|
Forsys Metals Corp ("Forsys"
or the "Company") (TSX:FSY - News; FRANKFURT:F2T - News; NSX:FSY) is
pleased to announce initial results from its 2010 Namibplaas drilling program
from the first 17 percussion drill and 13 (9 complete and 4 in progress)
diamond drill holes. The Company's Namibplaas licence, Exclusive Prospecting
Licence (EPL) 3638, is located 6 km northeast of the Company's wholly-owned
and fully permitted Valencia Mining Licence (ML 149) in Namibia, Africa.
Eleven of these holes encountered significant intersections of greater than
200 ppm U3O8 with the best intersection being 13.3 meters of 583 ppm U3O8.
This 2010 Namibplaas drilling program
was initiated based on the target-defining radiometric survey conducted in
2008 and the results of an initial 17 vertical hole percussion drilling
program completed in two stages, in late 2008 and late 2009, as well as
historic logs with assays in early 2010.
Highlights of 2010 Diamond Drilling at Namibplaas in Area B
----------------------------------------------------------------------------
Hole From To Interval Grade
(m) (m) (m) (ppm U308)
----------------------------------------------------------------------------
NA24-008 46.7 54.2 7.5 230
65.4 94.0 27.3 204
----------------------------------------------------------------------------
NA24-009 73.3 79.3 6.0 262
----------------------------------------------------------------------------
NA24-011 47.3 58.3 11.0 202
----------------------------------------------------------------------------
NA24-012 166.4 174.9 8.5 229
----------------------------------------------------------------------------
NA24-013 87.0 90.3 3.3 224
----------------------------------------------------------------------------
Highlights of 2010 Percussion Drilling at Namibplaas in Area B
----------------------------------------------------------------------------
Hole From To Interval Grade
(m) (m) (m) (ppm eU308)
----------------------------------------------------------------------------
NAPD-019 32.9 35.7 2.8 259
57.9 63.4 5.5 199
----------------------------------------------------------------------------
NAPD-020 120.6 128.6 8.0 217
----------------------------------------------------------------------------
NAPD-021 55.5 63.5 8.0 469
----------------------------------------------------------------------------
NAPD-022 55.1 59.0 3.9 229
----------------------------------------------------------------------------
NAPD-025 107.4 122.0 14.6 238
----------------------------------------------------------------------------
NAPD-028 124.7 134.5 9.8 275
147.7 151.4 3.7 255
----------------------------------------------------------------------------
NAPD-030 73.0 83.1 10.1 222
101.9 106.5 4.6 226
----------------------------------------------------------------------------
NAPD-031 110.0 152.6 42.6 356
Including 136.8 150.1 13.3 583
----------------------------------------------------------------------------
NAPD-032 55.6 66.1 10.5 161
106.8 125.5 18.7 228
163.5 158.2 4.7 295
----------------------------------------------------------------------------
A comprehensive list of significant
assay results is contained in Table 1, appended to this news release. Diamond
holes NA24-010 and NA24-014 had to be abandoned before mineralization depth
(46 m and 100 m deep only).
The surface geology in Area B (see
Figure 1) is very similar to that of the Valencia deposit with uranium
mineralization associated post D3 deformation anatectic alaskite intruding
the Chuos and Rossing Formations. The alaskite is moderately to highly
radioactive on surface with yellow minerals observed throughout the area.
To view Figure 1, please visit the
following link: http://media3.marketwire.com/docs/fsy1108fig.pdf.
Based on the radiometric signature, Area
B is comparable in size to the Valencia deposit. As the intensity of
scintillometer readings was similar, the Company drilled 17 vertical
percussion drill holes in the most readily accessible southern part of the
anomaly at the end of 2008 and end of 2009. These holes were drilled around
historic drill holes NA24-001 to NA24-003 (please see Figure 2). Significant
assay results from this earlier program are contained in Table 2 appended to
this news release.
To view Figure 2, please visit the
following link: http://media3.marketwire.com/docs/fsy1108fig2.pdf.
Early in 2010, the Company also located
logs and assays from the 7 inclined diamond drill holes drilled in Area B by
Goldfields Mining and Development Limited ("Goldfields") in the
late 1970's. Some highlights from these assays and a radiometric figure are
shown in Table 3 appended to this news release.
These historical Goldfields diamond
drilling results are very encouraging in that the best results so far are
from NA24-005, NA24-006 and NA24-007, which are remote from the 2008-2009
percussion drilling program. The mineralization encountered in NA24-007,
which is approximately 1,000 m north of the area covered by the 2008-2009
percussion drilling program, confirmed the validity of the ground radiometric
prospecting.
The 2010 Namibplaas Drilling Program is
scheduled for completion by December 20, 2010 and includes 6,000 m of diamond
drilling (up to 22 holes) to a depth of 350 m (inclined at 45 degrees) and
10,000 m to 15,000 m of percussion drilling (40 to 60 holes) to a depth of
250 m (inclined at 60 degrees). The Company remains within its US$1.5million
budget to complete this phase of drilling.
Of particular note, interpretation of
the geology on cross-section striking NW-SE through drill hole NA24-008,
shows several leucogranite sheets (LGS) intruding the metamorphic series
(Schists and Meta-arkose) in the form of sills with cross-cutting
relationships. Other sections not as advanced in the drilling show similar
interpretation: 3 to 4 LGS varying in thickness from a few meters up to 45 m
plus. The mineralized LGS are open to the east, getting deeper under the
schist and the deposit appears to be open to the north and south of the
current drilling.
To view Figure 3, please visit the
following link: http://media3.marketwire.com/docs/fsy1108fig3.pdf.
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 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 Valencia, which is considered a best
fit until the Company has completed its own diamond drilling at Namibplaas.
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 Drilling Results 2010 - Namibplaas
----------------------------------------------------------------------------
Drill Hole From To Length (m) U308ppm
----------------------------------------------------------------------------
NA24-008 46.7 54.2 7.5 230
----------------------------------------------------------------------------
65.4 94.0 28.6 204
----------------------------------------------------------------------------
NA24-009 73.3 79.3 6.0 262
----------------------------------------------------------------------------
NA24-011 47.3 58.3 11.0 202
----------------------------------------------------------------------------
95.1 104.2 9.1 126
----------------------------------------------------------------------------
302.9 318.2 15.3 135
----------------------------------------------------------------------------
NA24-012 166.4 174.9 8.5 229
----------------------------------------------------------------------------
181.3 185.6 4.3 124
----------------------------------------------------------------------------
321.0 326.2 5.2 135
----------------------------------------------------------------------------
NA24-013 87.0 90.3 3.3 224
----------------------------------------------------------------------------
137.3 149.3 12.0 136
----------------------------------------------------------------------------
321.0 326.2 5.2 135
----------------------------------------------------------------------------
NA24-015 133.6 141.1 7.5 136
----------------------------------------------------------------------------
NA24-016 156.2 169.7 13.5 128
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Drill Hole From To Length (m) eU308ppm
----------------------------------------------------------------------------
NAPD24-018 67.5 80.3 12.8 181
----------------------------------------------------------------------------
NAPD24-019 22.9 26.8 3.9 169
----------------------------------------------------------------------------
32.9 35.7 2.8 259
----------------------------------------------------------------------------
57.9 63.4 5.5 199
----------------------------------------------------------------------------
67.6 73.0 5.4 138
----------------------------------------------------------------------------
200.1 209.9 9.8 131
----------------------------------------------------------------------------
NAPD24-020 186.0 195.6 9.6 127
----------------------------------------------------------------------------
214.4 222.0 7.6 188
----------------------------------------------------------------------------
NAPD24-021 40.2 51.5 11.3 144
----------------------------------------------------------------------------
55.5 63.5 8.0 469
----------------------------------------------------------------------------
63.7 71.1 7.4 174
----------------------------------------------------------------------------
72.6 85.4 12.8 189
----------------------------------------------------------------------------
97.1 104.3 7.2 145
----------------------------------------------------------------------------
161.1 166.3 5.2 146
----------------------------------------------------------------------------
NAPD24-022 55.1 59.0 3.9 229
----------------------------------------------------------------------------
90.1 99.9 9.8 142
----------------------------------------------------------------------------
174.0 181.1 7.1 132
----------------------------------------------------------------------------
NAPD24-023 109.2 114.3 5.1 160
----------------------------------------------------------------------------
134.4 141.7 7.3 149
----------------------------------------------------------------------------
150.2 159.3 9.1 181
----------------------------------------------------------------------------
NAPD24-024 186.0 195.6 9.6 127
----------------------------------------------------------------------------
NAPD24-025 59.7 70.2 10.5 140
----------------------------------------------------------------------------
85.7 100.1 14.4 184
----------------------------------------------------------------------------
107.4 122.0 14.6 238
----------------------------------------------------------------------------
NAPD24-026 44.8 98.5 53.7 160
----------------------------------------------------------------------------
156.0 171.2 15.2 134
----------------------------------------------------------------------------
NAPD24-028 80.8 98.5 17.7 125
----------------------------------------------------------------------------
124.7 134.5 9.8 275
----------------------------------------------------------------------------
147.7 151.4 3.7 255
----------------------------------------------------------------------------
NAPD24-029 107.3 115.0 7.7 129
----------------------------------------------------------------------------
130.1 160.6 30.5 139
----------------------------------------------------------------------------
150.2 159.3 9.1 181
----------------------------------------------------------------------------
NAPD24-030 19.9 25.3 5.4 148
----------------------------------------------------------------------------
52.9 58.2 5.3 136
----------------------------------------------------------------------------
110.0 152.6 42.6 356
----------------------------------------------------------------------------
includes 136.8 150.1 13.3 583
----------------------------------------------------------------------------
233.1 241.0 7.9 149
----------------------------------------------------------------------------
NAPD24-031 46.4 76.4 30.0 125
----------------------------------------------------------------------------
99.8 137.5 37.7 170
----------------------------------------------------------------------------
159.5 179.2 19.7 163
----------------------------------------------------------------------------
NAPD24-032 55.6 66.1 10.5 161
----------------------------------------------------------------------------
106.8 125.5 18.7 228
----------------------------------------------------------------------------
163.5 158.2 4.7 295
----------------------------------------------------------------------------
Note 1: Drill holes in the series
NA24-008 to NA24-016 are diamond drill holes and drill holes in the series
NAPD-18 to NA24-032 are percussion drill holes
Percussion drilling results are
expressed in equivalent U3O8 using the correlation between assays and counts
per second calculated with the diamond drill holes of Valencia; the technique
was used extensively at Valencia to calculate the resources and reserves.
Equivalent U3O8 is an industry standard
for those companies familiar with the use of radiometric probing and
correlation with chemical assays: diamond drill holes are sampled and assayed
by recognized/accredited laboratory and the assays are compared to counts per
seconds from down the hole probe results.
Table 2: Significant 2008-2009 Percussion Drilling Results - Namibplaas
----------------------------------------------------------------------------
Drill Hole From To Length (m) eU308ppm
----------------------------------------------------------------------------
NAPD-001 36.7 42.3 5.6 218
----------------------------------------------------------------------------
106.9 135.7 28.8 143
----------------------------------------------------------------------------
114.1 133.3 19.2 136
----------------------------------------------------------------------------
NAPD-003 65.0 74.7 9.7 144
----------------------------------------------------------------------------
84.9 99.3 14.4 119
----------------------------------------------------------------------------
161.3 166.2 4.9 174
----------------------------------------------------------------------------
NAPD-004 65.0 73.2 8.2 160
----------------------------------------------------------------------------
154.8 160.2 5.4 151
----------------------------------------------------------------------------
NAPD-005 38.6 57.8 19.2 179
----------------------------------------------------------------------------
146.2 150.9 4.7 209
----------------------------------------------------------------------------
NAPD-007 2.7 24.2 21.5 166
----------------------------------------------------------------------------
including 3.5 11.6 8.1 193
----------------------------------------------------------------------------
142.0 145.7 3.7 130
----------------------------------------------------------------------------
NAPD-008 0.0 37.0 37.0 177
----------------------------------------------------------------------------
including 3.3 15.4 12.1 275
----------------------------------------------------------------------------
NAPD-009 0.0 6.5 6.5 142
----------------------------------------------------------------------------
NAPD-010 0.0 9.7 9.7 209
----------------------------------------------------------------------------
NAPD-011 0.0 27.0 27.0 154
----------------------------------------------------------------------------
NAPD-012 96.7 130.6 33.9 161
----------------------------------------------------------------------------
including 115.9 127.8 11.9 204
----------------------------------------------------------------------------
NAPD-013 8.2 30.4 22.2 148
----------------------------------------------------------------------------
including 9.5 24.2 14.7 159
----------------------------------------------------------------------------
NAPD-015 0.0 6.9 6.9 179
----------------------------------------------------------------------------
NAPD-016 31.5 44.2 12.7 184
----------------------------------------------------------------------------
Table 3: Significant Historic 1970's Goldfields Diamond Drilling Assay
Results - Namibplaas
(All inclined at 45 degrees)
----------------------------------------------------------------------------
Drill Hole From To Length (m) U308 ppm
----------------------------------------------------------------------------
NA24-001 33.6 50.0 16.4 135
----------------------------------------------------------------------------
NA24-004 33.9 72.7 38.8 213
----------------------------------------------------------------------------
NA24-005 196.0 226.0 30.0 138
----------------------------------------------------------------------------
258.5 276.0 17.5 217
----------------------------------------------------------------------------
NA24-006 43.6 49.7 6.1 273
----------------------------------------------------------------------------
99.4 148.8 49.4 132
----------------------------------------------------------------------------
NA24-007 32.0 42.0 10.0 235
----------------------------------------------------------------------------
51.0 66.7 15.7 208
----------------------------------------------------------------------------
69.4 178.0 108.6 129
----------------------------------------------------------------------------
including 10.7 467
----------------------------------------------------------------------------
including 11.0 206
----------------------------------------------------------------------------
194.0 205.3 11.3 186
----------------------------------------------------------------------------
Shares Outstanding: 79,600,231
The Toronto Stock Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release.
Contact:
Marcel Hilmer
Forsys Metals Corp.
Chief Executive Officer
+61 417 177 942
mhilmer@forsysmetals.com
Garreth Elston
Forsys Metals Corp.
Investor Relations
+1 647-290-7992
gelston@forsysmetals.com
www.forsysmetals.com |