Significant New Exploration Results at Recently Discovered Valencia East Extension
23 Januar 2013 - 8:55PM
Marketwired Canada
Forsys Metals Corp ("Forsys" or the "Company")
(TSX:FSY)(FRANKFURT:F2T)(NAMIBIAN:FSY) is pleased to announce positive drilling
results from an extension exploration program on the Company's fully permitted
Valencia Mining Licence 149 in Namibia, Africa. The new discovery, "Valencia
East" is located 500 metres northeast from the planned Valencia production pit
(see Figure 1). Since November 20, 2012 the Company has completed a total of 15
percussion drill holes for a total of 2,250 metres.
The Company is also pleased to announce that as a result of the continued
exploration success at Valencia, comprising Valencia Main, Valencia East and
Valencia North and at Namibplaas (EPL 3638), combined with the high likelihood
of common infrastructure (a NI 43-101 technical reporting requirement); these
projects will now be consolidated and considered as a single project. The
Company has designated that the newly consolidated property be named, Norasa
Uranium Project. Norasa is an everyday term used by the rich and diverse culture
of the Damara people and means united or putting things together.
Marcel Hilmer, Chief Executive Officer, commented, "The initial drilling results
at Valencia East have confirmed considerable mineralization in 11 of the 15
percussion drill holes, encountering significant intersections of greater than
200 ppm U3O8 including many greater than 400 ppm as highlighted in Table 1
below. The results from this drilling program are very encouraging and 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 the consolidated Valencia and Namibplaas projects, now known as
Norasa. The consolidation of the projects confirms our strategy to build a world
class, large capacity process plant that can be supplied with ore from both the
Valencia and Namibplaas deposits."
Table 1: Highlights of recent assay results from Valencia East Percussion
Drilling
(Minimum of 200 ppm U3O8 and an interval of 1.0 metre or greater)
----------------------------------------------------------------------------
Grade
Interval (ppm)
Hole From (m) To (m) (m) U3O8
----------------------------------------------------------------------------
VEPD-002 56.8 66.2 9.4 233
Including 64.2 66.0 1.8 527
75.5 83.6 8.1 307
Including 76.6 78.4 1.8 747
----------------------------------------------------------------------------
VEPD-004 36.7 41.1 4.4 254
Including 38.0 39.3 1.3 438
52.8 56.0 3.2 214
----------------------------------------------------------------------------
VEPD-005 51.9 55.9 4.0 244
Including 54.2 55.9 1.7 345
90.3 99.6 9.3 201
Including 95.6 97.4 1.8 308
165.8 166.8 1.0 393
170.2 174.8 4.6 432
Including 170.3 172.3 2.0 757
----------------------------------------------------------------------------
VEPD-006 69.2 72.3 3.1 806
Including 70.6 71.8 1.2 1400
----------------------------------------------------------------------------
VEPD-008 36.2 37.5 1.3 399
----------------------------------------------------------------------------
VEPD-010 25.4 29.7 4.3 228
38.2 39.2 1.0 273
43.8 44.8 1.0 248
----------------------------------------------------------------------------
VEPD-011 21.4 28.0 6.6 205
31.4 32.4 1.0 311
----------------------------------------------------------------------------
VEPD-012 4.7 7.6 2.9 205
40.1 41.4 1.3 290
73.0 90.0 17.0 404
Including 81.7 83.3 1.6 731
Including 85.4 89.0 3.6 701
96.8 100.6 3.8 689
Including 98.6 99.8 1.2 1295
----------------------------------------------------------------------------
VEPD-013 35.9 44.5 8.6 251
103.3 114.8 11.5 346
Including 113 114.4 1.4 1692
----------------------------------------------------------------------------
VEPD-014 121.5 146.9 25.4 228
Including 137.3 138.4 1.1 552
Including 140.6 142.5 1.9 317
----------------------------------------------------------------------------
VEPD-015 21.1 22.5 1.4 221
35.4 38.4 3.0 416
----------------------------------------------------------------------------
Valencia East is located within the existing fully permitted Valencia Mining
Licence, ML 149.
To view FIGURE 1. Locality of Valencia East, please visit the following link:
http://media3.marketwire.com/docs/FIGURE1-fsy.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 in stock-like bodies into Meta-sediments of Nosib and Swakop
Group (see Figure 2). The preferred intrusion path is along Khan Rossing Fm
boundary and the structural weakness zones created by complex folding.
The structure strikes NE/SW and is dipping steep to the SE.
To view FIGURE 2. Surface geology of Valencia East, please visit the following
link: http://media3.marketwire.com/docs/FIGURE2-fsy.pdf.
Valencia East is the structural extention of Valencia Main and forms a tightly
packed sequence of upper Nosib and lower Swakop Group lithologies dipping
steeply to the SE. The sequence is trending NE/SW and alaskites are intruding in
stock work like bodies subparrallel to the main contacts (Figure 3).
To view FIGURE 3. General structure of Valencia E with D-type alaskite intruding
along Rossing Marble contacts, please visit the following link:
http://media3.marketwire.com/docs/FIGURE3-fsy.pdf.
Mineralisation
The alkaline leukogranite, also known as alaskite is moderately to highly
radioactive on surface (see Figure 4) and continues to depth beyond current
drill cover. It is characterized by a coarse grain texture, frequent smoky
quartz clusters and the occurrence of secondaries in the form of yellowish
uranophane-group minerals along micro-cracks and/or mineral boundaries.
To view FIGURE 4. Radiometric footprint of the Valencia East area, please visit
the following link: http://media3.marketwire.com/docs/FIGURE4-fsy.pdf.
Phase 2 Drilling Program
The 2013 Valencia East drilling program is now underway. The program is being
scheduled for completion by mid 2013. The Company has an approved budget of
US$0.5 million to complete this phase of drilling which will include a total of
31 percussion drill holes.
NORASA - CONSOLIDATED NAMIBIAN PROJECTS
The Company has consolidated its various projects in the Erongo region and
collectively they will be known as Norasa. The location of each project and
details of the stage of development and or resources are detailed in Figure 5
and below:
To view FIGURE 5. Locality map showing Valencia and Namibplaas licenses in
spatial relation, please visit the following link:
http://media3.marketwire.com/docs/Figure5-fsy.pdf.
- Valencia Main: Mineral Resources of 143.80 Mt, grade ppm eU3O8 191 for
60.5 Mlbs U3O8 including Reserves of 148.0 Mt, grade ppm U3O8 172 for
56.0 Mlbs.
- Valencia East: Highly prospective ongoing exploration site.
- Valencia North (previously "Joly Zone"): A prospective exploration
target with 825.5m drilled from 5 diamond drill holes and 451m drilled
from 3 percussion holes. Renewed drilling activity is expected to
commence in H2 2013.
- Namibplaas Main: Mineral Resources of 99.5 Mt, grade ppm eU3O8 152 for
33.4 Mlbs U3O8.
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 29, 2012, 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
FOR FURTHER INFORMATION PLEASE CONTACT:
Forsys Metals Corp
Marcel Hilmer
Chief Executive Officer
+61 417 177 942
mhilmer@forsysmetals.com
www.forsysmetals.com
TMX Equicom
Patrick Piette
+1 416-815-0700 Ext 267
ppiette@equicomgroup.com
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