3.4 186
    Including 21.8 22.8 1.0 215
VEPD-022 28.8 30.4 1.6 218
VEPD-025 18.8 21.4 2.6 203
  74.8 76.0 1.2 312
  129.3 132.2 2.9 204
    Including 130.1 131.5 1.4 238
  133.8 135.7 1.9 194
    Including 133.8 134.9 1.1 260
VEPD-026 82.4 83.4 1.0 319
VEPD-027 68.4 69.5 1.1 195
  77.6 81.5 3.9 188
  100.4 119.8 19.4 240
VEPD-028 55.4 56.4 1.0 215
  120.0 129.5 9.5 245
    Including 120.0 121.1 1.1 384
    Including 121.8 123.0 1.2 330
    Including 127.2 129.5 2.3 266
VEPD-029 86.4 87.4 1.0 204
  90.0 92.2 2.2 192
    Including 91.0 92.0 1.0 257
VEPD-030 72.9 75.6 2.7 364
    Including 73.5 75.3 1.8 484
  96.8 98.0 1.2 205
VEPD-031 42.3 49.3 7.0 237
    Including 43.7 47.9 4.2 289
  66.0 68.3 2.3 241
    Including 66.4 67.4 1.0 348
VEPD-035 50.7 51.9 1.2 199
  68.3 74.4 6.1 777
    Including 68.6 72.0 3.4 1244
VEPD-036 17.7 18.7 1.0 210
  86.8 89.3 2.5 347
    Including 87.3 88.3 1.0 589
  122.7 125.5 2.8 252
    Including 124.2 125.2 1.0 399
VEPD-037 39.7 40.9 1.2 213
  44.0 63.3 19.3 244
    Including 44.1 45.1 1.0 351
    Including 46.9 49.6 2.7 326
    Including 54.0 55.4 1.4 302
    Including 56.3 58.0 1.7 282
    Including 58.9 60.9 2.0 382
  94.3 95.8 1.5 242
VEPD-038 39.7 40.9 1.2 216
  53.9 55.8 1.9 220
VEPD-039 16.3 18.1 1.8 266
  32.2 33.3 1.1 331
  34.3 36.2 1.9 222
  44.5 46.0 1.5 226

Valencia East is located within the existing fully permitted Valencia Mining Licence, ML 149.

To view FIGURE 1, please visit the following link: http://media3.marketwire.com/docs/fsy-fig1.pdf.

Geology

The geology in Valencia East is very similar to that of the Valencia Main deposit with uranium mineralization associated to post D3 deformation anatectic alaskite intruding as stock-like bodies (sills) into the SE limb of an antiformal structure of Nosib and Swakop Group metasediments (see Figure 2 and 3).

The overall structure is NE/SW trending with strata dipping towards the SE.

The alaskite intruded sub-parallel to the steep metasediments and crosscuts in a structural weakness zones and increasing in volume over very short distances. It is in this position where higher mineralization has been encountered.

The wider area is characterized by typical interference of F3/F4 events partly resulting in "Z-shaped king folds" such as in the Valencia Main area. Overall orientation is following the main Damaran strike (NE). Fold and bedding planes are following this direction and strata boundaries are principally dipping towards the SE.

The mineralized intrusion pulse at Valencia East is interpreted to be of post Damaran age.

To view FIGURE 2a, please visit the following link: http://media3.marketwire.com/docs/fsy-fig2.pdf.

To view FIGURE 2b, please visit the following link: http://media3.marketwire.com/docs/fsy-fig2b.pdf.

Valencia East is a structural extention of Valencia Main forming a more regular succession of metasediments with remnants of D-type alaskite occuring in form of boudinaged sills and dykes. The alaskite emplacement is in general conformable but in the center of Valencia East thickening and partly transgressive. Fig 3 displays, from left to right (West to East) alaskite shoots intruding subparallel to Khan, Rössing and Chuos Formation.

To view FIGURE 3, please visit the following link: http://media3.marketwire.com/docs/fsy-fig3.pdf.

Mineralisation

The alaskite is moderately to highly radioactive on surface (see Figure 4) and proven to continue to depth beyond current drill cover. The granite is characterized by a coarse grain texture and the occurrence of frequent smoky quartz clusters.

To view FIGURE 4, please visit the following link: http://media3.marketwire.com/docs/fsy-fig4.pdf.

Future Drilling Programs

Following on from the current phase of drilling at Valencia East, drilling activities will move to the Valencia North deposit to begin delineating that ore body. This exploration program will initially target 3,000 metres and is designed to establish the outline of another prospective deposit and to enable planning for further sampling and analytical work. 

Initial drill sites have already been laid out at Valencia North and drill access (tracks and platforms) has being established.

VALENCIA METALLURGICAL TESTWORK

Forsys is pleased to announce the latest results of a metallurgical test program that began during the latter part of 2012. The objective of these tests was to get a better understanding of the acid leach behaviour.

Previous process plant design and study work relied on several phases of leach test work that had been conducted over a number of years. Various test conditions had been used over this period with varying results. Previous study work assumed a constant leach recovery of uranium (acid dissolution) in the process models. There was however some evidence that there was a consistency in the residue value of the tailings; i.e. leach recovery was a function of the grade of the samples. As a result, a decision was made to embark on a much more extensive leach test program than had been conducted in the past to determine:

  • the leach recovery under a standard set of conditions (previously identified as the Valencia optimum leach conditions), and
  • confirm that there is a constant leach residue or at least that the recovery is a function of the head grade.

Samples were taken from drill core representing a uniform spacial and grade distribution of mineralized zones of at least 5m wide. A total of 48 samples were chosen; 11 from the Measured Resource category, and the rest from the Indicated category. Samples came from different boreholes across the Valencia main deposit.

All samples were sent to SGS Lakefield in Johannesburg for the test work. Each sample was leached for a period of 24 hours with samples taken at 4, 8, 12 and 24 hours. Tests were conducted at standard conditions of 80% passing 850 micron grind, 25C and pH of 1.8. The recoveries, as a function of grade, are illustrated below. Although the variation in results is noted, there appears to be a general trend of increasing grade with recovery.

To view FIGURE 5, please visit the following link: http://media3.marketwire.com/docs/fsy-fig5.pdf.

To view FIGURE 6, please visit the following link: http://media3.marketwire.com/docs/fsy-fig6.pdf.

The average recovery with time for all 48 samples is summarized below, compared with the 87% average acid dissolution recovery used in previous studies. It is the Company's opinion that in spite of the variation in results, the trend of recovery being a function of grade cannot be ignored and expect an acid dissolution of at least 90% with an overall plant recovery exceeding 88%. This compares favorably to the overall plant recovery of 85.7% reported in the Snowden Technical Report of January 2010. The Company anticipates acid consumption was also shown to be 16% less that previously assumed, now at 16.2 kg/t H2SO4.

To view FIGURE 7, please visit the following link: http://media3.marketwire.com/docs/fsy-fig7.pdf.

NORASA - CONSOLIDATED NAMIBIAN PROJECTS

Norasa is the name for Forsys' consolidated neighboring uranium properties; Valencia (Mining Licence 149) and Namibplaas (Exclusive Prospecting Licence 3638). Forsys is in the process of updating the previous Snowden Technical Report from January 2010 for Norasa Uranium, including the various satellite deposits currently being explored.

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. He is familiar with the methods for Quality Assurance and Quality Control specifically applicable to uranium. Mr Hirsch 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.

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.

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.

Shares Outstanding: 109,875,422

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
mhilmer@forsysmetals.com
www.forsysmetals.com
or
TMX Equicom
Joe Racanelli
+1 416-815-0700 Ext 243
JRacanelli@equicomgroup.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
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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$ 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.

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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...
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 ...
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