Forsys Announces Maiden Resource Statement Namibplaas Project-Namibia
TORONTO, ONTARIO -- (Marketwire) -- 09/15/11 -- Forsys Metals Corp. ('Forsys' or the 'Company') (TSX: FSY)(FRANKFURT: F2T)(NSX: FSY) is pleased to announce that the Company has completed its initial resource estimate, reported in accordance with the National Instrument 43-101, for the Namibplaas uranium deposit in Namibia. The Company holds a 70% interest in the Namibplaas Project.
Highlights
-- Inferred Resource of over 87 million tonnes and 25 million lbs. of
U3O8 at a 100ppm cut-off grade.
-- Confirmation of similar mineralization type to the Valencia Project.
-- A number of significant high-grade zones.
-- Additional drilling scheduled to upgrade and increase the uranium
resource.
-- Conceptual consolidation of the Namibplaas and Valencia projects being
progressed.
The Inferred Mineral Resource is reported for a range of cut-off grades. The deposit has a strike length of 1,700 metres and a depth extent of at least 250 metres. The deposit is open to the north, south and east and at depth.
The Namibplaas project's Inferred Resource estimate as at September 2011 reported at a range of eU3O8 cut-offs is as follows:
Cut-off Tonnes Grade MLbs
ppm Mt ppm eU3O8
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80 169.1 110 41.1
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100 87.8 130 25.1
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120 42.9 152 14.4
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An extensive drilling program commenced in July 2010 and was completed in August 2011. The results of this drilling program together with limited historical drilling by Goldfields were used in the estimation. As present at the Valencia Project, mineralization has been observed to occur within the leucogranites. A categorical model was developed, in which the proportion of leucogranite within a block (20m x 20m x 10m) was estimated, following which eU3O8 was then estimated into the categorical model.
Figure 1 below details all drill hole locations. Additional information, including a comprehensive list of all significant assay results and individual detailed drill hole location maps for each of the diamond and percussion drill holes can be found on the Company's website at www.forsysmetals.com. The area of higher grades corresponds to the magnetic high shown in the violet coloured area, trending northeast to southwest.
To view Figure 1 - Namibplaas Drill Hole Location Map, please visit the following link:
http://media3.marketwire.com/docs/namibplaas.pdf
The resource estimate was completed by Michael Andrew, a Principal of Optiro, a Perth-based mining consultancy firm. Mr. Andrew has previously worked for Forsys in preparing the NI 43 - 101 resource estimate for the Valencia Project. The information in this report that relates to Mineral Resources is based on information compiled by Dr. Roger Laine, the Company's Chief Geologist and reviewed by Mr. Michael Andrew who is a member of the AusIMM and a full time employee of Optiro. The associated Technical Report will be filed under the Company's filings on SEDAR at www.sedar.com within 45 days of this news release.
The drill spacing completed to date is intended to be at 40x40 metres, which is only approximately 50% of the total surface anomaly and planned additional drilling will be needed to bring the resources to the indicated category, requirement for reserve estimate and for proper pit planning.
About the Namibplaas Uranium Project
Forsys owns 70% of Dunefield Mining Company (Pty) Limited which holds the Namibplaas EPL 3638 which covers a total surface area of 1,742ha on the farm 'Namibplaas 93'. Situated 7 kilometres 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 and Environmental Management Plan 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 on the Namibplaas project, please refer to the Company's news releases or our Annual Information Form, dated March 29, 2011, 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 responsible for the Company's exploration programs. Dr. Laine has verified the geological database that 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 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. Equivalent U3O8 at Namibplaas has been calculated using the correlation established by Dr. Laine at Namibplaas; that correlation is almost identical to the one already calculated at Valencia.
Mr Andrew has sufficient experience that is relevant to the style of mineralization and type of deposit and to the activity he is undertaking to qualify as a QP under NI 43-101. Michael Andrew holds no interests in Forsys or its associated companies. As part of the data verification used in the estimate, Mr Andrew visited the Namibplaas Uranium Deposit in July 2011. Mr Andrew has read and consents to the relevant content of this news release.
About Forsys Metals Corp.
Forsys Metals Corp. is an emerging uranium producer with 100% ownership in the fully permitted Valencia Uranium Project and 70% ownership in the Namibplaas 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 U3O8 supporting a 17-year mine life and current Measured and Indicated resources are 75.5 Mlbs U3O8 with a further 8.4 Mlbs of Inferred U3O8.
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 29, 2011, 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.
Contacts:
Forsys Metals Corp.
Marcel Hilmer
Chief Executive Officer
61 417 177 942
mhilmer@forsysmetals.com
Forsys Metals Corp.
Craig Bamford
Chief Financial Officer
1 416-367-4242
cbamford@forsysmetals.com