Forsys Provides Updated Mineral Resource Estimate for Its Norasa Uranium Project
07 10월 2013 - 8:00PM
Marketwired Canada
Forsys Metals Corp ("Forsys" or the "Company")
(TSX:FSY)(FRANKFURT:F2T)(NAMIBIAN:FSY) is pleased to announce it has completed
an updated Mineral Resource estimate for its 100% owned Norasa Uranium Project
("Norasa") located in Namibia. Norasa represents a consolidation of the
Company's deposits, including Valencia main and satellite pits and Namibplaas.
The updated resource estimate is based on an extensive drilling program at the
Namibplaas and Valencia extension deposits, together with a detailed modelling
review of the main Valencia deposit.
Key highlights of the updated resources estimate for Norasa include:
-- Measured and Indicated Resources have increased to 103 million pounds of
uranium, up from 94 million pounds
-- Grade has increased 13% to 197ppm from higher cut-off grades of 100ppm
at Valencia and 170ppm at Namibplaas
-- At lower cut-offs of 60ppm at Valencia and 100ppm at Namibplaas,
Measured and Indicated Resources exceed 150 million pounds of uranium
-- With this newly updated Resource an updated Reserve Statement is
expected to be completed before the end of Q1 2014
Consolidated Resource Statement
Category Cut-Off Grades Tonnes (M) U3O8(ppm) U3O8(mlb)
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Measured
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Val 60ppm: Nam 100ppm 27 153 9
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Val 100ppm: Nam 160ppm 17 202 7
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Val 140ppm: Nam 200ppm 10 253 6
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Indicated
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Val 60ppm: Nam 100ppm 419 153 141
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Val 100ppm: Nam 160ppm 221 197 96
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Val 140ppm: Nam 200ppm 114 248 62
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Measured +Indicated
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Val 60ppm: Nam 100ppm 447 153 150
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Val 100ppm: Nam 160ppm 237 197 103
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Val 140ppm: Nam 200ppm 125 248 68
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Inferred
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Val 60ppm: Nam 100ppm 105 156 36
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Val 100ppm: Nam 160ppm 50 198 22
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Val 140ppm: Nam 200ppm 18 269 10
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"We are very encouraged by the material increases in the resources and grades
for Norasa," said Marcel Hilmer, President and CEO of Forsys Metals. "The
results provide further evidence of the considerable progress we are making
towards our strategy of building a world-class, large capacity process plant at
Norasa. Since the start of 2013, we have consolidated our deposits, completed an
engineering cost study that optimized the process plant, discovered a new
high-grade zone 500m from Valencia main and completed a metallurgical test
program that returned improved recoveries. Combined, these positive developments
have strengthened the economics of Norasa and have effectively positioned us to
be able to advance development of Norasa in parallel with the expected recovery
of the uranium market."
Figure 1. Locality of Valencia and Namibplaas
To view FIGURE 1, please visit the following link:
http://media3.marketwire.com/docs/Fig1_Valencia_Namibplass.jpg
Valencia
A comprehensive review of the Valencia Main model and drill hole database was
completed, including a detailed reassessment of raw and composited drill hole
data against the simulated geology codes. Furthermore, the block model was
expanded below the previous lower limit where drill hole information justified
an extension.
Based on semi-variogram parameters established in 2009 and published in January
2010 (SNOWDEN, Valencia Uranium (Pty) Ltd: Addendum to June 2009 Technical
Report; Project No 696) a domain approach was applied using a 40m boundary
around drill hole information. Within this boundary, all blocks were defined as
Indicated. It was found that the earlier interpretation did not fully
acknowledge spatial relationships of blocks and drill holes.
The outcome of this work resulted in additional material being added to the base
of the model as well as upgrading some Inferred material to Indicated within the
conceptual preliminary pit shell currently in design stage (Figure 2).
Figure 2. Valencia resource model displaying blocks of 200ppm plus within the
updated preliminary pit outline.
To view FIGURE 2, please visit the following link:
http://media3.marketwire.com/docs/Fig2_Valencia.jpg
Additionally, in March 2013 the Company announced positive drilling results from
a new deposit located 500m north east of the main Valencia deposit, "Valencia
East". A total of 52 percussion holes were drilled during the program covering a
total of 6,547m. The drilling results provided sufficient data to prepare a
separate resource model which has been consolidated with the main Valencia
orebody. An updated Valencia Resource combining these deposits is provided in
Appendix A. The geology of this extension is very similar to and directly on
strike with the main Valencia deposit. The known alaskite suite intrudes in
sub-parallel sets preferably along Rossing Formation hanging and footwall
contacts. The previously unknown D-type alaskite in the area crosscuts some of
the "older", elongated and partly boudinaged alaskite sheets and is a key
carrier of the higher grade mineralisation in this extension.
The alaskite mineralogy is also similar to that of the main Valencia deposit
with the uranium confined mainly to uraninite. In places, secondary
beta-uranophane along micro fractures has been observed. No betafite is
reported.
Namibplaas
At Namibplaas, a similar database and model review was completed. Block
modelling and interpolation parameters developed previously by the consulting
firm, Optiro and reported in 2011 (Technical Report on the Namibplaas Deposit,
Namibia - September 2011) were utilised unchanged in the review process.
Variography and kriging parameters were also unchanged.
A corrected and improved alaskite proportioning methodology was introduced as it
became evident that in certain places significant grade information was not
reflected in the interpolation process. A table summarising the revised
Namibplaas in situ resource statement at various cut-offs at SMU block size (10m
x 10m x 5m) are included in Appendix A.
Figure 3. Namibplaas resource model displaying blocks of 180ppm plus within the
updated preliminary pit outline.
To view FIGURE 3, please visit the following link:
http://media3.marketwire.com/docs/Fig3_Namibplaas.jpg
In the case of both the Valencia and Namibplaas deposits, the mineralisation
remains open-ended both on strike and dip (at depth), providing additional
potential for future expansion of the resource and extended life of mine. In
addition, other satellite deposits in both licence areas have been identified
and hold further expansion potential.
Proposed Updated Reserve Statement
The Company is now undertaking a study to complete an updated Reserve Statement
for Norasa which is scheduled for completion before the end of Q1 2014.
Technical Disclosure
The estimates of Mineral Resources and Reserves were prepared in accordance with
the standards set out in accordance with National Instrument 43-101 of the
Canadian Securities Administrators ("NI 43-101").
Unless stated otherwise, in respect of the mineral projects of the Company
referred to in this resource update, the scientific and technical information
(including disclosure regarding Mineral Resources) is based upon the following
NI 43-101 compliant technical reports (collectively, the "Technical Reports"):
a. "SNOWDEN, Valencia Uranium (Pty) Ltd: Addendum to June 2009 Technical
Report; Project No 696" dated January 2010, prepared by Jeremy Peters
BSc., B.Eng, MAusIMM Principal Consultant, reviewed by Frank Blanchfield
B Eng, MAusIMM Principal Consultant
b. "SNOWDEN Valencia Uranium (Pty) Ltd Valencia Project Namibia Project No.
7516 technical Report dated June 2009, prepared by Jeremy Peters BSc.,
B.Eng, MAusIMM Principal Consultant and Dag Kullmann Msc. FSAIMM
Engineering Manager Valencia Uranium (Pty) Ltd; and reviewed by Frank
Blanchfield B Eng, MAusIMM Principal Consultant
c. "OPTIRO Technical Report on the Namibplaas Deposit " dated September
2011, prepared by Michael Andrew BSc (Geology), MAusIMM Principal
Author: Dr Roger Laine (Forsys Metals Corp) PhD, P.Geo Contributor and
Principal Reviewer, Ian Glacken FAusIMM (CP), CEng
Each of the authors of the Technical Reports is independent of the Company
within the meaning of NI 43-101 except for D Kullmann and R Laine. R Laine was a
full-time employee of the Company's subsidiary, Valencia Uranium (Pty) Ltd at
the time of writing, and D Kullmann was, and remains, a full-time employee of
Valencia Uranium (Pty) Ltd. The Technical Reports have been filed with the
Canadian securities regulatory authorities and are available for review at
www.sedar.com under the Company's profile.
Where the Mineral Resource estimates of the Company's Norasa Project for both
the Valencia and Namibplaas deposits set out in this update differ from those
set out in the Technical Report for the relevant project, such differences arise
from updates to such Mineral Resource estimates as a result of addition due to
exploration activities and internal technical studies. The latest updates of
Mineral Resources for each of the Company's deposits were prepared by Mr. Martin
Hirsch, M.Sc in Geology and a member of the British IMMM, Chief Geologist for
Forsys.
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.
The Toronto Stock Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
To view Appendix A - Norasa Project Valencia and Namibplaas Resource Statements
- October 2013, please visit the following link:
http://media3.marketwire.com/docs/AppendixAStatements.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Forsys Metals Corp.
Marcel Hilmer
Chief Executive Officer
+61 417 177 942
mhilmer@forsysmetals.com
www.forsysmetals.com
Joe Racanelli
TMX Equicom
+1 416-815-0700 Ext 243
JRacanelli@equicomgroup.com
Forsys Metals (TSX:FSY)
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