Forsys has launched a broad-ranging initiative to reassess its 2015
Feasibility Study (“FS”) for its fully owned Norasa Project1 in
Namibia. The Company sees potential to improve project economics by
optimizing pit parameters and examining the potential of using heap
leaching in mineral processing. The work program that began in mid
2023 and is anticipated to finish in mid 2024 includes the
following components:
- 4,100 metre (“m”) drilling program
aimed at enhancing geotechnical assessments and obtaining fresh ore
samples for additional metallurgical test work;
- Geotechnological optimization of
pit parameters to reduce stripping ratio;
- Evaluation of alternative
metallurgical processes, including heap leaching, to reduce capital
and operational expenses;
- Critical review of all linear
infrastructure and utilities.
To achieve these objectives, the Company
recruited a 27 person team who have significant previous uranium
mining experience at various Namibian operations. The technical
team includes process engineers, mining experts, geologists,
environment consultants, and local specialists led by the Company’s
Namibian Country Director, Pine Van Wyk.
Further Drilling Program
Recent advancements in metallurgical,
engineering and mining technology since exploration and computation
of the Norasa Project’s FS have warranted a comprehensive review of
the project. In mid 2023, the Company commenced a new 4,100 m
drilling program to retrieve fresh samples at depths of up to 420 m
from the slope areas for both the planned mining pits at Valencia
and Namibplaas.
The drilling program focuses on:
- Geotechnical logging and
geo-mechanical sampling to refine pit designs;
- Sampling for new metallurgical test
work and for optimized process design;
- Sampling and testing local
groundwater resources and to establish additional groundwater
monitoring borehole;
- Further geotechnical drilling, logging and sampling, along with
downhole surveys (trajectory, gamma, Optical Televiewer) at
Valencia and Namibplaas;
- Density test work on ore and waste
material;
- geochemical analysis of samples at
Trace Element Analytical Laboratories and calc index and U
deportment test work; minimum of 5% check analyses by other
independent analytical laboratories.
Figure-1 below, illustrates the drilling program
within ML-149 Valencia and EPL-3638 Namibplaas (ML-251 pending).
Currently one Reverse Circulation (“RC”) drill rig and two Diamond
Core (“DC”) drill rigs are on ML-149. Additional drill locations
are planned for further in-depth studies and for geotechnical
assessments.
Figure 1: Drilling program underway
By the end of October 2023, a total of 1,445 m
of RC drilling and 1,865 m of DC drilling had been completed,
including substantial large diameter metallurgical drilling at the
Valencia, ML-149 site. Work is ongoing and the majority of the
programme is targeted for completion by year end 2023.
Heap Leach Trade-Off Studies and Test
Work
In March 2023, Forsys engaged DRA Projects Pty
Ltd, a subsidiary of DRA Global Limited (ASX; DRA/JSE: DRA) (“DRA”)
to oversee test work and conduct various engineering studies. The
test work and studies aim to assess the potential trade-off
opportunity between tank and heap leaching given advances in High
Pressure Grinding Rolls crushing and heap leach technology.
Column leach tests are underway at SGS
laboratories in South Africa, including measurements of ore height
and slump in the column, with residues analyses for uranium
content. The column leach tests results will inform heap leach
recovery projections and key process conditions for the economic
assessments. Final results of this trade-off study are expected
first quarter 2024.
Mining Licences, Environmental
Certificates and Permits
The Company currently holds a 25-year Mining
Licence (ML-149) for its Valencia deposit, valid until 2033.
Additionally, Forsys is actively engaged with the Ministry of Mines
and Energy (MME) to renew its Exclusive Prospecting Licence
(EPL-3638) for further pit optimization work at the Namibplaas
site.
Earlier in the year, Forsys renewed its
Environmental Clearance Certificate (“ECC”) from the Ministry of
Environment, Forestry and Tourism for a further three-year term,
allowing the Company to advance its development plans for the
Norasa project. The ECC renewal process evaluated the Company's
environmental management practices, including waste management,
emissions controls, biodiversity protection, and community
engagement, among other factors.
Forsys is in the process also of securing
additional permits, encompassing land surface rights; accessory
works; radiation management; linear infrastructure development and
desalination.
Qualified Person and Independent
Consulting Firms
Mr. Robin Welsh is acting as the Company’s
Qualified Person, as such term is defined in National Instrument
43-101 (“NI 43-101”). Mr. Welsh is a Senior Project Manager
for DRA Projects Pty Ltd and with his education, experience,
and professional registrations, he fulfils the requirements of an
independent Qualified Person as defined in NI 43-101. Mr. Welsh has
reviewed and approved the scientific or technical information
contained in this press release.
DRA Projects Pty Ltd, a subsidiary of DRA Global
Limited is an international multi-disciplinary engineering, project
delivery and operations management group, predominantly focused on
the mining, minerals and metals industry.
About Forsys
Metals Corp.
Forsys Metals Corp. (TSX: FSY, FSE: F2T, NSX:
FSY) is focused on advancing the Norasa Uranium Project that is
made up of the Valencia Uranium deposit (ML-149) and the nearby
Namibplaas Uranium deposit (EPL-3638) in the politically friendly
jurisdiction of Namibia. Extensive work has been carried out on the
deposits from 2006 to 2015 with close to 290,000 m of drilling,
resource estimation and processing test work.
The reserves come from three deposits: the
Valencia pit, a small satellite pit adjacent to Valencia, and the
Namibplaas pit, and two NI 43-101 technical reports previously
prepared in support of the 2015 FS demonstrated significant proven
and probable mineral reserves of 91Mlb. In addition, the 2015 FS
demonstrated Measured and Indicated resource of 115Mlb and Inferred
resource of 11Mlb.
Forsys are currently engaged in re-evaluating
the 2015 FS and multiple workstreams are underway to re-analyze
geology data as well as establishing a new drilling program to
retrieve fresh samples from both site deposits and improve on
process and pit designs. As a part of this study, Forsys are
exploring new technologies to understand how these can enhance
recovery rates, optimise tailings and improve project
economics.
Further information is available at the Company
website www.forsysmetals.com
On behalf of the Board of Directors of Forsys
Metals Corp. Richard Parkhouse, Director, Investor Relations.
For additional information please contact: Richard Parkhouse,
Director, Investor
Relationsemail: rparkhouse@forsysmetals.com email: info@forsysmetals.comPhone:
+44 (0) 7730 493432
Forward Looking Statement
Certain information contained in this press
release constitutes "forward-looking information",
within the meaning of Canadian legislation. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur", "be achieved" or "has the potential
to". Forward looking statements contained in this press release may
include statements regarding improved project economics, improved
resource quality, the benefits of changing to a heap leach process,
anticipated Capex and Opex savings, the results and timing of an
updated NI 43-101 technical report and feasibility study, and the
future operating or financial performance of Forsys Metals Corp
which involve known and unknown risks and uncertainties which may
not prove to be accurate. Actual results and outcomes may differ
materially from what is expressed or forecasted in these
forward-looking statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Among those factors which could cause actual results
to differ materially are the following: market conditions and other
risk factors listed from time to time in our reports filed with
Canadian securities regulators on SEDAR+ at www.sedarplus.ca. The
forward-looking statements included in this press release are made
as of the date of this press release and Forsys Metals Corp
disclaim any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by
applicable securities legislation.
- The Norasa Uranium Project (“Norasa“) is wholly-owned by the
Company’s subsidiary Valencia Uranium (Pty) Ltd. (“Valencia
Uranium”) and comprises the Valencia Uranium Project (ML149)
("Valencia”) and the Namibplaas Uranium Project (EPL3638)
(“Nambiplaas”).
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b6239d95-6ce4-434e-9012-bf5e9f0efe03
Forsys Metals (TG:F2T)
Historical Stock Chart
From Nov 2024 to Dec 2024
Forsys Metals (TG:F2T)
Historical Stock Chart
From Dec 2023 to Dec 2024