Forsys Increases Grade & Reserves by 30% at Higher Cut-Offs for Its Norasa Uranium Project
11 2월 2014 - 8:00PM
Marketwired Canada
Forsys Metals Corp (TSX:FSY) (FRANKFURT:F2T) (NAMIBIAN:FSY) ("Forsys" or the
"Company") is pleased to announce it has completed an updated Mineral Reserve
estimate for its 100% owned Norasa Uranium Project ("Norasa") located in
Namibia. Norasa is a consolidation of the Company's Valencia Main, satellite
pits and Namibplaas deposits. The new Reserve statement is based on the revised
and upgraded Resources presented in October 2013 and the results of ongoing
technical studies.
Key Highlights
-- Proven and Probable Reserves of U3O8 have increased by 30% from 60.5
million pounds to 79.0 million pounds
-- Grade has increased by 30% to 202ppm using higher cut-off grades of 100
and 160ppm for Valencia and Namibplaas pits
-- There is an additional 1.5 million pounds of Inferred material within
the pit designs
-- A technical report is being prepared in accordance with NI 43-101
guidelines
Consolidated Reserve Statement
Ore
Category (Mt) U3O8(ppm) U3O8 (Mlb)
----------------------------------------------------------------------------
Proven 16 203 7.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Probable 161 202 71.7
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Total Reserves 177 202 79.0
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Cut-off grades of 100ppm for Valencia and 160ppm Namibplaas
"Strengthening the economics of our Norasa uranium project has been our top
priority over the past two years," said Marcel Hilmer, President and CEO of
Forsys Metals. "We are very encouraged by our recent efforts that resulted in an
improved grade and an increased mineral reserve estimate. These latest
milestones add to the momentum we continue to build. In less than 18 months, we
have consolidated our deposits in Namibia, optimized our planned process plant,
identified a new high-grade zone at Valencia East and improved our recovery
rates from metallurgical test programs. This progress paves the way for further
development of our Norasa project in tandem with the positive signals we are
seeing for the recovery of the uranium sector, including higher spot prices and
supply-demand deficits."
As announced previously, Norasa represents a consolidation of the Company's
uranium deposits, including the Valencia Main deposit and its related Valencia
satellite pits as well as the Namibplaas deposit.
Figure 1 is available at the following address:
http://media3.marketwire.com/docs/926681a.pdf
Reserve Estimation Process
The Mineral Reserve Estimate is based on pit optimizations using the Resource
model developed in October 2013 and applying modifying factors, such as costs,
mining and metallurgical elements deemed appropriate for the deposit and
proposed scale of operation.
The following factors and variables were involved in the design process of the
Valencia open pit:
-- GEOVIA Whittle software was used to run pit optimizations and the
resulting pit shells were used as a guide for pit designs in GEOVIA
Surpac geology and mine planning software.
-- Overall pit slope angles of 40 to 42 degrees in the footwalls and 48 to
52 degrees in the hangingwalls were determined for slope heights up to
300m. The geotechnical programs spanning 5 years across the Norasa
projects include:
-- oriented core drilling and logging
-- rock strength testing (compression and shears tests)
-- downhole Optical Televiewer photography and logging
-- The cut-off grade was based on resource cut-offs of 100ppm at Valencia
and 160ppm at Namibplaas using the following economic factors:
-- mining costs averaging US$2.08/t mined for Valencia and US$2.45/t
for Namibplaas, all rates adjusted for mining depth
-- processing cost of US$7.84/t milled
-- overheads of US$0.83/t milled
-- revenue rate based on US$65/lb of U3O8
-- mineral royalty of 3% on revenue
-- A process plant recovery of 85% was conservatively applied based on
interpolations reported in the latest AMEC engineering cost study. It is
currently expected that this will be improved based on the results of
additional testwork in progress that suggest higher recoveries will be
achieved.
The table below illustrates the sensitivity of the Norasa deposits to metals
price and the proposed higher cut-off grades. The pit shell generated from the
$65/lb scenario was used as a guide to conduct the final designs. At lower
grades, the project would still prove to be economically viable with a
considerably larger amount of uranium extracted.
Summary of Pit Optimisation Scenarios(i)
Cut-off grade Metal Price Inventory Grade
(ppm Val / NP) (US$/lb) (Mt) (ppm U3O8) U3O8 (Mlb) Strip Ratio
----------------------------------------------------------------------------
100 / 160 70 187 202 83.2 2.81
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100 / 160 65 178 203 79.6 2.77
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100 / 160 60 169 204 75.8 2.53
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60 / 100 70 331 162 118.2 1.78
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(i) - pit optimisation scenarios are generally marginally higher than final
Reserve estimates
65ppm is the marginal cut-off grade for the proposed economics
Valencia Pits
The resulting designed Valencia main pit is 1,600m long (on strike), 1,000m wide
and 430m deep (to a depth of 300m above mean sea level) as shown in Figure 2
below. In addition, satellite pits have been identified at 380m across and to a
depth of 160m.
The current limits of the pit are not defined by the orebody or by
mineralization. However, the limits of the pit are confined by the extent of
drilling that defines the current understanding of the deposit.
Figure 2 is available at the following address:
http://media3.marketwire.com/docs/926681b.pdf
Valencia Reserve Statement
Ore
Category (Mt) U3O8(ppm) U3O8 (Mlb)
----------------------------------------------------------------------------
Proven 16 203 7.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Probable 135 201 60.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Reserves 152 201 67.4
----------------------------------------------------------------------------
Cut-off grade of 100ppm
Namibplaas Pit
The resulting designed Namibplaas pit is 1,900m long (on strike), 500m wide and
210m deep (to a depth of 500m above mean sea level) as shown in Figure 3 below.
Figure 3 is available at the following address:
http://media3.marketwire.com/docs/926681c.pdf
Namibplaas Reserve Statement
Ore
Category (Mt) U3O8(ppm) U3O8 (Mlb)
----------------------------------------------------------------------------
Proven 0 0 0.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Probable 25 206 11.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Reserves 25 206 11.6
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Cut-off grade of 160ppm
The pit optimisations and designs were conducted on Measured and Indicated
material only. A further 3.3M tonnes (1.5Mlbs) of Inferred material remains
inside these pits. This material will eventually be upgraded in classification
during mining operations, indicating significant potential for further pit
expansion. For 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 overall resource and extending the life of
mine. In addition, other satellite deposits in both licence areas have been
identified and hold further expansion potential.
NI 43 101 Technical Report
The Company is now completing an updated technical report in accordance with NI
43-101 that will be filed on SEDAR.
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 and reporting of Mineral
Resources. 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.
Mr. Dag Kullmann, M.Sc. Mining Engineering from University of Alberta, a Fellow
of the Southern African Institute of Mining and Metallurgy (SAIMM), Engineering
Manager for Forsys, is the designated QP responsible for the reporting of
Mineral Reserves. Mr Kullmann has sufficient experience in the assessment and
application of modifying factors required for the determination of reserves for
open pit operations to qualify as a QP 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
Appendix A
The updated resource statements presented in October 2013 was based on an
extensive drilling program at the Namibplaas and Valencia extension deposits,
together with a detailed modelling review of the main Valencia deposit.
Resources are reported inclusive of Reserves.
Consolidated Resource Statement (October 2013)
Category Cut-Off Grades Tonnes (M) U3O8(ppm) U3O8(Mlb)
----------------------------------------------------------------------------
Measured
----------------------------------------------------------------------------
Val 60ppm: Nam 100ppm 27 153 9
----------------------------------------------------------------------------
Val 100ppm: Nam 160ppm 17 202 7
----------------------------------------------------------------------------
Val 140ppm: Nam 200ppm 10 253 6
----------------------------------------------------------------------------
Indicated
----------------------------------------------------------------------------
Val 60ppm: Nam 100ppm 419 153 141
----------------------------------------------------------------------------
Val 100ppm: Nam 160ppm 221 197 96
----------------------------------------------------------------------------
Val 140ppm: Nam 200ppm 114 248 62
----------------------------------------------------------------------------
Measured + Indicated
Val 60ppm: Nam 100ppm 447 153 150
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Val 100ppm: Nam 160ppm 237 197 103
----------------------------------------------------------------------------
Val 140ppm: Nam 200ppm 125 248 68
----------------------------------------------------------------------------
Inferred
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
Valencia Project Resource Statement - October 2013
----------------------------------------------------------------------------
Category Cut-Off Grades Tonnes (M) U3O8(ppm) U3O8(Mlb)
----------------------------------------------------------------------------
Measured
----------------------------------------------------------------------------
60ppm 27 153 9
----------------------------------------------------------------------------
100ppm 17 202 7
----------------------------------------------------------------------------
140ppm 10 253 6
----------------------------------------------------------------------------
Indicated
----------------------------------------------------------------------------
60ppm 258 153 87
----------------------------------------------------------------------------
100ppm 160 199 70
----------------------------------------------------------------------------
140ppm 100 248 55
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Measured +Indicated
----------------------------------------------------------------------------
60ppm 286 153 97
----------------------------------------------------------------------------
100ppm 177 199 78
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140ppm 111 248 60
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Inferred
----------------------------------------------------------------------------
60ppm 31 165 11
----------------------------------------------------------------------------
100ppm 20 214 10
----------------------------------------------------------------------------
140ppm 12 281 7
----------------------------------------------------------------------------
Namibplaas Project Resource Statement - October 2013
----------------------------------------------------------------------------
Category Cut-Off Grades Tonnes (M) U3O8(ppm) U3O8(Mlb)
----------------------------------------------------------------------------
Measured
----------------------------------------------------------------------------
100ppm
----------------------------------------------------------------------------
160ppm
----------------------------------------------------------------------------
200ppm
----------------------------------------------------------------------------
Indicated
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100ppm 161 152 54
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160ppm 60 191 25
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200ppm 14 246 8
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Measured +Indicated
----------------------------------------------------------------------------
100ppm 161 152 54
----------------------------------------------------------------------------
160ppm 60 191 25
----------------------------------------------------------------------------
200ppm 14 246 8
----------------------------------------------------------------------------
Inferred
----------------------------------------------------------------------------
100ppm 74 152 25
----------------------------------------------------------------------------
160ppm 30 188 12
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200ppm 6 245 3
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Shares Outstanding: 109.9M
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@tmxequicom.com
Forsys Metals (TSX:FSY)
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